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Wiring Money Lent by my Father
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Skhan786 Posts: 1
Posted On: 9/15/2015
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Hello All
I am a permanent resident of Canada and I am contemplating getting an interest free loan from my father to buy a house in Canada. My father does not live in Canada. I have the following questions:
1. What are the kind of questions (if any) i should be ready to answer to my bank, CIC or CRA when moving such a huge amount of money into Canada.
2. Will i be asked to pay taxes or any other fees on the money lent by my father ?
Shahid
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Moderator Moderator Posts: 4144
Posted On: 9/17/2015
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Hello Shahid,
Thank you for sharing your situation and question with us.
According to the Canada Revenue Agency (CRA)'s in the funds transfer section.
Here is an excerpt,
Reporting entities must report only EFTs of $10,000 or more.
and
Financial intermediaries that must report are defined as “reporting entities” in the Income Tax Act (ITA). They include banks, credit unions, caisses populaires, trust and loan companies, money service businesses and casinos.
In terms of how it may affect you or your father in terms of tax purposes, it is best if you contact an accountant who is familiar with these issues.
You may also want to contact your banks directly to find out some definitive information and what your options are.
I hope this information is helpful. Please let us know if you have further questions and if there is any follow up to your question/situation.
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Anna
Settlement.Org Content and Information/Referral Specialist, CIRS
Settlement.Org
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