u/zygurn

Hello,

I will be receiving an amount of money from my sister, I do not know yet how much it will be but should be around $50-60k CAD, she's located in Honduras, and I have been reading that Wise is seemingly the best way to transfer to Canada.

I do not have a wise account yet since I have not need it thus far.

My understanding is Wise will not receive HNL but USD, banks in Honduras can transfer USD, and to transfer to Wise I just need the following from her:

• full name (my sister's)
• Swift/BIC code
• account number
• bank name and address

and then I put in my account as details to receive payments from that account.

Then I give her my account details so she can do a wire transfer:

• Account holder – my name
• Account number  
• Account type –  Checking 
• Bank name and address 
• Swift/BIC

 

I understand there will be some fees from the sending bank and from wise to receive that money

After that money is received, I can transfer it to my Canadian bank account through Interac or bank transfer without much further ado other than the standard institution/transit/account numbers

Am I missing something here? I ask this because I've gone through the website and this is what I came up with but the AI slop (depending on which one I use) says this is possible or gives me a more complicated roundabout way to do it .. which I obviously do not trust hence why I ask here.

Thanks

Hello
Long time lurker but hardly post at all and I apologize if this is not the right forum to ask or break some rules, but I cannot really trust the AI slop I find in Google and I cannot figure out which professional to go to (CPA? tax professional? lawyer? all of the above? and where to find them) so I ask here just for general guidance so I have the following upcoming situation.
Background:

• Dual citizen CAD/HND, canadian resident since 2010
• No foreign assets that would sum up more than $100k CAD so no T1135 ever filed. This is the only foreign asset I have
• Based in Montreal so I pay both to CRA and Revenu Quebec
• Have an account with RBC, chequing, savings and USD account
• Have an account with Wealthsimple
• Do not have an account with Wise or Knightsbridge

I legally own a home abroad, specifically in Honduras, this house is worth around $50-60k CAD and I will sell it. This was clearly not my primary home but my sister lived in it and no income came from that home at all. She passed away so there is no need to keep the house anymore since she had no children. I have owned this house since I was a kid but I became a canadian resident in 2010, I know I have tax duties once the sale occurs and the transfer happens so here are my questions:

• At the moment of sale, the sale will happen in HNL and no bank over there handles CAD so I will have to do a wire transfer in USD. What is the best way to receive this money:
  • At the moment of sale, should this money be sent right away or can it be deposited temporarily in an account (like another sister's) before sending it?
  • Do I send the money directly to my canadian RBC USD account and use Wise to convert from USD to CAD? Or,
  • Instead of using Wise, do I use Knightsbridge?
  • Do I open a USD account with RBC USA and have the money sent to RBC US and from there to Wise Canada and then send it to my Wealthsimple?
• Tax duties questions:
  • I understand this is seen as a capital gains situation and the amount taxed would be the gains obtained since 2010 (because this is when I became a canadian resident for tax purposes) till the day it is sold, and that I need translations of the deed, the sale and probably a retrospective valuation to 2010 to satisfy the banks, CRA and Revenu QC, so assuming this is correct:
    • Who can do the retrospective evaluation which will satisfy both CRA and Revenu Quebec? would it be an evaluator in Honduras then I use a translator to translate it here?
    • Translations would be done here, should it be done to English or French because of Revenu Quebec?

I apologize if this is out of the scope for this forum, so if this cannot be answered, I would appreciate just letting me know which professionals to reach out to and how to find them in some regulated directory.

Thanks