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Guys I really need help please!!!!!

J

jemdill

Hero Member
Oct 20, 2014
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My brother sent me $14500 to my bank account in Canada from India
It's for POF
I went through some websites and it says I need to report if I receive an amount greater than $10k
Otherwise there will have penalties. Is that true? I am really scared now. Did not know about it. Please help!!!!!!!
 
Report where?
For POF you're not supposed to have someone lend you the money. So you need to tell them your brother gave it to you and that its a gift not a loan. He needs to tell them he doesn't expect it to be paid back. Cause they're gonna see this big deposit in your bank.

If you mean declaring money over $10000 at customs, that's if you're physically carrying the money in with you.
 
purplesnow said:
Report where?
For POF you're not supposed to have someone lend you the money. So you need to tell them your brother gave it to you and that its a gift not a loan. He needs to tell them he doesn't expect it to be paid back. Cause they're gonna see this big deposit in your bank.

If you mean declaring money over $10000 at customs, that's if you're physically carrying the money in with you.
Click to expand...

Bank transfer over $10K are automatically flagged by Canadian banks for review and verification to ensure the source of funds can be determined and there is no money laundering, proceeds of crime, etc. involved.
 
Well as they're family it should be a pretty straightforward review then?
 
jemdill said:
My brother sent me $14500 to my bank account in Canada from India
It's for POF
I went through some websites and it says I need to report if I receive an amount greater than $10k
Otherwise there will have penalties. Is that true? I am really scared now. Did not know about it. Please help!!!!!!!
Click to expand...

Talk to your bank and find out what they expect from you as documentation support or anything else to validate this transaction as genuine without any laundering concerns behind it.

Get your brother to send you a signed declaration (with all transaction details including account numbers, wire transfer reference numbers, dates etc) that he has transferred this money to you for the express purposes of helping you settle down in Canada in the eventuality of getting a PR and also that this is a gift and NOT a loan hence it need not be returned.

Also consider tax implications, if any, of receiving this gift from your brother if you are not expecting an ITA in the short term because such heavy transactions will show up somewhere over time. I'm not entirely sure but do check for tax implications both at source and destination and comply where needed.

All the best!
 
purplesnow said:
Well as they're family it should be a pretty straightforward review then?
Click to expand...

No - not necessarily. They may want to know where the family member obtained the funds.
 
no just take a letter from your brother that they are giving you this money as a token of gift and they are ready to support you until your PR is done as a part of family member. it will be fine with your bank balance attached. And ya above $10000 is for customs not for wire transfer. As people used to transfer more than $20k for their fees. So do not worry but please make sure with your bank too.


Thanks.
 
Hooooo
Thanks to all.......
I was really worried
And yes I called bank and they said they have no problem; they just need $15 for transaction :p
I asked a lawyer and he said there is no issues too...
But yes I am going to ask my bro to send me the details of transaction.

Thank so much everyone
Best of luck :)
 
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