Landing in Canada with Copr and transporting money

[adela2]

Hello,

I've got my COPR (family of 3) and we are planning to move to Canada in May. I have a few questions about how a huge amount of money can be transported (e.g. 50,000 CAD) and what problems can be encountered at the border.

1. How to declare all the money that is being brought? Probably a quarter of the amount will be in cash
2. Do I need to provide the origin of the money?
3. Do I need to provide a tax clearance certificate for this amount? i.e. tax has been paid to the country of origin on the amount if I own a business
4. If I have money in an electronic money account e.g. Wise, Google Pay, or Payoneer, how to declare this?
5. Will I need to pay tax in Canada on this money?

Hope you can help to clarify and thanks a lot.

 

[steaky]

Hello,

I've got my COPR (family of 3) and we are planning to move to Canada in May. I have a few questions about how a huge amount of money can be transported (e.g. 50,000 CAD) and what problems can be encountered at the border.

1. How to declare all the money that is being brought? Probably a quarter of the amount will be in cash
2. Do I need to provide the origin of the money?
3. Do I need to provide a tax clearance certificate for this amount? i.e. tax has been paid to the country of origin on the amount if I own a business
4. If I have money in an electronic money account e.g. Wise, Google Pay, or Payoneer, how to declare this?
5. Will I need to pay tax in Canada on this money?

Hope you can help to clarify and thanks a lot.

1) Upon landed, first, you would have declare that you are bring over $10,000 on the kiosk. Then you show the computer printout to the guard and you will directed to secondary. At secondary, you asked to fill in a form and write the details.
2) Unless you are instructed to do so.
3) Same as 2
4) The bank will report this. You don't need to do anything.
5) No, unless you were Canadian tax resident and you receive a statement of account from the tax authority that you owe them money.

 

[bellaluna]

Hello,

I've got my COPR (family of 3) and we are planning to move to Canada in May. I have a few questions about how a huge amount of money can be transported (e.g. 50,000 CAD) and what problems can be encountered at the border.

There should be no problems if you are honestly declaring the money, and carrying that amount for a family of 3 to land as PRs and settle in Canada is completely reasonable.