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Transferring large amount of money from Canada to US bank account, HELP!

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Hoping some people could chime in on this topic, any advice would be much appreciated!

 

I came from Canada into the US on a K1 visa in fall 2018, am currently in AOS, and my US husband and I are looking to buy a home in the US very soon. My parents are going to gift me some money to help with the down payment. I know that there are no gift taxes in Canada for parents giving cash to their children. Here are our options we have come up with:

 

1. They transfer the money from their Canadian account into my Canadian TD account. I have a TD cross boarder account, in which I would then transfer the money over to my US-based TD account, but the amount will be over $10K and I don't want to do too many small amount transfers between my cross-border accounts. Are there any tax implications for this? I am simply transferring money between my cross-border accounts.

 

2. The other option we are considering is my parents would transfer the full amount of money from their Canadian account directly into my US-based TD account, either through the bank or something else like TransferWise. If we do this, do we then need to submit the IRS 3520 form for foreign gifts, in which it would be excluded from taxes? Can this form be filed out of I am not technically a US citizen yet, being in AOS? What is the cheapest option if we do this, bank or Transferwise?

 

Trying to figure out the simplest and least expensive/least tax heavy option! If anyone has a better option, please advise. Thanks everyone.

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