Sending large sum of money after PR, any issue??

[TADF chemist]

I soft-landed in October 2022, stayed a few days and came back to my home country.
I am going to settle in Canada this summer and I am now planning transferring my asset to Canada. Since I worked in Canada during 2017-2019, I do have a bank account in Canada. The asset will be around C$300K. I am sure this money is not subject to tax by CRA. If I bank transfer this sum of money, perhaps in 2-3 batches, will it cause alarm to CRA or FINTRAC?
I would appreciate if anyone with personal experience to share insight for me about how large money transfer
Many thanks

 

[Deleted member 1083629]

I soft-landed in October 2022, stayed a few days and came back to my home country.
I am going to settle in Canada this summer and I am now planning transferring my asset to Canada. Since I worked in Canada during 2017-2019, I do have a bank account in Canada. The asset will be around C$300K. I am sure this money is not subject to tax by CRA. If I bank transfer this sum of money, perhaps in 2-3 batches, will it cause alarm to CRA or FINTRAC?
I would appreciate if anyone with personal experience to share insight for me about how large money transfer
Many thanks

Well, it would def be reported to FINTRAC. The thing is that if you had money for a while just get a bank statement, stating that you had the money.

 

[TADF chemist]

Well, it would def be reported to FINTRAC. The thing is that if you had money for a while just get a bank statement, stating that you had the money.

I know any transaction > CAD$10K will be reported to FINTRAC. There are up to 25 million reports during the year. However, being reported is one thing, being investigated is another. I learnt from the official website that investigation chance is somewhat <1%.

 

[Deleted member 1083629]

I know any transaction > CAD$10K will be reported to FINTRAC. There are up to 25 million reports during the year. However, being reported is one thing, being investigated is another. I learnt from the official website that investigation chance is somewhat <1%.

You have never said anything investigation. Regardless, as long as you have a paper trail for your money, then you have nothing to worry about.

 

[sgoldsmith]

I soft-landed in October 2022, stayed a few days and came back to my home country.
I am going to settle in Canada this summer and I am now planning transferring my asset to Canada. Since I worked in Canada during 2017-2019, I do have a bank account in Canada. The asset will be around C$300K. I am sure this money is not subject to tax by CRA. If I bank transfer this sum of money, perhaps in 2-3 batches, will it cause alarm to CRA or FINTRAC?
I would appreciate if anyone with personal experience to share insight for me about how large money transfer
Many thanks

In your situation, I would get in touch with my Canadian bank and ask them about the best way to proceed to transfer that amount.