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Aug 15, 2018 11:58 am
Does the rule of travellers bringing in $10000 cash into canada apply to minor kids as well. My kids both under 13yrs received INR cash equivalent to C$4000 each as gift from grandparents. Can they bring it in Canada without declaring or any questions raised later by CRA when I deposit in their accounts.
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Aug 15, 2018 3:46 pm
Hi Falcon18,
Any traveller bringing cash into Canada over $10,000 must declare it with Canada Customs, regardless of the traveller's age. However, for tax purposes, gifts are not taxable to the recipient.