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Dec 09, 2020 7:22 pm
Me and my parents are planning to buy a home in Ontario.
For this ,my parents have sold a Home in Delhi worth 2.8 crore
Now to transfer the amount from India ,do I need to get a gift deed or I need to pay tax in Canada for getting that money in CAD from my parents’ account .
1 Reply
Dec 16, 2020 6:07 pm
Yes, your parents should prepare a gift letter specifying the following information: (a) name of the giver, (b) name of the recipient, (c) date of gift, (d) amount of gift. The gift letter should be notarized in India. You do not have to pay tax in Canada on cash gifts received.