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Canada Immigration Forum > Immigration Topics > Skilled Worker / Professional Immigration > Topic: How to bring my savings into Canada?
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Author Topic: How to bring my savings into Canada?  (Read 399 times)
orchan_pasha
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« on: December 12, 2011, 11:55:03 am »
Dear all & seniors,
I'll be doing my landing on 20 December with my family. I have just sold a property in my home country and I need to transfer this money into Canada to buy a house there :-\. I was planning to open a bank account once I land in Canada and then transfer the money once I get back to UAE to clear up all matters until next summer when I plan to reside permanently in Canada with no coming back to UAE. Please advice urgently what do I need to do?     
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(INDIAN)
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« Reply #1 on: December 12, 2011, 12:02:20 pm »
Quote from: orchan_pasha on December 12, 2011, 11:55:03 am
Dear all & seniors,
I'll be doing my landing on 20 December with my family. I have just sold a property in my home country and I need to transfer this money into Canada to buy a house there Undecided. I was planning to open a bank account once I land in Canada and then transfer the money once I get back to UAE to clear up all matters until next summer when I plan to reside permanently in Canada with no coming back to UAE. Please advice urgently what do I need to do?     

it is very .u make draft in dollars from ur bank or weston union
regards
indian
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orchan_pasha
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« Reply #2 on: December 12, 2011, 12:34:54 pm »
Thanks Indian, but shall I carry the bank draft with me when I land so that IO CBSA gets to stamp it similar to the goods to follow items? so that I don't have to pay tax on it?
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« Reply #3 on: December 12, 2011, 02:21:12 pm »
Quote from: orchan_pasha on December 12, 2011, 12:34:54 pm
Thanks Indian, but shall I carry the bank draft with me when I land so that IO CBSA gets to stamp it similar to the goods to follow items? so that I don't have to pay tax on it?
No..and you be billed nothing..it is your money. However, later on you have to pay taxes only on the return you get if you put this money on saving account.
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asyousuf
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« Reply #4 on: December 13, 2011, 03:35:28 am »
Dear...

If u have already made arrangements for proof of funds to be shown at the time of landing, than leave this amount in UAE. Do the safe landing and open bank account in Canada first. Once u come back to UAE to wrap up pending matter, do the telegraphic transfer to your canadian account from uae account...takes max 72 hours.

No tax impact over this remittance.

Have a safe journey
asyousuf
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orchan_pasha
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« Reply #5 on: December 13, 2011, 11:12:31 am »
Quote from: asyousuf on December 13, 2011, 03:35:28 am
Dear...

If u have already made arrangements for proof of funds to be shown at the time of landing, than leave this amount in UAE. Do the safe landing and open bank account in Canada first. Once u come back to UAE to wrap up pending matter, do the telegraphic transfer to your canadian account from uae account...takes max 72 hours.

No tax impact over this remittance.

Have a safe journey
asyousuf

Thanks Yousuf, but do I have to declare to IO the amount that I'll bring to Canada eventually when I do my landing? or there is no need especially that I'm already carrying the POF required by CIC? Thanks for your anticipated answer.
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omm
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« Reply #6 on: December 13, 2011, 11:24:27 am »
If it's more than Cad $10000 ($10thousand) you must have to declare it.

OMM

Quote from: orchan_pasha on December 13, 2011, 11:12:31 am
Thanks Yousuf, but do I have to declare to IO the amount that I'll bring to Canada eventually when I do my landing? or there is no need especially that I'm already carrying the POF required by CIC? Thanks for your anticipated answer.
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Kanamen
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« Reply #7 on: December 13, 2011, 12:26:36 pm »
Quote from: orchan_pasha on December 12, 2011, 11:55:03 am
Dear all & seniors,
I'll be doing my landing on 20 December with my family. I have just sold a property in my home country and I need to transfer this money into Canada to buy a house there Undecided. I was planning to open a bank account once I land in Canada and then transfer the money once I get back to UAE to clear up all matters until next summer when I plan to reside permanently in Canada with no coming back to UAE. Please advice urgently what do I need to do?    

No problem, please go through the link below ,if you need help ,please feel free to contact me for details.
http://www.canadavisa.com/canada-immigration-discussion-board/search-results/-t83875.0.html;msg1015364;topicseen#msg1015364
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steaky
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« Reply #8 on: December 13, 2011, 10:03:16 pm »
Quote from: orchan_pasha on December 12, 2011, 12:34:54 pm
Thanks Indian, but shall I carry the bank draft with me when I land so that IO CBSA gets to stamp it similar to the goods to follow items? so that I don't have to pay tax on it?

Why don't you open a Canadian HSBC account while in your local HSBC branch?  If you are a HSBC premier customer in UAE, you can telegraphic transfer funds from UAE to Canada between your accounts with HSBC instantly and for free.  Isn't it more convenient than travel back and forth just to set up an account in Canada and then transfer the money to Canada, if you can transfer funds without leaving UAE?  With access to online banking, you could transfer your money instantly!

The bank will declare any funds transfer for you.  You don't have to declare it, if you are not bringing it on the day of arrival.

Hope you can a place to live in this landing trip and take possession when you arrive next summer!
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asyousuf
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« Reply #9 on: December 14, 2011, 12:10:00 am »
Quote from: orchan_pasha on December 13, 2011, 11:12:31 am
Thanks Yousuf, but do I have to declare to IO the amount that I'll bring to Canada eventually when I do my landing? or there is no need especially that I'm already carrying the POF required by CIC? Thanks for your anticipated answer.
As per procedures, only in case if more than CAD 10,000 u are carrying at the time of landing. What u intend to bring later....no need.
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