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Tiny_Tibbo
Joined: 21 Apr 2005
Location: In My Skin
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 Posted: Thu Jan 05, 2006 4:10 am Post subject: Sending Money Back to Mom in Canada.....income tax question. |
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| ok...so if i put my money in my mom's account.....does she have to claim it?? |
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jacl
Joined: 31 Oct 2005
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| Posted: Thu Jan 05, 2006 10:44 am Post subject: |
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What they don't know won't hurt you.
Claim it? I don't see why. Maybe you do, but why bother? |
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hack
Joined: 24 Jan 2003
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| Posted: Thu Jan 05, 2006 10:47 am Post subject: Re: Sending Money Back to Mom in Canada.....income tax quest |
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| Tiny_Tibbo wrote: |
| ok...so if i put my money in my mom's account.....does she have to claim it?? |
Why should she claim money you are paying back to her on an interest free loan she made to you? She did do that didn't she? She is holding a promissory note signed by you for several thousand dollars that specifically states that there is no interest to be calculated only payments of principal right? Unless you are depositing large sums every month no one is going to care anyway. |
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Tiny_Tibbo
Joined: 21 Apr 2005
Location: In My Skin
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| Posted: Fri Jan 06, 2006 1:14 am Post subject: |
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| yeahno...lol....I want to have access to my money without the government knowing I have it....... |
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Pak Yu Man
Joined: 02 Jun 2005
Location: The Ida galaxy
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| Posted: Sat Jan 07, 2006 11:49 pm Post subject: |
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If you send some money to some places you have to pay Taxes.
First time I sent over a million home to mom, I got a little stamp in the back of my passport. Then I got a Korean friend to do it and they didn't have to pay a thing.
I haven't sent money home for about 6 years...so my info may be out of date. |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Sun Jan 08, 2006 3:17 am Post subject: |
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| You mother should also consider interest earned on the money you send to her acct. However, seeing as the highest yeilding acct is probably peanuts in Canada, she and you shouldn't worry too much. |
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