Proof of 'Landing Funds" >>>

[omm]

yes, DD should be on your name, good to have amount in Canadian dollars.
No problem at all , you can deposit it any canadian bank after opening your bank account in canada.

OMM

Hi Qorax
Please clear my confusion about demand draft.
If I make a D/D from Standard Chattered bank ,the address written on it is of Royal bank of Canada & after landing I open an account in TD bank in Canada , can I deposit this draft in TD bank without any problem.
Or Should I open an account in Royal bank of Canada to deposit the draft.
Thanks.

 

[omm]

Mayank As I know Scotia bank is the best, I worked with my previous client State Street Bank here in the Boston-USA, they have huge deal with this scotia bank for asset management.
So I aware about this Scotia bank status and it's good for new immigrant , business, home loan, autoloan etc too.

OMM

Dear Qorax,

Please need your input on it

Which is best for new landed immigrant

TD v/s Scotia ??

Regards
Mayank

 

[mayankpandya]

Thanks Omm for your input.

Regards
Mayank

Mayank As I know Scotia bank is the best, I worked with my previous client State Street Bank here in the Boston-USA, they have huge deal with this scotia bank for asset management.
So I aware about this Scotia bank status and it's good for new immigrant , business, home loan, autoloan etc too.

OMM

 

[qorax]

Hi Qorax
Please clear my confusion about demand draft.
If I make a D/D from Standard Chattered bank ,the address written on it is of Royal bank of Canada & after landing I open an account in TD bank in Canada , can I deposit this draft in TD bank without any problem.
Or Should I open an account in Royal bank of Canada to deposit the draft.
Thanks.

Yes, u can.
Pls check the processing times in my earlier post on this thread.

Qorax

 

[Deeaar]

Dear mayankpandya,

In Scotia Bank , ur DD will get credited in 2-3 working days . They are very good and quick.
I have a good experience banking with them.

 

[goodwill]

Thanks Qorax & OMM.
Regards

 

[azazaz]

dear qorax,

if i carry a cheque issued in my own name in pounds sterling (from uk) , i have a bank account in UK, will it be acceptable at POE in canada, thx

 

[mayankpandya]

Thanks for your input

Regards
Mayank

Dear mayankpandya,

In Scotia Bank , ur DD will get credited in 2-3 working days . They are very good and quick.
I have a good experience banking with them.

 

[qorax]

dear qorax,

if i carry a cheque issued in my own name in pounds sterling (from uk) , i have a bank account in UK, will it be acceptable at POE in canada, thx

No.

 

[Kevinca]

Hi qorax
Pls advise me for the POF. My family of 4 people would land in Toronto this Oct, 2011. The current required fund as per on CIC is $ 20,654. I intend to buy BD (bankdraft) and carry some loose change. Pls advise:
1. If the BD should be of exactly $ 20,654. Is the $ 20,000 could be accepted by custom of CA? if I only by BD of $ 20,000, should I show to them that i have some loose change of $ 654???
if the total fund is less then $ 20,654 (e.g. $ 20,500, etc.) do they accept my proof of fund?

2. I intend to buy BD at ANZ bank. Pls advise how long it would take to get the cash from this bankdraft while i arrive in CA? Do I only need to come to ANZ bank in CA and get the cash immediately? This is due to the fact that most of the money remains in BD so it is necessary to draw the money asap after landing.

3. Do I need to submit to them (at the custom port of CA) the form 4 and form 4A (PERSONAL EFFECTS ACCOUNTING DOCUMENT - LIST OF GOODS IMPORTED)??
in the form 4 and form 4A, there is place for declaring list of goods/property that would be brought to CA after landing. In case I have some houses/land in my homeland and would only sell them later on and transfer the value of these property latter into CA, I would have to declare in form 4 and form 4A immediately at the time of landing? if this is correct, do I need to submit to custom of CA the letter certifying value of the goods/property (signed and stamped by a valuation company)

4. In case a valuation company should be involved in certifying the value of the goods/property to be carried later on to CA, do any company could be accepted by CA? as there are many valuation companies in my homeland so I do now know if there is any criteria for custom of CA. Do they would accept the certifying letter of any valuation company???

Pls help me on this matter. Thank you!

 

[qorax]

Hi qorax
Pls advise me for the POF. My family of 4 people would land in Toronto this Oct, 2011. The current required fund as per on CIC is $ 20,654. I intend to buy BD (bankdraft) and carry some loose change. Pls advise:
1. If the BD should be of exactly $ 20,654. Is the $ 20,000 could be accepted by custom of CA? if I only by BD of $ 20,000, should I show to them that i have some loose change of $ 654???
if the total fund is less then $ 20,654 (e.g. $ 20,500, etc.) do they accept my proof of fund?

2. I intend to buy BD at ANZ bank. Pls advise how long it would take to get the cash from this bankdraft while i arrive in CA? Do I only need to come to ANZ bank in CA and get the cash immediately? This is due to the fact that most of the money remains in BD so it is necessary to draw the money asap after landing.

3. Do I need to submit to them (at the custom port of CA) the form 4 and form 4A (PERSONAL EFFECTS ACCOUNTING DOCUMENT - LIST OF GOODS IMPORTED)??
in the form 4 and form 4A, there is place for declaring list of goods/property that would be brought to CA after landing. In case I have some houses/land in my homeland and would only sell them later on and transfer the value of these property latter into CA, I would have to declare in form 4 and form 4A immediately at the time of landing? if this is correct, do I need to submit to custom of CA the letter certifying value of the goods/property (signed and stamped by a valuation company)

4. In case a valuation company should be involved in certifying the value of the goods/property to be carried later on to CA, do any company could be accepted by CA? as there are many valuation companies in my homeland so I do now know if there is any criteria for custom of CA. Do they would accept the certifying letter of any valuation company???

Pls help me on this matter. Thank you!

1. Carry funds in the ratio of 80:20... 80% draft & 20% cash [some could be TCs as well, if u so desire]. Technically your settlement funds should be the same or more, vis-a-vis the CIC requirement.

2. About the processing wait-time for encashment of the draft - pls read one page before [on this thread] I've stated/explained it there.

3. In the Form B4 [Goods to Follow List] there's no location/requirement of mentioning your funds by yourself. That form is todo with the 'goods' that'd arrive later. U can bring-in as much funds as u desire, till eternity, in Canada... no tax/levies/duties/fees/charges would incur on them.

4. Not [never] required.

Qorax

 

[Kevinca]

Dear Qorax
Thank you so much for your reply
In fact I would like to bring in CA as much fund as possible in the 1st landing. But as per requirement of our land, it is only allow to bring out of the country $ 5,000/person, so the total allowed sum that I could bring with the family of 4 people is $ 20,000. Therefore it is somewhat confuse how to both comply with requirement of custom of homeland and custom of CA.

 

[Cappuccino]

Dear Qorax
Thank you so much for your reply
In fact I would like to bring in CA as much fund as possible in the 1st landing. But as per requirement of our land, it is only allow to bring out of the country $ 5,000/person, so the total allowed sum that I could bring with the family of 4 people is $ 20,000. Therefore it is somewhat confuse how to both comply with requirement of custom of homeland and custom of CA.

Is it not possible to set up a Canadian bank account remotely from your own country and transfer some funds electronically before landing?

Wayne.

 

[SFD]

Is it not possible to set up a Canadian bank account remotely from your own country and transfer some funds electronically before landing?

Wayne.

Wayne,

That is the perfect escenario however, one needs to make if it works. What if you open an account with Scotia Bank oversea then? And tell them you want to transfer the account to Canada?

SFD

 

[Cappuccino]

Wayne,

That is the perfect escenario however, one needs to make if itworks. What if you open an account with Sokia Bank oversea then? And tell them you want to transfer the account to Canada?

SFD

Well, probably the easiest way is to use an international bank like HSBC. We were able to set up the whole thing from the UK in our HSBC branch. Took a couple of weeks and then we could transfer the money once we had the account number.

Wayne.