Question about moving money to Canada from the US

[DL2017]

Hello,

I am planning to settle in Vancouver, BC in the early part of 2020. I have received my PR card. I have a large amount money that I want to bring with me, about 120k USD (of course I am not bringing cash, maybe a check or something).

My question is will my money be subject to taxes upon entering Canada through a port of entry?

What if I do not bring my money initially and but choose to bring the money with me at a later time after landing in Vancouver to settle?

What is the best way for me to avoid paying taxes on my money that I am moving with?

 

[mad_hatter]

Hello,

I am planning to settle in Vancouver, BC in the early part of 2020. I have received my PR card. I have a large amount money that I want to bring with me, about 120k USD (of course I am not bringing cash, maybe a check or something).

My question is will my money be subject to taxes upon entering Canada through a port of entry?

What if I do not bring my money initially and but choose to bring the money with me at a later time after landing in Vancouver to settle?

What is the best way for me to avoid paying taxes on my money that I am moving with?

You do not have to pay tax on money you earned before you become a resident. You can bring as much money as you want, however, if the fund is over $10,000, including cheques, you must declare to the CBSA when you enter Canada. Instead of bringing the money, you should consider open an account with TD both in the US and Canada. You can then do an online transfer at a later date.

 

[Hurlabrick]

Hello,

I am planning to settle in Vancouver, BC in the early part of 2020. I have received my PR card. I have a large amount money that I want to bring with me, about 120k USD (of course I am not bringing cash, maybe a check or something).

My question is will my money be subject to taxes upon entering Canada through a port of entry?

What if I do not bring my money initially and but choose to bring the money with me at a later time after landing in Vancouver to settle?

What is the best way for me to avoid paying taxes on my money that I am moving with?

The $10,000 declaration only applies to money actually in your possession (i.e.on your person when you land), not money left on deposit or invested in the US. See here:

https://www.cbsa-asfc.gc.ca/travel-voyage/ttd-vdd-eng.html

I have moved very large amounts (more than the amount you are talking about) using TransferWise and I would highly recommend them. You have to declare money or investments that remain overseas on your first full year CRA tax return (Canada tax year runs Jan to Dec) using for T1135, but you do NOT declare amounts left overseas when arriving at customs. You will not pay tax on the money you bring over, only on growth of funds etc. again as calculated on your CRA return.

 

[TEJSUN]

@Hurlabrick :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 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

 

[Hurlabrick]

@Hurlabrick a. How best i can move my money to CN? (Note that i do not have any bank account in CN yet)

No idea how you would do it without a Canadian bank account. Suggest get to Canada, open a Canadian bank account, then transfer it. I used TransferWise and would recommend them.

@Hurlabrick b. Would i owe any tax to Canadian agencies?

You are not even in Canada yet, so no, no Canadian tax.​

 

[TEJSUN]

No idea how you would do it without a Canadian bank account. Suggest get to Canada, open a Canadian bank account, then transfer it. I used TransferWise and would recommend them.

You are not even in Canada yet, so no, no Canadian tax.​

Sure.
Thanks a lot