Is there a requirement by CRA to keep specific documentation in a specific format (or necessary to be written,signed by either both or any one party, & kept in file as a record ) when transferring money as a gift from parents to an adult child?
Re: Gift as in http://madanca.com/learn/canadiantaxforum/gift-deed-transfer-from-parents-account-in-india-to-canada-2/
You should have a gift letter prepared, and signed by both parties – the giver and the recipient. The date of the gift and the amount of the gift should be clearly indicated in the letter. I suggest having a Notary Public notarize the gift letter. This letter should be kept on the file, and it does not have to be submitted to the CRA, unless asked for.
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