Hi,
I'm landing in Canada soon, my family had a decades long property litigation with a distant family member and since I was moving to Canada and didn't want to leave unresolved issues behind we settled out of court with both parties agreeing to sell the property under litigation and splitting the proceeds as agreed between us. She gave me collateral and I withdrew my case in her favor. The property was transferred in her name.
Now the property is sold and my ( share comes to around a million $CAD. Since the property was never in my name (I withdrew in her favor, keeping her collateral as security with me) the entire amount for the property sold was deposited in her account. I'm moving next month and have asked her to wire the funds directly from her account into my Canadian Bank account (which I will open once I land) and she has kindly agreed.
Now my questions are the following:
1). Do I/Should I need to declare to immigration when landing that I am expecting said funds ?
2). Will they ask me for any documentation ? If so what ?
3). If my payment comes in small denominations i.e 10,000 or 20,000 USD every other day would that be a problem ?
4). Should I wire it or get a Demand Draft/Payorder ?
5). Are there any tax implications on my incoming funds ?
6). Will my bank or Revenue Canada have any issues or require anything ?
7). If I leave those funds unused for a year or two in my bank account, will I be taxed on it in any way ?
Thanks,
I'm landing in Canada soon, my family had a decades long property litigation with a distant family member and since I was moving to Canada and didn't want to leave unresolved issues behind we settled out of court with both parties agreeing to sell the property under litigation and splitting the proceeds as agreed between us. She gave me collateral and I withdrew my case in her favor. The property was transferred in her name.
Now the property is sold and my ( share comes to around a million $CAD. Since the property was never in my name (I withdrew in her favor, keeping her collateral as security with me) the entire amount for the property sold was deposited in her account. I'm moving next month and have asked her to wire the funds directly from her account into my Canadian Bank account (which I will open once I land) and she has kindly agreed.
Now my questions are the following:
1). Do I/Should I need to declare to immigration when landing that I am expecting said funds ?
2). Will they ask me for any documentation ? If so what ?
3). If my payment comes in small denominations i.e 10,000 or 20,000 USD every other day would that be a problem ?
4). Should I wire it or get a Demand Draft/Payorder ?
5). Are there any tax implications on my incoming funds ?
6). Will my bank or Revenue Canada have any issues or require anything ?
7). If I leave those funds unused for a year or two in my bank account, will I be taxed on it in any way ?
Thanks,
