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Wire Transfer 20K after landing

Discussion in 'Settlement Issues' started by San.Jamous, Mar 5, 2019.

  1. hello all,

    So I have a question. when I landed in Toronto a few days ago I brought with me slightly over 10K CAD in cash and I declared it at the airport.
    I opened a bank account and deposited the cash.
    I’m wondering is it an issue to transfer the remaining 20k into my account now. Or do I need to declare somewhere?!
    From what I read that I shouldn’t wire transfer more than 10k at a time?

    Thanks.
     
    fmk8890 likes this.
  2. You can transfer any amount into your account without any tax consequence.
     
  3. So I can transfer over 10k all at once is fine?
     
  4. Hey! Congrats on landing! `Yes you may transfer
     
  5. Thank you for the reply.
    What about all this I’m reading on the internet that the money will be reported? Was I supposed to declare when I first arrived? I declared the cash of course but this is money in a bank account so I don’t know.
     
  6. You did not need to declare money in your bank account when you landed.

    Depending on the value of your foreign assets, you may be required to report them to CRA when you file your taxes.
     
  7. Banks are required to report transaction over $10,000. This is to root out money laundry. If your money is coming from a legitimate source, then you have nothing to worry.
     
  8. As above banks are duty bound to report but the authorities are really only interested if there are significant regular amounts which they may or may not follow up. New immigrants transferring assets should have nothing to worry about.
     
  9. Yeah. It’s my hard earned money I was working two jobs back in Saudi Arabia before I come here :).
    I was just concerned if I should have declared it at customs.
    Ok thanks everyone.
     

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