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when I should transfer all the money I have? joint account?

corrado

Newbie
Jun 18, 2007
2
0
1.The situation is the following:
I have my immigration visas already issued.
I have already an account in canadian bank.
And I have sufficient funds there to meet the requirements for living funds to enter Canada as landed immigrant.
But I still have some additional sum of money after selling my property in my previous country of residence. This sum of money is still not in Canada.
Should I transfer this additional money to my canadian account BEFORE my first entrance to Canada, or it is possible to arrive to Canada and then to transfer the rest of money later? I mean if in the second case I will have to pay an Income Tax as already being canadian permanent resident or I have some time to transfer these additional funds without paying taxes?

2.And the second question is:
I have my immigration visas already issued :)
And I have sufficient funds there to meet the requirements for living funds to enter Canada as landed immigrant :)
Is it possible in such a case to have this account as a joint account in canadian bank TOGETHER with a canadian resident or only me and my dependants can be owners of such a joint account, balance of which intended to be accepted by immigration officer at boarder control as a proof of sufficient living funds?

Thank you so much in advance for any responce or advice!
 

thaiguy

Champion Member
Apr 7, 2007
1,216
4
Vancouver
1. No difference. You would never pay more tax just because you transferred money into Canada.
2. If the canadian resident you're talking about is your spouse, it shouldn't be a problem. But if it's someone unrelated to you, the immigration officers wouldn't be able to tell whether the money was really yours. So make sure the account has only your name and the names of your spouse and/or dependents.