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Discussion Starter · #1 ·
My family has lived in the states over 14 years now. I am looking into getting my first mortgage here in Canada. My family would like to gift a significant amount - lets say $50k, but not sure how best to do it.

All I know is that any amount more than $10k needs to be reported for cross-border. What can I expect as a consequence of that? Is it just a paper-trail thing?

Also, would a gift like this effect my income tax?
Also, I am self-employed, if that makes any difference.

Essentially... what is the most efficient way of recieving such a gift.
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