I have been gifted $40,000 by my parents in Canada for down payment on a first time home loan. What are the tax implications?

[magaryantes]

My parents are in Canada and have already wired the money to my bank account.

Before I use the money, I want to know how much I will lose to taxes if any, and what is the impact of an International gift?

[DoninGA · Accepted solution]

When you receive a gift from an individual you do not report the gift received on a tax return, regardless of the amount received.

You do not have to report a gift received from a foreign individual if the amount of the gift is $100,000 or less.

[SweetieJean]

However, you can still record it as nontaxable income for purposes of the Sales Tax deduction if you itemize.