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What is the best way to repatriate gift money received from parents in India to Canada?
Hi Sandy,
Prepare a gift letter, signed by both you and your parents, stipulating that the amount is a gift. Keep the gift letter for your records in case the CRA asks for verification of the source of the gifted funds. If the money is held in a foreign bank account belonging to you, then complete form T1135 if the totality of your foreign assets, including foreign bank accounts, exceeds $100,000 of cost at any time in the year.
Logistically, send the gift amount to your Canadian account using a wire-transfer (bank to bank).