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Moving funds to new bank account before "landing"

Discussion in 'Permanent Residence in Canada' started by lenkoo, Jul 7, 2019.

  1. Hello all,

    I got my COPR a few days ago and I am ready to make the move to Canada permanently from US. I have all my funds in one of the major US banks which does not operate in Canada. I am planning to move my funds to TD bank which also operates in canada and I can keep the funds with low maintenance costs.

    My question is what happens when I show my funds to immigration officer at the airport which is different from the bank account which I used during my PR process? will it be a problem?
  2. It doesn't matter if your funds are in a different account.
  3. @canuck_in_uk
    I have questions on the same topic. I hold the PR (since Dec 2017). I am currently in US and intend to move to Canada in couple of months for good. I have a savings of about $100K in a bank in USA. My questions are:
    a. How best i can move my money to CN? (Note that i do not have any bank account in CN yet)
    b. Would i owe any tax to Canadian agencies?
    Appreciate your response
  4. So I called TD bank the other day asking about this. I am planning to open to TD american bank account and will move funds from my current bank account to TD bank account. You can open a borderless bank account with TD once you reach canada.

    So you will pay a monthly fee of $5 and it gives you access to do multiple wire transfers between your American TD bank account to Canadian TD bank account ( Yes you should open one more checking account there with TD)

    If in any case you think you have to close your american bank account ( can do it online), you can close it after transferring all your funds canadian TD bank account.

    I am not sure about the taxing but once you open american TD bank account, the customer service agent can help you to create canadian TD bank account while you are in US without you stepping in canada. You will also get your welcome kit with has debit card which you can use right after you step in canada
    TEJSUN likes this.
  5. Thanks. :)
  6. Do you by any chance know if the Credit Score from US would be considered for securing credit in Canada? or do we have to build it from scratch in Canada?
  7. I don't know about the US to Canada, but for us moving from Britain to Canada, our excellent British credit score counted for nothing and we had to start all over again!

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