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Canada Immigration Forum > Temporary Entry Topics > International Students > Topic: TAX on CURRENCY
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Author Topic: TAX on CURRENCY  (Read 338 times)
ragz306
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« on: December 09, 2011, 08:27:13 am »
hey can anyone tell me that if i take CAD $ 2700 along with me..i hv heard that i hav to pay some tax..is it true??
or just a rumour
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r.GV
Rupak14
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« Reply #1 on: December 09, 2011, 08:41:51 am »
Quote from: ragz306 on December 09, 2011, 08:27:13 am
hey can anyone tell me that if i take CAD $ 2700 along with me..i hv heard that i hav to pay some tax..is it true??
or just a rumour

I guess No, not true if you're taking less than CAD $10,000 with you.
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PMM
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« Reply #2 on: December 09, 2011, 02:48:15 pm »
HI

Quote from: Rupak14 on December 09, 2011, 08:41:51 am
I guess No, not true if you're taking less than CAD $10,000 with you.

There is no tax on any currency amounts, you just have to report it to CBSA on entry if you have over $10K.
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PMM
ad singh
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« Reply #3 on: December 10, 2011, 07:58:39 am »
at what rate have you guys bought the cad... ? Ragz .. And others ..please answer.. 
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ragz306
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« Reply #4 on: December 10, 2011, 08:18:58 am »
Quote from: ad singh on December 10, 2011, 07:58:39 am
at what rate have you guys bought the cad... ? Ragz .. And others ..please answer.. 
yaar maine to mehnge liye.... 51.65 pe liye
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r.GV
ad singh
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« Reply #5 on: December 10, 2011, 11:24:45 am »
Quote from: ragz306 on December 10, 2011, 08:18:58 am
yaar maine to mehnge liye.... 51.65 pe liye

buddy.. the rate i saw on net is 51.20 .. so you got good deal . SINCE THE RATE SHOWN ON NET IS AVERAGE RATE WHEREAS WE GET DOLLARS ON THE SELLING Rate of the bank or intermediary.

in your case , the profit/ margin of the intermediary was 0.45 (51.65 -51.20) per dollar which seems to be reasonable.

but if we see overall, the rupee has depreciated in a huge manner.. it is all time low which is hurting importers and students like us.. the dollar was around 45 , 48 some time back and now it is about 52...  Shocked
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ragz306
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« Reply #6 on: December 12, 2011, 08:01:25 am »
When i payed my fees for my admission in the college i sent at Rs 48.3/- per $
But within time gap of just 2-3 months it has moved up by Rs 4.

I purchased currency from Thomas Cook and i bought it in all the three forms that is:-

1. Currency Notes
2. Traveller's Cheque
3. Traveller's Card
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r.GV
ad singh
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« Reply #7 on: December 14, 2011, 08:01:11 am »
Quote from: ragz306 on December 12, 2011, 08:01:25 am
When i payed my fees for my admission in the college i sent at Rs 48.3/- per $
But within time gap of just 2-3 months it has moved up by Rs 4.

I purchased currency from Thomas Cook and i bought it in all the three forms that is:-

1. Currency Notes
2. Traveller's Cheque
3. Traveller's Card


thanks for info ..ragz
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Habil
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« Reply #8 on: December 16, 2011, 07:49:56 pm »
You have to pay taxes to who,what for and why-You have already suffered the infaltion rate when exchanging the currency.

If there is a policy on that i would wish to know
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Habbil
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