Transfer money before move or not?

[wyho007]

People talk about how the CRA will give someone a difficult time (e.g. require explanations or worse, suspect the incoming transfer as foreign income) for amounts of money transfer into Canada from abroad. So, will having all money transferred into Canada from country of origin before landing save this hassle/worry?

In case I really can't have all money transferred before move, must I declare it (money that still sits in my country of origin bank account) to customs/immigration to show possible future transfers? So that when CRA comes for questions, I can show my landed documents that the money so come in AFTER my landing date is indeed my savings and not an income.

Safe to assume money already transferred into Canada BEFORE the move requires no declaration when landing?

 

[Andynd1uk]

People talk about how the CRA will give someone a difficult time (e.g. require explanations or worse, suspect the incoming transfer as foreign income) for amounts of money transfer into Canada from abroad. So, will having all money transferred into Canada from country of origin before landing save this hassle/worry?

In case I really can't have all money transferred before move, must I declare it (money that still sits in my country of origin bank account) to customs/immigration to show possible future transfers? So that when CRA comes for questions, I can show my landed documents that the money so come in AFTER my landing date is indeed my savings and not an income.

Safe to assume money already transferred into Canada BEFORE the move requires no declaration when landing?

You don't have to declare money in your bank account. If they ask, tell them how much you have. I did and they didn't batter an eyelid. The money in your bank account is in your own currency, you can show proof, take a copy of your statement with you but I doubt they'll ask. Good luck,

 

[steaky]

You don't have to declare money in your bank account. If they ask, tell them how much you have. I did and they didn't batter an eyelid. The money in your bank account is in your own currency, you can show proof, take a copy of your statement with you but I doubt they'll ask. Good luck,

I guess you say this because you have foreign assets less than Canadian $100,000.

Once you became tax resident and file your tax return, you will have to declare your foreign holdings if it is worth more than $100,000 on the T1135 form.

 

[Andynd1uk]

I guess you say this because you have foreign assets less than Canadian $100,000.

Once you became tax resident and file your tax return, you will have to declare your foreign holdings if it is worth more than $100,000 on the T1135 form.

Steaky - the question had nothing to do with having over $100,000 in their bank account. They were asking a simple question in regards to whether they should transfer their money before they land. Please don't post pedantic responses, we're all only trying to help here, that's the point of a forum, you should know better.

 

[steaky]

Steaky - the question had nothing to do with having over $100,000 in their bank account. They were asking a simple question in regards to whether they should transfer their money before they land. Please don't post pedantic responses, we're all only trying to help here, that's the point of a forum, you should know better.

Andy - I understand the question but the purpose of my previous post is to correct your response.

So what did you do that they did not batter an eyelid? You are incorrect in saying that you don't have to declare money in your account. Like I said if you have foreign assets more than Canadian $100,000, you will have to declare them in the tax return.

This is a public forum. Everyone are only trying to help here. Like I helped you in the AHCIP post. You should know better.

 

[Andynd1uk]

Andy - I understand the question but the purpose of my previous post is to correct your response.

So what did you do that they did not batter an eyelid? You are incorrect in saying that you don't have to declare money in your account. Like I said if you have foreign assets more than Canadian $100,000, you will have to declare them in the tax return.

This is a public forum. Everyone are only trying to help here. Like I helped you in the AHCIP post. You should know better.

Fair enough but what gives you the right to argue with information that comes right from CIC? Who are you? Are you employed by CIC? The initial question was regarding the transfer of funds prior to landing. Nowhere whatsoever does it say anything about $100,000 and I cannot recall anything regarding that amount of money when I applied, when I was accepted for PR or when I landed. If this is something you must do after you land and begin paying Canadian tax then fair enough, I'm sure I or anybody else could discover this when we file our tax returns but for you to jump in and 'correct' me in regards to something that hasn't even been asked is pedantic and I'm sure many people would agree with me.

I told the immigration officer that I had over £15,000 in my UK bank account and he nodded and told me to move on to another part of immigration. The next Immigration Officer asked me about my funds and I told him the same story. And that was that.

Just keep the smarmy comments to one side, mate, good manners don't cost a thing.

 

[steaky]

Fair enough but what gives you the right to argue with information that comes right from CIC? Who are you? Are you employed by CIC? The initial question was regarding the transfer of funds prior to landing. Nowhere whatsoever does it say anything about $100,000 and I cannot recall anything regarding that amount of money when I applied, when I was accepted for PR or when I landed. If this is something you must do after you land and begin paying Canadian tax then fair enough, I'm sure I or anybody else could discover this when we file our tax returns but for you to jump in and 'correct' me in regards to something that hasn't even been asked is pedantic and I'm sure many people would agree with me.

I told the immigration officer that I had over £15,000 in my UK bank account and he nodded and told me to move on to another part of immigration. The next Immigration Officer asked me about my funds and I told him the same story. And that was that.

Just keep the smarmy comments to one side, mate, good manners don't cost a thing.

Perhaps you got mix up with CIC and CRA? The OP is asking about CRA and you are talking about CIC! FYI, CRA is short for Canada Revenue Agency and CIC (now known as IRCC) is short for Immigration, Refugee and Citizenship Canada. Different Canadian agencies.

 

[Andynd1uk]

Perhaps you got mix up with CIC and CRA? The OP is asking about CRA and you are talking about CIC! FYI, CRA is short for Canada Revenue Agency and CIC (now known as IRCC) is short for Immigration, Refugee and Citizenship Canada. Different Canadian agencies.

Oh, okay, my bad.

 

[canuck_in_uk]

So, will having all money transferred into Canada from country of origin before landing save this hassle/worry?

In case I really can't have all money transferred before move, must I declare it (money that still sits in my country of origin bank account) to customs/immigration to show possible future transfers?

Safe to assume money already transferred into Canada BEFORE the move requires no declaration when landing?

Electronic transfers over $10000 must be reported to CRA by the bank regardless of when you do it. I don't know why you are worried; if CRA has questions about the money, you can simply show your bank statements proving the money was already in your account. With tens of thousands of immigrants transferring large amounts of money every year, it's a common enough situation for CRA.

You are not required to declare money to CBSA unless you are physically carrying $10000 or more. You don't need to declare what is in your home country bank account or declare funds you will be transferring in future.

As I said above, electronic transfers don't need to be declared to CBSA on landing.

Perhaps you got mix up with CIC and CRA? The OP is asking about CRA and you are talking about CIC! FYI, CRA is short for Canada Revenue Agency and CIC (now known as IRCC) is short for Immigration, Refugee and Citizenship Canada. Different Canadian agencies.

Perhaps you didn't read OP's post thoroughly. S/he asked several times about declaring funds while landing, i.e. declaring to CBSA. FYI, CBSA is short for Canada Border Services Agency...

 

[steaky]

Perhaps you didn't read OP's post thoroughly. S/he asked several times about declaring funds while landing, i.e. declaring to CBSA. FYI, CBSA is short for Canada Border Services Agency...

But is there anything to do with CRA during landing? You know CRA is not CBSA don't you? So back to the OP question: will having all money transferred into Canada from country of origin before landing save this hassle/worry? Or is it that there is nothing to be worry about at all?

 

[canuck_in_uk]

But is there anything to do with CRA during landing?

You know CRA is not CBSA don't you?

So back to the OP question: will having all money transferred into Canada from country of origin before landing save this hassle/worry? Or is it that there is nothing to be worry about at all?

No, there is nothing to do with CRA when landing.

Golly gee, thanks for clearing that up for me, never would have known :. Read OP's post, specifically the parts where they ask about declaring money transfers to customs/immigration, i.e. CBSA, and declaring money when landing.

OP is worrying about nothing.

 

[steaky]

No, there is nothing to do with CRA when landing.

Golly gee, thanks for clearing that up for me, never would have known :. Read OP's post, specifically the parts where they ask about declaring money transfers to customs/immigration, i.e. CBSA, and declaring money when landing.

OP is worrying about nothing.

Look, OP is a Canadian citizen living overseas. It does not make sense : that he show his landed documents the money come in AFTER his landing date is indeed his savings and not income.

 

[canuck_in_uk]

Look, OP is a Canadian citizen living overseas. It does not make sense : that he show his landed documents the money come in AFTER his landing date is indeed his savings and not income.

As per previous posts, OP is asking on behalf of his spouse whom he has sponsored and who will be landing as a PR in the near future.

I really cannot understand the rest of your post. Please rephrase.

 

[atzquebec]

Someone pointed that for incoming funds from a foreign account, the bank charges 2-3% (for all amounts). Hence they suggested to have an USD account in Canada and also at the origin.

Can someone verify ?

 

[mtalwar18]

Hi all,

Just wondering if someone could show the right direction.

I would like to move funds (huge$$) from the an overseas bank account to a Canadian bank account. I’m currently not in Canada but I will be moving soon as a Student.

Q1. Should I do the transfer funds before or after I arrive in Canada?
Q1.1 Will my money be taxed once transferred to Canadian bank account?
Q2. Will CRA question me why do I need to transfer such a large amount on student visa?

Q2. Alternatively, can I transfer funds to my brother’s (Canadian resident) Canadian bank account before the move since Canadian bank’s are not willing to open and activate my account until I arrive in Canada?
Q2.1 Will my brother get into any trouble by CRA or CBSA?

Q3. Do I need to inform CBSA at the time of arrival at the airport about the available funds in the overseas bank account?

Q4. Do I need to inform CBSA about transfer of funds, if I choose to transfer funds once I’m in Canada?

FYI - Recently, I have contacted CRA and they told me that I should inform CBSA of my funds transfer before I arrive in Canada? But I don’t know the source of truth of that information.

Can someone please guide?