Discuss
Discover
  • Community basics
    • Support
  • TurboTax™
    • TurboTax.ca
    Open TurboTax

    Why sign in to the Community?

    • Submit a question
    • Check your notifications
    or and start working on your taxes
    Close icon
    Do you have a TurboTax Online account?

    We'll help you get started or pick up where you left off.

    Yes No
    cancel
    Turn on suggestions
    Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
    Showing results for 
    Search instead for 
    Did you mean: 
    bassembarake1
    New Member

    What are the tax implications of receiving money from abroad?

    Purpose of the funds is gift/financial support from parents. Is there any tax implications?
    posted
    ‎October 30, 2019 2:04 AM
    last updated ‎October 30, 2019 2:04 AM
    0
    3
    6,598
    Reply
    1 Best answer

    Accepted Solutions
    Mohammed-TurboTax
    New Member
    New Member

    What are the tax implications of receiving money from abroad?

    No, there isn't. Gift/financial support is not considered taxable income in Canada.

    http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/nttxd-eng.html 

    View solution in original post

    ‎October 30, 2019 2:04 AM
    0
    2
    5,961
    Reply
    3 Replies
    Mohammed-TurboTax
    New Member
    New Member

    What are the tax implications of receiving money from abroad?

    No, there isn't. Gift/financial support is not considered taxable income in Canada.

    http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/nttxd-eng.html 

    ‎October 30, 2019 2:04 AM
    0
    2
    5,962
    Reply
    bassembarake1
    New Member

    What are the tax implications of receiving money from abroad?

    Thank you!
    ‎October 30, 2019 2:04 AM
    0
    5,961
    Reply
    CC78
    New Member

    What are the tax implications of receiving money from abroad?

    The link doesn't work anymore, can you please repost the right one. I can't find anything similar on CRA

    ‎March 18, 2021 10:41 AM
    0
    3,962
    Reply
    Live Full Service: Taxes Done for you! Get matched with a local tax expert who can do your taxes, start-to-finish, the same day. Start for free!

    Related Content

    anjay-s
    fairch51441
    tsang-philip
    barbarajeffers
    HaroldO