PR Landing and proof of funds

[airfan]

We are a family of three and we are planning to do short/ soft landing in October 2018. I have a few questions and seek help of members for answers/ suggestions

1. How much money can we bring to Canada at time of landing. My Agent has informed me that for a family of three, we need to show cash/ manager’s cheques of minimum CAD 19,100.00. I am not comfortable to carry such a big amount and would like to know if this is required by law or not. Else I can show them a bank statement in my current country where sufficient funds are placed in a current account. I can easily transfer these funds to my bank account in Canada once the account is operational.

2. As mentioned already, we are planning a short/ soft landing only at this time and will move permanently in June 2019. When is it recommended to remit money to Canada with such a setting. Will it still be considered tax free if I transfer in May/ June 2019.

3. Can I open a bank account with a Canadian Bank prior to my landing. Which bank (if any) allows this facility.

4. Apart from PR card and SIN card, what else should I apply for if I'm going to return back to current parent country after short/ soft landing.

5. We are planning to land at Toronto Pearson International Airport on a Saturday or Sunday. Would I be able to sign up for PR card and SIN at the airport on a weekend or should I plan the landing day on a weekday.

Look forward to guidance/ comments from members.

 

[EE456]

1-You can bring as much as you want as long as you declare it. You can bring 5,000 and show that you have the rest of the money on your bank account
2-Yes
3-Yes, 2 banks offer that but it involves a lot of paper work that it's not worth it
4-Wait for PR card or get PRTD if you are leaving before your PR card is ready
5-Yes

 

[zohebshaikh]

We are a family of three and we are planning to do short/ soft landing in October 2018. I have a few questions and seek help of members for answers/ suggestions

1. How much money can we bring to Canada at time of landing. My Agent has informed me that for a family of three, we need to show cash/ manager’s cheques of minimum CAD 19,100.00. I am not comfortable to carry such a big amount and would like to know if this is required by law or not. Else I can show them a bank statement in my current country where sufficient funds are placed in a current account. I can easily transfer these funds to my bank account in Canada once the account is operational.

2. As mentioned already, we are planning a short/ soft landing only at this time and will move permanently in June 2019. When is it recommended to remit money to Canada with such a setting. Will it still be considered tax free if I transfer in May/ June 2019.

3. Can I open a bank account with a Canadian Bank prior to my landing. Which bank (if any) allows this facility.

4. Apart from PR card and SIN card, what else should I apply for if I'm going to return back to current parent country after short/ soft landing.

5. We are planning to land at Toronto Pearson International Airport on a Saturday or Sunday. Would I be able to sign up for PR card and SIN at the airport on a weekend or should I plan the landing day on a weekday.

Look forward to guidance/ comments from members.

1. For a family of three you need $19,093, see this link here: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html. While you can land in Canada with as much cash as required (as long as you declare it when you land), you must note and follow your current country's custom restrictions for carrying foreign currency while leaving your country. You can however choose to carry a pre-paid forex card loaded with as much currency you require and carry a statement showing the balance in the card as PoF, and withdraw from an ATM after landing (do note the charges involved with the card you procure). Alternately you can open a 'newcomers account' online with any canadian bank and transfer your funds into the account you open and carry a statement with you as PoF.

2. Since the issue involved is 'proof of funds', you MAY be required to show funds to the officer when you land. Carrying along an updated letter from your bank (similar to the one submitted while applying for PR) should be adequate. Tax is applicable only on your global earnings after you have landed, any money you already have or have earned before landing is not taxable. Do check with a tax consultant on your specific situation if complex.

3. Almost all top Canadian banks enable you to do this, check their website or google 'newcomer canada bank account'.

4. PR & SIN will be adequate, however please note that the current processing time for PR card is 62 days. You will need your PR card to re-enter Canada subsequently or will need to obtain a permanent resident travel document. Read this: http://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=064&top=10

5. While the PR card will be processed by CBSA when you land (and be mailed to a Canada address that you provide), the SIN is issued by Service Canada which works only weekdays. However, it is not necessary to obtain the SIN at the airport, you can visit any Service Canada office in Canada on a weekday and get it.

Good Luck !