Can i take landing funds in the form of US$ Travellers Cheque and Demand Drafts?

[geranimo]

Dear friend

I will be landing in Toronto in the beginning of Summers and wondering if you guys can help me. I intend to take US$ Denominated Travellers Cheque and Demand Draft for POE. Is it ok because I will not take Canadian Dollar DDs and TC? Please inform.

 

[steaky]

Demand draft in US dollars is ok.

 

[canuck78]

You can easily use cash and debit/credit cards for a soft landing. For your POF you can bring a bank statement. Given that you are doing a soft landing you shouldn't be doing any banking. I see your wife has been working as physician in Dubai. It will likely be very hard to get licensed in Canada. Don't want to be negative but if you are working in financial services and as a physician in Dubai transferring to Canada will likely be a major hit to lifestyle and earning ability.

 

[geranimo]

Thank you 'canuck78' for candid reply. We are ready to try our luck and aware of major challenges and impediments we have to face. Sometimes in life one need to accept and adjust to lower grounds to enjoy life.

 

[canuck78]

Thank you 'canuck78' for candid reply. We are ready to try our luck and aware of major challenges and impediments we have to face. Sometimes in life one need to accept and adjust to lower grounds to enjoy life.

As long as your wife is aware that we is unlikely to be able to practice medicine again. You also seem to be in your late 30s or 40s so will have had established careers. Much harder to start over at that point versus a more entry level. Unfortunately Canada seems to have become some sort of utopian immigration destination for many south Asian countries. There is a lot of cultural pressure to secure immigration without actually considering whether it will lead to a better lifestyle than people currently have. What made sense 15+ years ago doesn't necessarily make sense now.

 

[geranimo]

Thank you once again for reality check. There are number of reasons prompting us to take this decision. Life won't be easy but we are trying to prepare ourselves.

On different note, please let me know, i have small asset size of more than CAD 2 Million which i will dispose gradually in few years and bring cash to Canada. I will declare these assets in goods to follow. Do i need to show them valuation of these assets if yes shall i hire international valuer to assess assets? As these assets are not very liquid in nature, I have to dispose them one by one - can i bring equivalent cash in canada after three four years of landing without paying tax?