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PROOF OF FUNDS :: FIXED DEPOSITS ACCEPTABLE?

baldy

Newbie
Jun 14, 2012
2
0
I have an account in ICICI bank in India and my wife has it an another indian bank. Major part of our bank balance is in the form of Fixed deposits. Together in our accounts, the amount would be enough for the minimum limit set by the CHC.

I want to know if

1) ICICI bank account would be acceptable by the toronto airport officials. Will the ATM cards of indian banks work there??

2) Fixed deposits will have any problem, because normally the ATM receipts dont print the Fixed deposit details. If fixed deposit is not acceptable than our balance will be far short of the minimum required.

please clarify

thanks
 

indian crow

Full Member
May 12, 2012
25
0
baldy said:
I have an account in ICICI bank in India and my wife has it an another indian bank. Major part of our bank balance is in the form of Fixed deposits. Together in our accounts, the amount would be enough for the minimum limit set by the CHC.

I want to know if

1) ICICI bank account would be acceptable by the toronto airport officials. Will the ATM cards of indian banks work there??

2) Fixed deposits will have any problem, because normally the ATM receipts dont print the Fixed deposit details. If fixed deposit is not acceptable than our balance will be far short of the minimum required.

please clarify

thanks

I too want to know the same..... anyone from indian background ready to help??
 

quantsegu

Member
Jun 30, 2012
10
0
Hi

As far as u don't have a lien on the deposits, show the deposits for proof. Not a issue, and also you must be able to liquidate fd any time.

Regards
Segu
 

Heliosdz

Full Member
Jun 3, 2012
36
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There's an excellent topic from qorax that has a the following section:

MONEY: PROOF OF LANDING FUNDS:
What Proofs Are Acceptable?
If you are carrying more than C$10,000, tell a Canadian official when you arrive in Canada. If you do not tell an official, you may be fined or put in prison. These funds could be in the form of:
• Cash
• Securities in bearer form (for eg, stocks, bonds, debentures, treasury bills) or
• Negotiable instruments in bearer form (for eg, B/drafts, Cheques, TCs or MOs).

How Much Funds Can I Carry?
There is no Max limit... we can take Millions, if we can prove its legitimate source & declare anything at/or more than $10,000 [that's the CBSA regulation]. There is a Minimum limit though... we must carry at least or more than what CIC requirement states, vis-a-vis for the no. of pax in the family [accompanying].

Tax & Duties Component:
The funds we bring inside Canada are Non-Taxable. It is only the 'interest' earned on that which is taxed. The moment our funds start accruing interest [while lying in a Canadian Bank a/c] the bank will start deducting tax 'on source'. The same applies for any 'investment' in Canada that we make with these funds.
 

tanus

Full Member
Mar 15, 2011
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HI
when I landed in Canada, I carried money nearly 18000 CAD$ in the form of Travel Cheques. I got from An agent in New delhi.
In addition, I got a ICICI bank travel card loaded with as much money as you want. I loaded my card with 4000. I am still using. Only negative thing about travel card is that if you load your card in CAD $, you must use card in Canada only.
hope this info will help you.