Buy house on work permit
- Thread starter kidaz
- Start date
Yes, you need to declare the funds. Any amount over $10K cdn need to be declared in cash or equivalent. Currently there is (or it’s coming) a ban on foreign ownership purchases from the federal government. You’ll want to check with a lawyer before you jump into this.
Getting a lawyer is right, we will do that. How is the cash declared? What precise form do I need to use -- do you know?
Yeah I'm aware this proposed law, though it doesn't really apply in its current form - work/study permit holders are exempt. They are targetting non-resident ownership such as Hong-Kongers buying up Vancouver.
Thank you!
Yeah I'm aware this proposed law, though it doesn't really apply in its current form - work/study permit holders are exempt. They are targetting non-resident ownership such as Hong-Kongers buying up Vancouver.
Thank you!
First you declare "yes" to the relevant question showed in the airport kiosk and then you showed the printout to the officer. The officer will tell you further instructions.
Thank you!! Yes that's clear. A couple more questions if you don't mind...
1. The cash sum is not in CAD, will that matter? I intend only to go through FX once WP is in hand (would be detrimental to do beforehand).
2. The rest is made up of proceeds from the sale of my house which I'm instructing my lawyer NOT to complete until I am safely through CBSA with the WP. It will complete on landing day +1. Is there a way to declare funds equivalent? The sale price is agreed.
Thank you!
1. The cash sum is not in CAD, will that matter? I intend only to go through FX once WP is in hand (would be detrimental to do beforehand).
2. The rest is made up of proceeds from the sale of my house which I'm instructing my lawyer NOT to complete until I am safely through CBSA with the WP. It will complete on landing day +1. Is there a way to declare funds equivalent? The sale price is agreed.
Thank you!
I mean when you are in the airport kiosk, the screen will ask you questions and you would honestly declare them. After you are done, the kiosk will print out a receipt to you. You would have to bring this printout to the officer and the officer will give you further instruction. Cash doesn't have to be in CAD. Can be in EUR, HKD, etc. For the proceeds, it will be reported when you electronically transfer them to Canada.
Steaky, thank you!
I didn't realise that the initial interaction is with an automated kiosk and only the secondary interaction is the the border guard.
For declaration of proceeds, do you have any information on how this is done? I assume I have to declare it at the bank in person maybe?
I didn't realise that the initial interaction is with an automated kiosk and only the secondary interaction is the the border guard.
For declaration of proceeds, do you have any information on how this is done? I assume I have to declare it at the bank in person maybe?
Only if the cash deposition of the proceeds, would have to declare at the bank in person.