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Wire Transfer 20K after landing

San.Jamous

Star Member
Feb 4, 2018
54
6
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.
 
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fmk8890

Hero Member
Dec 10, 2017
453
167
Visa Office......
London
NOC Code......
6231
App. Filed.......
04-05-2018
AOR Received.
04-05-2018
File Transfer...
08-08-2018
Med's Request
01-05-2018
Med's Done....
01-05-2018
Passport Req..
24-09-2018
VISA ISSUED...
26-09-2018
LANDED..........
11-11-2018
Hey! Congrats on landing! `Yes you may transfer
 

San.Jamous

Star Member
Feb 4, 2018
54
6
Hey! Congrats on landing! `Yes you may transfer
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.
 

canuck_in_uk

VIP Member
May 4, 2012
31,582
7,015
Visa Office......
London
App. Filed.......
06/12
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.
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.
 

mad_hatter

Hero Member
Jul 16, 2016
363
60
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.
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.
 

Bs65

VIP Member
Mar 22, 2016
12,073
2,107
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.
 

San.Jamous

Star Member
Feb 4, 2018
54
6
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.