Declaration of Income

[vinvar25]

I will soon be immigrating to Canada in February. I know how to declare all personal goods when I land including the one's which will follow. However, I am confused about how to declare liquid funds. Currently, I have around $40,000 in my bank but my father is retiring in couple of months and he will get retirement benefits of around $95,000 and he has a immovable property worth $150,000. He will be giving these to me after he retires. So, do I declare the whole amount of $95,000 + $150,000 + $40,000 when I land? or just $40,000 which is banks?

Also, I just have statements for the $40,000 which is my bank. Rest of the money I will inherit in couple of months.

Further, if I declare say around $300,000 and do not bring the same amount within this year, will I be penalized?

 

[steaky]

You must declare (at border or the kiosk) if you bring any monetary instrument with you in excess of $10,000. If you keep your money at bank, then declare nothing.

 

[torontosm]

I will soon be immigrating to Canada in February. I know how to declare all personal goods when I land including the one's which will follow. However, I am confused about how to declare liquid funds. Currently, I have around $40,000 in my bank but my father is retiring in couple of months and he will get retirement benefits of around $95,000 and he has a immovable property worth $150,000. He will be giving these to me after he retires. So, do I declare the whole amount of $95,000 + $150,000 + $40,000 when I land? or just $40,000 which is banks?

Also, I just have statements for the $40,000 which is my bank. Rest of the money I will inherit in couple of months.

Further, if I declare say around $300,000 and do not bring the same amount within this year, will I be penalized?

As explained by Steaky, you will not have to declare funds in bank accounts in Canada or overseas upon your landing. If you receive gifts (cash or otherwise) subsequent to landing, you can bring in those funds without incurring any taxes in the future.

 

[NetMecca]

I will soon be immigrating to Canada in February. I know how to declare all personal goods when I land including the one's which will follow. However, I am confused about how to declare liquid funds. Currently, I have around $40,000 in my bank but my father is retiring in couple of months and he will get retirement benefits of around $95,000 and he has a immovable property worth $150,000. He will be giving these to me after he retires. So, do I declare the whole amount of $95,000 + $150,000 + $40,000 when I land? or just $40,000 which is banks?

Also, I just have statements for the $40,000 which is my bank. Rest of the money I will inherit in couple of months.

Further, if I declare say around $300,000 and do not bring the same amount within this year, will I be penalized?

The declaration of funds has only to do with cash or cash like instruments (at entry). It is about controlling money laundering. So to Canada Border services you only need to declare what you have in cash if it is over $10k.

The rest is a tax issue. I would suggest that you speak to an accountant about that, and by the sound of it sooner rather than later so you can do some tax planning. Someone with some international experience would be advisable. Try BDO. Expensive but you will get good advice on how to limit your tax exposure.

Good luck