Question regarding cryptocurrency and crossing border

[starlordavuthu]

Hi all, I am still waiting for PR approval and probably won't see it anytime soon but wanted to get some opinions on crypto bought in US and possibly carrying the same to Canada.
1. Do I have to declare this in the GTF list
2. Crypto is in a cold storage and also on few exchanges
3. If crypto value exceeds amount I can carry do I need to let border agent know about this

Any suggestions/inputs are greatly appreciated, and I am sure can help other folks who are in similar situation.

 

[harirajmohan]

Hi all, I am still waiting for PR approval and probably won't see it anytime soon but wanted to get some opinions on crypto bought in US and possibly carrying the same to Canada.
1. Do I have to declare this in the GTF list
2. Crypto is in a cold storage and also on few exchanges
3. If crypto value exceeds amount I can carry do I need to let border agent know about this

Any suggestions/inputs are greatly appreciated, and I am sure can help other folks who are in similar situation.

Its like in your bank. You dont declare things in the bank as money being brought over while crossing the border. So dont overthink and complicate things.
Officially govts have not recognized it as a currency yet(since all govts have their own currency and still deciding on what to do with the crypto since its a headache for them till now to manage). So just take your usb/laptop like an electronic items rather than being considered as crypto.

 

[starlordavuthu]

Its like in your bank. You dont declare things in the bank as money being brought over while crossing the border. So dont overthink and complicate things.
Officially govts have not recognized it as a currency yet(since all govts have their own currency and still deciding on what to do with the crypto since its a headache for them till now to manage). So just take your usb/laptop like an electronic items rather than being considered as crypto.

This makes perfect sense, thank you

 

[Windsor37]

Hi I'd like to ask, if you bought crypto from your home country, then immigrated to Canada, then sold the crypto there. How would taxation work?

 

[trevardowdy]

You are absolutely right, if you have a cryptocurrency that exceeds the amount you can carry, then you should inform the border agent about it in order to avoid further problems with the law. You can also buy crypto real estate for your cryptocurrency if it is allowed in the country where you live. However, you need to find a special person who deals with real estate issues and can issue all the documents you need, without which you will not be able to make a deal. You will also need legal assistance in order to avoid problems with documents. I hope that you will be able to sort out your problems and solve the question posed to you. Good luck to you, my friend!

 

[Uflaro]

I recently realised that I've started to move away from trends and decided it's time to explore the world of cryptocurrency. I was advised on one of the forums at https://tabtrader.com/blog/ama-with-ceo, they said there will be many interesting things, this article describes and answers frequently asked questions from people who believe in this project and have bought TTT.

 

[Gilberto DiPiento]

Its like in your bank. You dont declare things in the bank as money being brought over while crossing the border. So dont overthink and complicate things.
Officially govts have not recognized it as a currency yet(since all govts have their own currency and still deciding on what to do with the crypto since its a headache for them till now to manage). So just take your usb/laptop like an electronic items rather than being considered as crypto.

What if they ask you if you have crypto currencies? I heard that people are being asked this question?

 

[harirajmohan]

What if they ask you if you have crypto currencies? I heard that people are being asked this question?

cbsa/border guys just simply interested in the physical times which you bring it along with you that have monetary value which they can physically see and put a value to it and verify it.
No one ever asked till now. So just simply declare the items that you carry such as goods and cash.
crypto is also like an asset, similar to your currency in your bank account which we dont declare and pay tax for it while crossing border. We already pay the taxman yearly for the income on all assets(including currencies in bank) but we dont declare as currency whenever we cross border. We only declare physical items we carry such as cash, drafts, new goods etc.

 

[Gilberto DiPiento]

cbsa/border guys just simply interested in the physical times which you bring it along with you that have monetary value which they can physically see and put a value to it and verify it.
No one ever asked till now. So just simply declare the items that you carry such as goods and cash.
crypto is also like an asset, similar to your currency in your bank account which we dont declare and pay tax for it while crossing border. We already pay the taxman yearly for the income on all assets(including currencies in bank) but we dont declare as currency whenever we cross border. We only declare physical items we carry such as cash, drafts, new goods etc.

Thank you. Do I have to declare gold, silver and jewelry?
Does the $10k CAD limit apply to cash only or do other valuables like gold bars have to be included in it?
And what about your jewelry that you're wearing and other that you're carrying?

 

[harirajmohan]

Thank you. Do I have to declare gold, silver and jewelry?
Does the $10k CAD limit apply to cash only or do other valuables like gold bars have to be included in it?
And what about your jewelry that you're wearing and other that you're carrying?

Its total value 10k+.
https://www.cbsa-asfc.gc.ca/travel-voyage/ttd-vdd-eng.html
Regularly worn jewelry are not needed to be declared but they would expect gold bars to be declared. Unless you are moving permanently, you shouldn't be travelling with gold bars, instead keep it safe deposit in the country you are now. Not all officers will agree to avoid taxes are gold bars as they would consider as a trade.

Explain your situation on what you are carrying and on which visa you are using while moving rather than asking what they allow.