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Hello Madan, My parents want to send me some gift money from India which is well below CAD 100,000 for the purpose of buying a house. I would like to know if I need to keep that money with me for a certain period of time to buy the house or could I directly go ahead with the house purchase. Does this affect?
Also if the bank in Canada entitled to ask me questions about the money I receive?
Thanks in advance for your answer.
You can immediately use the money received via gift to purchase a home, and there is no waiting period for tax purposes. The bank can ask you for the source of the funds.