Transferring Money from overseas, please help.

[gerkaz]

My mother (PR) sold her condo overseas and would like to wire transfer money (over 10000 CDN) to my account here in Canada as a gift ( I am PR). I would like to know if CRA will tax me and if yes, what is the percent they can take? Please help.

 

[steaky]

Assume your mother is resident for tax purposes, she would have to report this transaction in her tax return first in order to know if CRA will tax her.

 

[torontosm]

My mother (PR) sold her condo overseas and would like to wire transfer money (over 10000 CDN) to my account here in Canada as a gift ( I am PR). I would like to know if CRA will tax me and if yes, what is the percent they can take? Please help.

No, gifts are not taxed in Canada.

 

[Naheulbeuck]

I agree with both replies above: Gifts are not taxed in Canada (unless under specific cirumstances for example gift shares to your kid who sell them so that you don't have to pay your high tax rate on the gain), therefore in such a case, you will not incurr any taxes on the $10,000.

Assuming your mother is not a resident of Canada, she will not pay taxes on that sale in Canada. If your mother is a resident of Canada for tax purposes, she will have to pay taxes on the sale, you will want to look at the rules with the country the sale occured in to determine if the taxes paid in that country will reduce the taxes owed in Canada.