how much money you can bring cash or transfer

[amjad1002]

hi all
i want to know that how much cash you can bring with you when you first time go to Canada after getting PR ?
and there will be any tax or etc?
also if i want to transfer my money to my wife Canada bank account so should i send Canadian doller or US doller which one is best way.

thanks

 

[ramkris]

I think you can carry upto 5000 . But if you have your spouse account you can transfer directly to that account . Not sure with taxes you can do online transaction any time once you speak to bank in canada, If your family is here to take care of you even 3000 is more than enugh for expenses.

I prefer CAD as US to CAD wil be another exchange rate

 

[steaky]

No, the amount of cash you can bring to Canada is unlimited. No tax.

You can transfer your money to a Canadian bank account in many currencies such as Japanese Yen, Hong Kong dollar, British Pound, Euro, etc. You can convert those currencies to Canadian or US dollars before or after you arrive in Canada if you want.

 

[BC2013]

No, the amount of cash you can bring to Canada is unlimited. No tax.

You can transfer your money to a Canadian bank account in many currencies such as Japanese Yen, Hong Kong dollar, British Pound, Euro, etc. You can convert those currencies to Canadian or US dollars before or after you arrive in Canada if you want.

Correct.
However, you have to declare any liquid funds (cash, cheques, etc.) exceeding $10,000. Possibly you might have to explain where larger amounts of money originate from (this is to fight money laundring). And be aware, many other countries have similar rules, even in you are just passing through (i.e. USA, EU).

 

[ramkris]

Yes I was sayong abt this with out any problems . Take less amt as cash and remaining send directly to ur bank which is cheap and no tension

 

[taffy7]

10,000.00 the rest you have to declare on your customs form when arriving in Canada.If you bring more than 10.000.00 you must have proof to where it came from . You will not get taxed on this , however if you do not have a joint account with your wife in Canada she will have to declare this on her income tax as extra income.
Canadian $ are best to bring with you .What ever currency you send it will be converted into Canadian,there will be a fee with this .

If by any chance you have a credit card you can put this on your card and use it here in Canada. You will have a credit on your account , so i believe no charges will apply ...

 

[amjad1002]

thanks to every one and i have more then 10000 doller so can i some transfer to my wife account and 10000 bring with me cash ?
if yes so i have to declear at air about transfer money or i just have to say only 10000 doller and you guys say if i transfer money to my wife account so she have to submit tax retuen and have to mention extra income??
is that necessery? to declear?
and if i bring all money cash with me so what should i have to declear at air port like where i earn this money?

 

[steaky]

thanks to every one and i have more then 10000 doller so can i some transfer to my wife account and 10000 bring with me cash ?
if yes so i have to declear at air about transfer money or i just have to say only 10000 doller and you guys say if i transfer money to my wife account so she have to submit tax retuen and have to mention extra income??
is that necessery? to declear?
and if i bring all money cash with me so what should i have to declear at air port like where i earn this money?

1) If you were to bring the $10,000 or more as cash or other financial instruments, you have to declare it in the CBSA form you received at the airplane and handover the form to the CBSA agent you encountered.
2) If you were to leave the money at home after you get PR, you will have to report this money in your tax return and report any income you made
3) If you were to transfer this money to your wife or self bank account in Canada, you don't need to report the transfer. The bank would do the reporting for you. But still you have to file a tax return to report any income you made during that year.

 

[amjad1002]

ok thanks..