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Transfer of Funds to Canadian Bank Account

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C

chip2000

Newbie
Oct 27, 2019
1
0
Hello, My parents want to transfer 250,000 into their Canadian Bank Account. The funds are from their savings and they have declared/paid taxes on this. They want to keep it in Canada because they are hoping to immigrate. Their account is joint with me and I am a resident here. Can you please tell me if there is any problem with this?
 
If the money is deposited in an account joint with you, you will have to pay tax on the interest earned on the $250,000. It is much better for your parent to have their own account.
 
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