PR card Holder wants to transfer Cash into Canada from another country.

[Sunny1212]

I am a PR card holder since 2011.
I will be renewing my PR card on 2016 since now I am outside of Canada.
My wife is a Canadian and is staying with me outside of Canada.
I will be inheriting some money (gift) from my family.
So I want to take this money with me to Canada to help me start my life there with my wife.
At first when I entered Canada, I did not know the procedures,
and so I did not declare or claim anything in 2011 when I landed.
I feel like I am in a bit of a pickle.
Please help me out....

I have a few questions:

1) What is the process & procedure of transferring big amounts of Cash into Canada from another country?
2) How will I transfer this in an easy way.. What is the procedure?
3) When I transfer the money ... would tax be deducted from the amount? If so, How much?

Would appreciate ALL help and advice I can get... Thanks in Advance.

 

[zardoz]

I am a PR card holder since 2011.
I will be renewing my PR card on 2016 since now I am outside of Canada.
My wife is a Canadian and is staying with me outside of Canada.
I will be inheriting some money (gift) from my family.
So I want to take this money with me to Canada to help me start my life there with my wife.
At first when I entered Canada, I did not know the procedures,
and so I did not declare or claim anything in 2011 when I landed.
I feel like I am in a bit of a pickle.
Please help me out....

I have a few questions:

1) What is the process & procedure of transferring big amounts of Cash into Canada from another country?
2) How will I transfer this in an easy way.. What is the procedure?
3) When I transfer the money ... would tax be deducted from the amount? If so, How much?

Would appreciate ALL help and advice I can get... Thanks in Advance.

No restrictions on carrying cash as long as you declare it on entry on the Customs card and when examined by CBSA. If you send it via bank transfer, even less problems. No tax to be paid for carrying money but any other tax liability is your duty to resolve, such as inheritance taxes for example.

 

[Sunny1212]

If I use the bank transfer...
Do I have to declare it to the customs before hand?
If so, how and what is the procedure?
Is there a declaration form available to fill up before the money transfer occurs?
I'm sure they would want to know where the money came from...
which is why i'm concerned if a form is to be filled up...
It would be a big sum of money i.e. maybe enough to buy property....
So, Obviously I won't be carrying it when I travel.
So, I'm worried because I got to know recently that
people usually declare alot of items before they land in Canada for the first time...
BUT in my case, I did not declare anything the first time I landed since I did not know the procedure at that time.
and This time when I go to Canada, it would be my 3rd entry.

 

[zardoz]

If I use the bank transfer...
Do I have to declare it to the customs before hand?
If so, how and what is the procedure?
Is there a declaration form available to fill up before the money transfer occurs?
I'm sure they would want to know where the money came from...
which is why i'm concerned if a form is to be filled up...
It would be a big sum of money i.e. maybe enough to buy property....
So, Obviously I won't be carrying it when I travel.
So, I'm worried because I got to know recently that
people usually declare alot of items before they land in Canada for the first time...
BUT in my case, I did not declare anything the first time I landed since I did not know the procedure at that time.
and This time when I go to Canada, it would be my 3rd entry.

If you use bank transfer, you don't need to inform anyone. However, it's always a good idea to have evidence of the source of foreign funds, in case you are asked at any time in the future.

 

[emamabd]

If I use the bank transfer...
Do I have to declare it to the customs before hand?
If so, how and what is the procedure?
Is there a declaration form available to fill up before the money transfer occurs?
I'm sure they would want to know where the money came from...
which is why i'm concerned if a form is to be filled up...
It would be a big sum of money i.e. maybe enough to buy property....
So, Obviously I won't be carrying it when I travel.
So, I'm worried because I got to know recently that
people usually declare alot of items before they land in Canada for the first time...
BUT in my case, I did not declare anything the first time I landed since I did not know the procedure at that time.
and This time when I go to Canada, it would be my 3rd entry.

The bank will most likely question you about the source when the funds arrive in your account. If you want to be proactive you can communicate with your bank beforehand and ask them if there is any procedure you should go through. Customs are not concerned at this point - unless you will be having funds at your possession that are equal to or more than 10000 CAD at the point of entry - you then have to declare.