Wiring money raises red flags by CRA?

[andrew999929]

hi. I’m a new PR. My family back home wires me money (2 or 3K) every now and then so I can support myself living in expensive Canada. I heard that cash gifts are not taxable in Canada , my question is might these wire transfers raise red flags by CRA? I have heard something of that sort from friends. Thank you

 

[canuck78]

They are talking about larger wire transfers. A few thousand here and there will not be flagged.

 

[jatt-going-canada]

Fintrac monitors wires over $10k or suspicious transactions and shares data with CRA. For you, its nothing to worry about

 

[torontosm]

hi. I’m a new PR. My family back home wires me money (2 or 3K) every now and then so I can support myself living in expensive Canada. I heard that cash gifts are not taxable in Canada , my question is might these wire transfers raise red flags by CRA? I have heard something of that sort from friends. Thank you

As the previous posts have mentioned, sporadic money transfers will not be flagged. However, if the incoming payments become regular, the CRA could start looking into whether they represent income (instead of gifts) that is not being declared.