To add to my post above, I also ran this question re whether money over a certain amount is subject to tax through AI and it said:
"No, you generally don't pay tax on cash you declare at the airport when entering or leaving a country
(like the US or Canada); you pay duty and taxes only on goods that exceed personal exemptions, but you must declare large amounts of currency (over $10,000 USD/CAD) to avoid seizure and penalties, as declaration is for anti-money laundering, not income tax. The declaration confirms the money isn't from illegal sources, but you must prove its legitimate origin if asked"
"No, you generally don't pay tax on cash you declare at the airport when entering or leaving a country
(like the US or Canada); you pay duty and taxes only on goods that exceed personal exemptions, but you must declare large amounts of currency (over $10,000 USD/CAD) to avoid seizure and penalties, as declaration is for anti-money laundering, not income tax. The declaration confirms the money isn't from illegal sources, but you must prove its legitimate origin if asked"
