Sunnybrae

My daughters have offered to help me out financially if I need it when I'm living in Canada full time as I won't be taking on much paid employment when living there, they'll probably give me a couple hundred dollars a month or so to help with bills etc.

Will this be seen as an "income" to be declared on the annual Canadian Tax return? Having never seen the forms I'm not sure what they say.

shelley748

I would not have thought so...maybe call your local H and R block office to check..

Pulaski

Without any contract, services provided, or tax deucted, it sounds more like a gift to me.

I don't know how, or if, Canada Canada taxes gifts, but that is what I would be looking for .... though I suspect that gifts between family members in the $00's range are likely below any threshhold for having any tax consequences.

BristolUK

My googling suggests no tax on gifts but you can never be sure with these things, there might be some "small print" somewhere that prevents a regular payment being classed as a gift. That said, even then there would be exceptions or ways around it.

Sunnybrae

Thanks for the replies, I did a google as well and it generally says Canada doesn't have a tax on gifts, so we'll have to wait and see what happens and then worry about filling in my first Canadian tax return. Cheers,

Hemlock

If it is a gift, it is not deemed income and does not need reporting. Gifts are not reported on the T1. Just keep a good record of what it was for, where it came from and ideally a letter from the sender.

Sunnybrae

Thanks for that, very helpful