Proof of fund and reporting funds above 10k

[jobalistic]

Hi

I would assume that most folks in this dicussion would need to report their proof of funds upon arrival at the port of entry.  I read some of this information from the Canadian embassy website and discusses the form number we can use.  However may I ask what the purpose is for reporting it? Is it subject to Canadian tax or is it just mainly for reporting purposes?

Also would a bank certificate be acceptable as a proof aside from money and/or traveler's cheque, and how current should the certificate be (at least a week before going to Canada?)

Thanks

[PMM]

Hi

Hi

I would assume that most folks in this dicussion would need to report their proof of funds upon arrival at the port of entry.  I read some of this information from the Canadian embassy website and discusses the form number we can use.  However may I ask what the purpose is for reporting it? Is it subject to Canadian tax or is it just mainly for reporting purposes?

Also would a bank certificate be acceptable as a proof aside from money and/or traveler's cheque, and how current should the certificate be (at least a week before going to Canada?)

Thanks

1.  It is not taxable, it was introduced to help prevent money laundering, don't forget if exiting the US, it has to reported to US customs as well.
2.  Bank Certificate should be fine, if the IO is feeling frisky, they may make you go to an ATM in the Airport and current date balance from your account.

PMM