Bringing money as a newcomer

[M. Hamdan]

Hi,
I'm coming to Canada next week to start a new job after obtaining a work permit approval. I read that what you bring or transfer money from another country will not be subject to tax unless it's a sold property/ shares, etc..

My question:
How about a large amount of cash from savings earned before coming to Canada. Is this subject to tax?

Thanks.

 

[bytenaija]

Hi,
I'm coming to Canada next week to start a new job after obtaining a work permit approval. I read that what you bring or transfer money from another country will not be subject to tax unless it's a sold property/ shares, etc..

My question:
How about a large amount of cash from savings earned before coming to Canada. Is this subject to tax?

Thanks.

No

 

[Bs65]

Hi,
I'm coming to Canada next week to start a new job after obtaining a work permit approval. I read that what you bring or transfer money from another country will not be subject to tax unless it's a sold property/ shares, etc..

My question:
How about a large amount of cash from savings earned before coming to Canada. Is this subject to tax?

Thanks.

If you are carrying actual cash just remember to declare at POE if you are carrying 10000 CAD or over. So this would be any currency that you have when added together would cross 10k and over. If you do not then there could be a fine or worst case confiscation.