guys! I will be landing in Canada soon. I will take the settlement funds with. I knew that the money we take with us is not taxable. Is it possible to indicate to the border authorities that some money (example 100000CAD) will be brought later. If yes would this money be non taxable as well. The money is not ready now but might be ready in a few months
money to follow
- Thread starter Abdu
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suttam
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Is it true? One can declare what money he intends to bring in his later visits from his home country? I am not 100% sure abt it !!PMM said:
The salient point is this ...
There is no need to mention that you intend to bring in money in the future because Canada doesn't tax incoming funds. Ever. You're required to declare any amounts over $10,000 that you physically carry with/on your person whenever you enter Canada, but these amounts are not taxed. The amounts and dates of any transfers over $10,000 are entered into a database (FinTrac) in order to track/prevent the transfer of funds that may be tied to organized crime, smuggling, terrorism, etc. Large and/or repeated cash transfers over $10,000 will definitely raise some eyebrows, but as long as you can explain and document the source of these funds, you'll be just fine.
It is always a good idea to carry proof of origin when you declare large (over $10,000) sums, i.e., bank statements showing that the funds are from an account you recently closed, documents from the sale of real estate, or any other paperwork that establishes the funds as coming from legitimate (non-illegal) sources. The easiest and safest way to transfer large sums is by electronic bank transfer. As PMM noted, these funds are automatically reported so you do not have to mention them to border authorities.
There is no need to mention that you intend to bring in money in the future because Canada doesn't tax incoming funds. Ever. You're required to declare any amounts over $10,000 that you physically carry with/on your person whenever you enter Canada, but these amounts are not taxed. The amounts and dates of any transfers over $10,000 are entered into a database (FinTrac) in order to track/prevent the transfer of funds that may be tied to organized crime, smuggling, terrorism, etc. Large and/or repeated cash transfers over $10,000 will definitely raise some eyebrows, but as long as you can explain and document the source of these funds, you'll be just fine.
It is always a good idea to carry proof of origin when you declare large (over $10,000) sums, i.e., bank statements showing that the funds are from an account you recently closed, documents from the sale of real estate, or any other paperwork that establishes the funds as coming from legitimate (non-illegal) sources. The easiest and safest way to transfer large sums is by electronic bank transfer. As PMM noted, these funds are automatically reported so you do not have to mention them to border authorities.