Declaring Assets and Funds at the time of entry

[thirtyonemessier]

Hi All,

My wife's spousal PR visa is through. She plans to bring her personal funds and valuables here. From what I've heard, we are not taxed if we declare the funds and valuables at the first time of entry.

The total value of funds from all sources amount to approx 50k CAD and valuables about 20k CAD.


What must I do?
Would bank statements suffice? Can she show her bank statements and mention she would transfer it over to her Canadian bank account later?
Can we have an affidavit made to list all her valuables so she can carry it with her when she flies to Canada?

Are there any customs forms that we need to fill before hand?


Kindly advise. All suggestions are welcome.

 

[steaky]

Hi All,
From what I've heard, we are not taxed if we declare the funds and valuables at the first time of entry.

What source? I don't think it's correct. You only declare what's you are are bringing at the entry.

 

[armoured]

My wife's spousal PR visa is through. She plans to bring her personal funds and valuables here. From what I've heard, we are not taxed if we declare the funds and valuables at the first time of entry.

"Funds" are not taxed like that at all, but at any rate: she can just wire her funds to Canadian bank account when she opens one (after she arrives).

Valuables: if she is bringing everything with her, she just declares them at customs upon arrival. Basically personal items are not taxed for those settling, subject to some exceptions (possibly alcohol and tobacco, certain large purcahses made in the six months or one year before arriving, vehicles, etc). There are requirements to declare certain types of valuables upon arrival. There's a different procedure for things shipped later. Note, on arrival, they basically are not interested in thigns like clothes and personal effects. Check about the type of valuable (eg jewelry and precious metals may be different). Cash above some amount must be declared.

Check the CBSA website for more details.