Business Plan Canada Government
Tax on gift money in canada?
Ok my Father runs a business and he wants his profits / savings to be in safe hands so he wants to send me his savings every year which is around 35-40K US$ to my name/account here in Canada.
Now, I have following questions
1- I know GIFT money is not taxable but can he send me this much amount every year and will Canadian Government will not raise any issues with this seeing that this amount is coming to me every year ? Is there any limit on number of times gift money can be sent.
2- Can i get house mortgage in Canada since I am planning to invest this money in real estate and will pay the money as down payments.
Please advise and share your ideas as soon as you can.
Thanks
MH
Yes, he can send this money every year. The money presumably is tax paid in its origin country, so it can enter Canada tax free.
The money can be used as a down payment on a home. Whether you can get a mortgage depends on your personal income, your credit, etc. Since this money is not income, you can;t use it as such to qualify for the mortgage, you’ll have to have enough ‘normal’ income to qualify.
CATA – What Small Business Wants From Government
|
|
Request for Proposal: A Guide to Effective RFP Development $36.98 When done right, RFPs enable businesses and government agencies to fairly evaluate competing proposals while reviewing the broadest possible range of potential solutions. All too often, however, RFPs fail to meet these goals, because their creators simply don’t understand how to create them effectively. In this book, the world’s leading RFP consultant offers realistic, specific, start-to-finish gu… |
|
|
Representation and Rebellion: The Rockefeller Plan at the Colorado Fuel and Iron Company, 1914-1942 $17.48 In response to the tragedy of the Ludlow Massacre, John D. Rockefeller Jr. introduced one of the nation s first employee representation plans (ERPs) to the Colorado Fuel and Iron Company in 1915. With the advice of William Mackenzie King, who would go on to become prime minister of Canada, the plan which came to be known as the Rockefeller Plan was in use until 1942 and became the model for ERPs a… |
|
|
Strategic Planning for Public and Nonprofit Organizations: A Guide to Strengthening and Sustaining Organizational Achievement (Jossey Bass Public Administration Series) $4.29 Shows leaders and managers of public and nonprofit organizations both how and why they should use strategic planning to improve the performance of their organizations. This expanded edition includes many examples to illustrate both successful and unsuccessful planning efforts, while new chapters address planning implementation, strategy evaluation and reassessment, and key leadership roles vital t… |
You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
