Bringing money from overseas

[pgc]

Hi,

I am a PR and established residency in July 2014. I also maintained my PR status in Singapore, as it was required for my husband's employment. I have money in my Singapore CPF, which I could not withdraw due to my PR status.

I might give up my PR in Singapore this year, as my husband is moving out of Singapore.

I have the option to withdraw all my CPF at that time (its over 50k of money).

If I bring it directly into Canada, will I be taxed on it? There was no way to access these funds when I established residency, but I do want to have it here, now that I dont plan to go back to Singapore.

Thanks for any advice you may have.

 

[torontosm]

Hi,

I am a PR and established residency in July 2014. I also maintained my PR status in Singapore, as it was required for my husband's employment. I have money in my Singapore CPF, which I could not withdraw due to my PR status.

I might give up my PR in Singapore this year, as my husband is moving out of Singapore.

I have the option to withdraw all my CPF at that time (its over 50k of money).

If I bring it directly into Canada, will I be taxed on it? There was no way to access these funds when I established residency, but I do want to have it here, now that I dont plan to go back to Singapore.

Thanks for any advice you may have.

There are no taxes to pay if you bring the funds to Canada.

 

[jc94]

Just remember to declare it at customs if bringing it over in cash or any similar form (inc. travelers cheques)!

 

[Kraretto]

Hi I have similar question. I have checked the official website and the it you need to declare if you bring CAD 10,000 or more. It means I can bring CAD 9,999 and I no need to declare without any trouble. However, if I really need to bring an amount more than 10,000. What happen? Can anyone please give me a kindly advise? Thanks.

 

[steaky]

However, if I really need to bring an amount more than 10,000. What happen?

Just declare it or risk the money being seized.

 

[jc94]

As long as you have a good reason, they don't mind. It's just to stop people smuggling large amounts of money through for nefarious purposes.

Remember it's all currency, if you have $9999 and SGD $1.05 in change you are over the limit at current rates.
I'd convert any foreign currency at a very generous rate (in favour of the CAD $) as I'm not aware what rates CBSA use.