Hello guys,
I tried searching online, but really found this topic being discussed nowhere, so wanted to ask in here. I am soon to officially move and land to Canada. I am planning to bring money with myself obviously and I would like to do that via bank transfer once I land in Canada and open Canadian bank account. I am not interested in carrying physical money with myself on a fight nor am I interested in any of the other options (travel checks, etc), but exclusively bank-to-bank wire transfer.
I am aware and informed how this works and needs to be done. What I am wondering is whether there is a way to "mark" this money as simply funds which I am transferring as part of my move so that later I don't need to end up paying some kind of taxes to CRA on this incoming transfer? Did anyone ever took this path and if yes, did you manage to make CRA aware that those are funds you had in your previous country and which are simply part of the your move to Canada journey?
Thank you in advance for any kind of answer.
Cheers!
I tried searching online, but really found this topic being discussed nowhere, so wanted to ask in here. I am soon to officially move and land to Canada. I am planning to bring money with myself obviously and I would like to do that via bank transfer once I land in Canada and open Canadian bank account. I am not interested in carrying physical money with myself on a fight nor am I interested in any of the other options (travel checks, etc), but exclusively bank-to-bank wire transfer.
I am aware and informed how this works and needs to be done. What I am wondering is whether there is a way to "mark" this money as simply funds which I am transferring as part of my move so that later I don't need to end up paying some kind of taxes to CRA on this incoming transfer? Did anyone ever took this path and if yes, did you manage to make CRA aware that those are funds you had in your previous country and which are simply part of the your move to Canada journey?
Thank you in advance for any kind of answer.
Cheers!
