bring money in canada

[canadiann]

I moved to Canada from US about 5 months ago. Now I am planning to transfer my money directly from US bank account. Do I need to inform custom about that?

 

[thaiguy]

not unless you're carrying it over the border; bank transfers don't have to be reported

 

[rang]

Hi is this only apply to people from US to Canada or to All ?

Thanks in Advance

 

[PMM]

Hi

Hi is this only apply to people from US to Canada or to All ?

Thanks in Advance

To all, banks report transfers of over $10K to Fintrac, you don't have to do anything.

 

[rang]

Thanks PMM, but if banks report transfers of over $10K to Fintrac then do I have to pay any government tax for the transfer? even I am a new immigrant and just landed less than a month?

tia

 

[thaiguy]

You only pay tax on income. Money transferred into Canada is just a transfer - not income.

 

[rang]

ok, thank a lots

 

[proxy]

Let's say I land today. 1USD = 1.06CAD

What if I keep my money in US account, then in 3 months, if the currency exchange rate becomes 1USD= 1.20CAD , I transfer and convert all my savings into CAD.

Do I have to pay taxes on the $0.14 gain in USD strength ?

In other words, if I have a feeling that USD is going to be stronger, can I keep my money in US account for a few months before i actually transfer and convert all my money into Canadian Dollars?

 

[PMM]

Hi

Let's say I land today. 1USD = 1.06CAD

What if I keep my money in US account, then in 3 months, if the currency exchange rate becomes 1USD= 1.20CAD , I transfer and convert all my savings into CAD.

Do I have to pay taxes on the $0.14 gain in USD strength ?

In other words, if I have a feeling that USD is going to be stronger, can I keep my money in US account for a few months before i actually transfer and convert all my money into Canadian Dollars?

No there are no taxes on currency gains.

 

[proxy]

Oh wow PMM.

I had no idea, somebody told me the opposite.

Ok, so I will keep the majority of my savings in USD account in US and will transfer when I'm ready to convert to CAD.

Because I really think that USD is going to get stronger against CAD.

 

[jaguar_paw]

not unless you're carrying it over the border; bank transfers don't have to be reported

Thanks for useful thread.

Just wanted to clarify with you guys..

I know that there are various reporting forms for transferring money by courier(E668), on their own(E677). There is also another form E667(General as it says) which i guess might be applicable to bank transfers as well..Any ideas what this form is used for??


Thanks

 

[shekhawatmx]

open a saving or every day chequing acoount in TD,CIBC etc and do the wire transfers, no need to inform any one.
sometime these bank charge 15$ for incoming wire transfers if service charged are not paid by sender.

 

[PMM]

Hi

open a saving or every day chequing acoount in TD,CIBC etc and do the wire transfers, no need to inform any one.
sometime these bank charge 15$ for incoming wire transfers if service charged are not paid by sender.

The banks report deposits of over $10K to FinTrac http://www.fintrac-canafe.gc.ca/intro-eng.asp

 

[Hasher]

Hi

The banks report deposits of over $10K to FinTrac http://www.fintrac-canafe.gc.ca/intro-eng.asp

PMM

Please correct me if I am coming third time alone (after two years of immigiration) and my limit is 10K what if I am coming with my family (four members), still I am allowed $10 K or I can bring $ 40K cash.

 

[PMM]

Hi

PMM

Please correct me if I am coming third time alone (after two years of immigiration) and my limit is 10K what if I am coming with my family (four members), still I am allowed $10 K or I can bring $ 40K cash.

You can bring as much as you can carry. As long as you report any amount over $10K Make sure you report it, or it can be seized and you fined. There is no taxes, CBSA just wants it reported.