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I was given a huge sum of money from close relative overseas

Resolved Question:

I was given a huge sum of money from close relative overseas to invest- no letters no guarantees no terms of repayment - Jointly, we decided I should set up a personal investment company and do day trading as a profession and means of earning income. I accrued losses and revenue Canada is auditing my loss claims which I kept accurate records and is easy to prove. However I am worried about how I should answer the source of funds (relative overseas loaned 2.2 million)?

Submitted: 1 year ago.
Category: Canada Tax
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Expert:  Debra Thal replied 1 year ago.


Debra Thal :

Why is this a worry?

Debra Thal :

I am not sure what the concern is/

Debra Thal :

Please explain a bit more.

Debra Thal :

Thanks

Customer :
Debra Thal :

Something has gone wrong as the site says you replied but your reply did not post.

Debra Thal :

Please try again.

Customer :

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Expert:  Debra Thal replied 1 year ago.

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Expert:  Debra Thal replied 1 year ago.

Your posts do not show up for some reason.

So I converted out of chat into a question and answer format. Please click reply and the post your information again.

Thanks

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Customer: replied 1 year ago.

Is the money loaned to me considered taxable income and what should proper response to the auditor in regards XXXXX XXXXX money

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Expert:  Debra Thal replied 1 year ago.

It is not income if it's a loan.

There is no reason to think you would be taxed on it.

If questioned say it's loan and prove that.

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Customer: replied 1 year ago.

Even if it is gift with no attachments to return - the money is not taxable?

Expert:  Debra Thal replied 1 year ago.

Therer are not taxes on gifts on inheritances.

Debra Thal, Lawyer
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