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Thanks for letting me know about capital gain but problem is my parents are in India and Indian citizen and never came to Canada. If they want to give me some property as a Gift which they bought in 1989 in $5000 and now it's $200000. If they transfer property to my name in year 2018, how I am supposed to proceed? And what document is required to prove CRA that property is given by my parents as a gift and the value of property the day my parents transferred is i.e. $200000. Thanks
Hi Mohan, have your parents prepare a gift letter stating that they are gifting the property to you. The value of the gift should also be specified on the letter, which is equal to the market value at the time the gift is made. An appraiser can give you an estimate of market value.