Savings to be Transferred to Canada

[Hushus]

Dear Members,

Thank you for your continuous support. Soon i will be start my life in Canada, one of the many things thats been up my mind, its that i have more than C$ 70 K and i want to take this amount with me, im a simple person and i dont know much about banking and funds transfers..etc. my question is how do i transfer this amount? in a way that it would be
1- Legal
2- Safe
3- Non-taxable
4- Have the least cost impact on my savings

in that order, please explain in simple words lol

 

[mattjp1]

Following

 

[angelistamaria]

Following too.

Regarding #3 and #4: Non-taxable is a wee bit of a stretch. All movement of money between borders can incur costs. We opted to wire-transfer our money via an international bank (ie with presence in my home country and in Canada). We opened an account at their local branch and plan to open a Canadian account with them as well. Transaction fees were therefore lower than regular remittance. This also answers your concerns of legality and safety of the transfer. It will make our money transaction easier to follow.

If anyone can give other options, please do!

 

[NetMecca]

Dear Members,

Thank you for your continuous support. Soon i will be start my life in Canada, one of the many things thats been up my mind, its that i have more than C$ 70 K and i want to take this amount with me, im a simple person and i dont know much about banking and funds transfers..etc. my question is how do i transfer this amount? in a way that it would be
1- Legal
2- Safe
3- Non-taxable
4- Have the least cost impact on my savings

in that order, please explain in simple words lol

1. Canada does not have foreign exchange control. You can transfer money internationally to and from Canada as you choose (unless earned from crime) Amounts over $10k are tracked but this is not anything you need to be concerned with, if your money was legally obtained.
2. Safe? Not sure what that means. Banks in Canada are as safe as it gets. If you transfer money electronically or by wire, there should be no risks. If you carry cash... there is always a risk that someone could take your money (pickpockets). Also if you carry more than $10k you are required to declare it when you enter. Do not be tempted to lie about that. Money not declared could be ceased. Better to declare and since it is not illegal, you may have to answer a few questions about the source of the money, but for the most part should not have any issues.
3. If the money was earned prior to your arrival (status) in Canada, it will generally not be taxable. I personally transferred considerably more with no issues on my taxes at all. Foreign assets may have to be declared, and foreign income would be taxable (after getting status - arriving in canada). If you are really concerned and you tax situation is complicated I suggest you speak to an accountant in Canada (with international experience) BDO might be able to help.
4. Cost of wire transfers are pretty low. I would suggest this is the safest and least expensive way to transfer money. I did that.

Good luck

 

[steaky]

1. Canada does not have foreign exchange control.
2. Safe? Not sure what that means. Banks in Canada are as safe as it gets. If you transfer money electronically or by wire, there should be no risks. If you carry cash... there is always a risk that someone could take your money (pickpockets). Also if you carry more than $10k you are required to declare it when you enter. Do not be tempted to lie about that. Money not declared could be ceased. Better to declare and since it is not illegal, you may have to answer a few questions about the source of the money, but for the most part should not have any issues.
3. If the money was earned prior to your arrival (status) in Canada, it will generally not be taxable. I personally transferred considerably more with no issues on my taxes at all. Foreign assets may have to be declared, and foreign income would be taxable (after getting status - arriving in canada). If you are really concerned and you tax situation is complicated I suggest you speak to an accountant in Canada (with international experience) BDO might be able to help.
4. Cost of wire transfers are pretty low. I would suggest this is the safest and least expensive way to transfer money. I did that.

Good luck

The correct word is "seized" instead of "ceased". Anyways, if seized by the border officer, it might be return to you after paying fines.

Depends what banks you hold, there might not be any cost in wire transfer.

 

[NetMecca]

The correct word is "seized" instead of "ceased". Anyways, if seized by the border officer, it might be return to you after paying fines.

Depends what banks you hold, there might not be any cost in wire transfer.

Lol yeah, thats right, tired ex foreigner. Thanks