Shifting large amount of money

[Wik.haider]

I am going to land in Canada in a months time on my PR for the first time. I wan't to know how much money can I bring into Canada (upper cap with/without any tax). I haven't been able to find proper information on this.

What If I want to bring in CAD 20,000 on multiple visits after I get my PR card (say up to 200k) ? Will I be taxed or for that matter what If I ask my folks to transfer money from my home country (pakistan) to Canada (online transfer to my bank account).

TIA.

 

[Alurra71]

I am going to land in Canada in a months time on my PR for the first time. I wan't to know how much money can I bring into Canada (upper cap with/without any tax). I haven't been able to find proper information on this.

What If I want to bring in CAD 20,000 on multiple visits after I get my PR card (say up to 200k) ? Will I be taxed or for that matter what If I ask my folks to transfer money from my home country (pakistan) to Canada (online transfer to my bank account).

TIA.

You may bring as much money into Canada as you want without fear of it being taxed, however, you MUST remember to declare every single dollar over 10,000CAD every time you come into Canada. Failure to do so can result in CBSA confiscating all of your money that you have on your person at that time. You can transfer as much money as you like online as well. It will be up to your bank to determine fees and/or charges, if any.

 

[cosmo777]

I beileve you have to be a resident of Canada for 183 days before any of your assets (foreign or otheriwse) are taxable.

Once you become a resident (for tax purposes) then you must declare all foreign income and property...failing to do so could lead to heavy penalties.

 

[deweysmith]

Just another voice, you can bring as much as you would like with no taxes, but if it is undeclared it may be seized and penalized. Also, the CBSA will grill you as to the origins of the cash, so if you can bring proof of where it came from (bank statements showing business income, bill of sale on property, etc) things will go much smoother. They will be looking for proof it is not proceeds of crime.

 

[steaky]

Just another voice, you can bring as much as you would like with no taxes, but if it is undeclared it may be seized and penalized. Also, the CBSA will grill you as to the origins of the cash, so if you can bring proof of where it came from (bank statements showing business income, bill of sale on property, etc) things will go much smoother. They will be looking for proof it is not proceeds of crime.

No, CBSA would not grill you. They just casually asks you as to the origins of the cash. If they don't ask for it, you don't need to show the proofs of where it came from.

 

[Wik.haider]

So here is my exact situation. I am in for some inheritance money, which might take a year or two to kick in. I was thinking when I land, I can inform my immigration officer (along with the list of personal belongings) about it. Subsequently bring it bit by bit in the following years as I get a hold of it.
Does that make sense?

 

[deweysmith]

Totally legit. Make sure you declare it, but steaky is correct, you don't need to be forthcoming about the origins or that you expect to be moving a lot of money in the future. You MUST declare that you have higher than $10k in cash, but aside from that, only give what information is asked of you.

 

[Wik.haider]

Oh fabulous deweysmith. I was under the impression I had sign the 'I have more than 10k' declaration every time I bring in more money. But just signing it this time makes sense.
Spot on people. Thanks for all the help.

+1 to everyone who contributed.

 

[Alurra71]

Oh fabulous deweysmith. I was under the impression I had sign the 'I have more than 10k' declaration every time I bring in more money. But just signing it this time makes sense.
Spot on people. Thanks for all the help.

+1 to everyone who contributed.

You only have to declare 10k or above if you are carrying 10k or above. It doesn't matter how much you brought in previously, it is how much you have on your currently that you are declaring.

 

[raymasa]

Oh fabulous deweysmith. I was under the impression I had sign the 'I have more than 10k' declaration every time I bring in more money. But just signing it this time makes sense.
Spot on people. Thanks for all the help.

+1 to everyone who contributed.

If you bring in over $10,000, you have to check 'I have more than 10k' every single time you have over that amount, not just once. For example, if you bring over $10,000 twice, you have to check that both times.

Also, note that it is CAD equivalent. If you have $9,000 in USD, that may be over $10,000 CAD, which means you have to declare it

I could be wrong on this, but I think, if you have non-cash equivalent (for example, bank draft) of $10,000 or over, you need to declare that as well. As I said I could be wrong on this one, could someone verify that?

Ray

 

[deweysmith]

If you bring in over $10,000, you have to check 'I have more than 10k' every single time you have over that amount, not just once. For example, if you bring over $10,000 twice, you have to check that both times.

Also, note that it is CAD equivalent. If you have $9,000 in USD, that may be over $10,000 CAD, which means you have to declare it

I could be wrong on this, but I think, if you have non-cash equivalent (for example, bank draft) of $10,000 or over, you need to declare that as well. As I said I could be wrong on this one, could someone verify that?

Ray

It's "currency or monetary instruments." Definitions here. Basically, if you can take it to a bank and deposit it or exchange it for cash (without modifications... un-endorsed checks are not required to be reported) then you must report it.

 

[raymasa]

It's "currency or monetary instruments." Definitions here. Basically, if you can take it to a bank and deposit it or exchange it for cash (without modifications... un-endorsed checks are not required to be reported) then you must report it.

Thanks for the link and clarification. It's good to know

Ray