ADDITIONAL FUNDS FOR WIRE TRANSFER AFTER LANDING

[czarjohn14]

My daughter is expecting to receive her and her family's passport n 3 weeks. She is set to land in january from riyadh. Although she is able to comply with the required funds when she lands, she has additional money back home that she intends to bring with her. I would like to
seek your advise if the additional money can be wired to her as soon as she opens a bank account in canada. Can she declare of the additional funds for transfer when she lands? What does she need to present for the Immigration office to honor/accept this and not be taxed? Looking forward for the seniors to share their thoughts. Thank you.

 

[wilson]

My daughter is expecting to receive her and her family's passport n 3 weeks. She is set to land in january from riyadh. Although she is able to comply with the required funds when she lands, she has additional money back home that she intends to bring with her. I would like to
seek your advise if the additional money can be wired to her as soon as she opens a bank account in canada. Can she declare of the additional funds for transfer when she lands? What does she need to present for the Immigration office to honor/accept this and not be taxed? Looking forward for the seniors to share their thoughts. Thank you.

She need to declare the amount, only if it exceeds CAD 10,000/- by way of cash/TC/DD etc. Any amount which will be transferred to her bank account later, after her landing need not be declared at the airport. Such amount will not be taxed and will be considered as settlement fund of the immigrant. Instead of carrying lot of money during travel, it is always safe to bring the required funds initially and transfer balance to the bank account. However, don't get worried about taxation for new comer's funds brought from other countries.

 

[czarjohn14]

Thank you Wilson. Appreciate your advise. Best regards....