I'd like to seek some advice regarding money brought into Canada. My wife and I will be landing in 2 months. We plan to carry $30,000 CND in cash and another $70,000 in bank draft which will be drawn at Citibank. After completing the formalities, I'll go back to my home country for 6 months to finish my job while my wife will stay in Canada. Upon my returning, I'll send the last amount of our savings by electronic transfer.
My questions are as follows:
1. Is the last amount that will be transferred electronically will be taxed? This amount is from saving not from selling a property or a vehicle.
2. As for the bank draft, I plan to open an account with TD. The draft I'll carry will be drawn in Citibank. My question is TD will accept a draft drawn at Citibank? How long will it take to recieve the money?
Your help is appropriated. Thanks in advance.
My questions are as follows:
1. Is the last amount that will be transferred electronically will be taxed? This amount is from saving not from selling a property or a vehicle.
2. As for the bank draft, I plan to open an account with TD. The draft I'll carry will be drawn in Citibank. My question is TD will accept a draft drawn at Citibank? How long will it take to recieve the money?
Your help is appropriated. Thanks in advance.
