Do we have to declare money transferred?

[ForumUser]

My son is studying in Canada and wants to extend his stay. In order to support him, we his parents transfered money to him (100,000 CAD). Does he have to declare this? It was made between banks.

Thanks in advance for your answer.

[PMM]

Hi

@ForumUser

My son is studying in Canada and wants to extend his stay. In order to support him, we his parents transfered money to him (100,000 CAD). Does he have to declare this? It was made between banks.

Thanks in advance for your answer.

1. No, the Bank that it was transferred to will report it in FinTrac.