Frequently asked money transfer questions

What are transferring money from Canada to India tax implications?

If you send more than $10,000 from Canada to India or any other country, you need to provide the transfer details to the government or IRS. If you fail to provide the details of transfer, you will be liable for multiple penalties and jail term. Other than this, there are no taxes on sending a large amount as a gift from Canada. You can send and receive a large amount without triggering a gift or capital gains tax.

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