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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2676
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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Over the last 4 years I've filed 0 income. I've received

Customer Question

Over the last 4 years I've filed 0 income. I've received around 200,000 in deposits into my account in that 4 years. Some money from parents, some from friends when they e transfer 100 dollars to go pick up drinks etc, and lots from my GF who works under the table. I fear if I was audited they would count this all as income. Should I be doing a voluntary disclosure or is there some way that I can get around this.
Submitted: 4 months ago.
Category: Tax
Expert:  Barbara replied 4 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Based on the information you provided, it appears the deposits into your account from family and friends are gifts.

There is no "gift tax" in Canada. Any resident of Canada who receives a gift or inheritance of any amount from almost source (except from an employer) will not have to include this in their income. Further, Canadian taxpayers can give all the cash they want to people and organizations without causing a taxable event.

In your instance because of the sizable amount of deposits into your account, you should keep a detailed record of the gift, i.e., date, who gave the gift, and amount.

Please let me know if I can assist you further.

Thank you and best regards,


Expert:  Barbara replied 4 months ago.

Just following up with you to see if you have any other questions or concerns. If so, please let me know, and I will assist you further.

Best regards,