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Hi Alan,
My brother wants to gift me around $60K to help me buy a condo here, he works and lives in Dubai and not expecting me to return it to him. Do you recommend that we sign a gift deed confirming that " the gift is being made from his own past savings, irrevocable, no repayment is expected and I am free to utilize it in any manner" ?
Do it need to be notarized or witnessed from a lawyer, I just don't want to end up paying tax on this money transfer. thanks
Yes, prepare a gift letter as you suggested. It should be witnessed by a third party, signed by you, your brother, and signed by a notary public. In this way, you will not have to pay Canadian income tax on the cash gift received from your brother.