My parents sold their house overseas and wants to move to Canada as permanent residents (this is their only property for personal use in Hong Kong). They wants to transfer the money into my bank account in Canada and wants me to use the money as down payment to purchase a property in Canada. My questions are: (1) Do my parents need to pay tax in Canada? (2) Do I have to report the cash as gifts from my parents for tax purposes? is this cash gift taxable in Canada?
The concerned amount is around Canadian dollars $350,000 to $400,000.
First of all, thanks for your advice and you deserve that rating. I will keep your name and will get back to you if I require further assistance from you regarding any Canadian tax issues.
Thanks & kind regards