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Canadian residents are required to report their worldwide income. This means that any income a Canadian resident receives is likely taxable in Canada, regardless of its origin. However, depending on the type of income and the country from which it comes, the source country may impose taxes before Canada does.
If 90% or more of your worldwide income comes from Canadian sources during the tax year, you qualify for non-refundable tax credits designated for residents.
The Canada Revenue Agency (CRA) does not charge income tax or gift tax on most international money transfers, such as those received from friends or family. However, if the funds were transferred to you from abroad after you sold or disposed of an asset, you will need to pay capital gains tax.
In 2018, Canada joined the Automatic Exchange of Information (AEOI) initiative. As a result, the CRA automatically accesses, without notice or judicial oversight, information including account holders’ names, the participants in transactions, the location of offshore assets, and foreign income.
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