cash carrying limit
- Thread starter mtlcanada
- Start date
Do we have to carry all the money the first time we land as a PR? What if someone soft lands and actually comes back in 7 months with the actual cash after finishing up everything back home..?
There is no requirement of bringing all money at once or in cash. You can always transfer money as and when needed.
A note on this, the onus of proving it is legal money resides on you. If you are carrying cash that you cannot explain they can seize the money temporarily to give you time to prove. So if you do plan to carry a lot of cash (which is strongly not recommended), make sure to carry proof to show that it belongs to you in the form of Bank statements, tax returns or such.
Adding some more thoughts, if you are carrying more than 10k, you will be taken to secondary inspection where cash will be counted (photographed in some cases). So expect it to add some delay at port of entry.
The easiest/smarter way to carry money ofcourse is in the form of cards (prepaid or otherwise), drafts, wires.
The easiest/smarter way to carry money ofcourse is in the form of cards (prepaid or otherwise), drafts, wires.
Just to add that if travelling as a family with greater than 10k then you cannot simply split the cash across family members and then claim less than 10k. If the family total is greater than 10 K you must declare it and as said above there is no limit as long as you declare. Also note it is the total in any currency that you carry with you not just any dollars
Fantastic.. thanks for your replies guys..
So one of you said can transfer the cash and when needed, need some clarity on that..
1)For example first time we land, we carry 10k as a family, however does it mean we declare 50 to 80k at the airport and then later transfer after a few months post soft landing?
2)Before landing if we open a bank account in Canada (which will be frozen till we land and give them the stamped COPR), if we have transferred 40 to 50k in that account and carrying 10k in hand do we still need to declare the total at the airport?
3) another generic question.. after we live as PR inside the country and say after a couple of years we sell a property in our home country, the money will be in our bank statements and we can easily prove its our legal money.. now if we have to transfer that funds into Canada do we have to pay any kind of taxes or it's fine if we get in addition 70 to 100k CAD?
Cheers
So one of you said can transfer the cash and when needed, need some clarity on that..
1)For example first time we land, we carry 10k as a family, however does it mean we declare 50 to 80k at the airport and then later transfer after a few months post soft landing?
2)Before landing if we open a bank account in Canada (which will be frozen till we land and give them the stamped COPR), if we have transferred 40 to 50k in that account and carrying 10k in hand do we still need to declare the total at the airport?
3) another generic question.. after we live as PR inside the country and say after a couple of years we sell a property in our home country, the money will be in our bank statements and we can easily prove its our legal money.. now if we have to transfer that funds into Canada do we have to pay any kind of taxes or it's fine if we get in addition 70 to 100k CAD?
Cheers
1. No, at airport only need to declare the amount you are actually carrying
2. No, same as 1
3. You may need to pay tax on capital gains from selling your overseas property. You should consult with a tax professional.
That never happened with me though, so I don't think it's the standard. I declared more than $10k USD, and all they did was give me a receipt and nothing else. At Toronto Pearson, there's a customs declaration counter, right before you exit the luggage area where you have to go there yourself if your declaration card was stamped for declaring special items. They also didn't ask about proof, but like some others suggested, I had my bank statements on me just in case.
Generally speaking, taxing only happens on income, so money you already own, will never be taxed. If that money starts gaining interest overseas, then you have to be honest and declare the interest in your tax return. Remember, as a PR resident, you have to pay taxes on your worldwide income.
1) I don't think they're too concerned with how much money you carry at the airport for the purpose of immigration. They know everyone's situation is different, so they don't care. That being said, either carry the minimum required cash by IRCC or show proof that you have it elsewhere.
2) See previous answer.
3) As I mentioned before, any worldwide income is taxed after becoming a PR. Capital gains are considered income, but you're only taxed on half of the gains with respect to your other income. When you become a PR, assets such as property and land are valued at their current market price so that gains/losses are determined later on when they're sold.
There is no limit to amount of money you are bringing into Canada, however, you will need to declare it to customs if you are bringing more than $CAD 10,000 in forms of traveller cheque or bonds or jewellery or cash or combination of any.