Should I declare in Canada 130k euros that was given to me by my parent in France, and declared in France? I am French citizen and a Canada permanent resident.

Forum|Forum|2 years ago
March 5, 2024
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Apparently this sum was just below the threshold at which taxes must be paid in France. But I was recently told that those should have been declared in my Canadian taxes.

TurboTaxSusan

Gifts are not taxable in Canada, so it would not be reported as part of your regular income tax return But depending on what you've done with the amount, you might still need to report it on the T1135.

If you transferred the money to Canada, then there's no need for the T1135. But if you have the money in a French bank account, or used it to buy property in France (or another country) you might need to fill out a T1135. This TurboTax article has more info: https://turbotax.intuit.ca/tips/t1135-tax-form-foreign-income-verification-400