[PsYcNeT]

I'm currently in China visiting my wife's family for the first time since we've been married, and we have been given a smattering of red envelopes (gift money) totalling a fair amount of RMB over the course of our visit. Her father has advised we spend it all in China, but that seems unfeasibile to both of us.

I've done some cursory research, and found that Canada has no Gift Tax, but I'm just wondering what our options are.

Can we bring it back on the plane and have it converted/deposited in Canada? Would we have to claim it at customs? Would it be considered taxable income anyhow? Is there a large currency conversion fee? Is there a way to deposit it to my bank (TD) while in China? Would it be advisable/possible to wire transfer it to a friend or relative in Canada prior to leaving China?

We're setting up to buy a house in a few months, so to be able to include this as part of our deposit or initial renovation/decoration cash would be preferable than to spend it on consumer good in China.