Best way to move funds from USA to Canada?

[msmg]

Hi everyone, i’ve looked through the forums and i’m not clear on the best way to move funds from USA to Canada. Please can anyone share their thoughts? Are there other means to move funds asides wire transfers? Does the bank offer the best rate? Please let me know. Thanks!

 

[VOBuckeye]

Hi,
Personally I found TransferWise cheap and convenient. Their exchange rates are better than the what TD offers me to move my money. I have an account and use it twice a month to move USD to CAD. The other thing I like is that they have the borderless account that comes with a debit card. You can use it in any currency with no foreign transaction fees. Someone had mentioned it on this forum, I tried it and stuck with it.

You can do some of your own research and if you'd like to sign up here's an invite link
https://transferwise.com/u/vivianneo1

 

[Hurlabrick]

Hi everyone, i’ve looked through the forums and i’m not clear on the best way to move funds from USA to Canada. Please can anyone share their thoughts? Are there other means to move funds asides wire transfers? Does the bank offer the best rate? Please let me know. Thanks!

I too use TransferWise and would recommend them as giving you the best overall deal by quite a way.

 

[Mirapakay]

Xoom seems to be better depending on the amounts you are transferring.

@Hurlabrick Should this money be reported to Revenue Canada or Customs if we are doing this after settling in Canada?

 

[liambll]

I heard Knightsbridge and VBCE (if you are in Vancouver) have the best rate.
https://www.vbce.ca/
www.knightsbridgefx.com

 

[Hurlabrick]

Xoom seems to be better depending on the amounts you are transferring.

@Hurlabrick Should this money be reported to Revenue Canada or Customs if we are doing this after settling in Canada?

It depends.

No, not if it is savings or say house sale proceeds.

But if it is income, a pension or capital gains then that would need to be reported to CRA through your normal annual tax returns.

There is no reporting required when you do the actual transfer, the company doing the transfer do all of that automatically.

 

[Mirapakay]

It depends.

No, not if it is savings or say house sale proceeds.

But if it is income, a pension or capital gains then that would need to be reported to CRA through your normal annual tax returns.

There is no reporting required when you do the actual transfer, the company doing the transfer do all of that automatically.

Well, this is my salary that I saved. When I was doing taxes here in US every year, we had to report to IRS that if we hold any money in another country. So, wondering if I should do the same when I move to Canada and have to pay any taxes for my savings.

 

[uppperkut]

Well, this is my salary that I saved. When I was doing taxes here in US every year, we had to report to IRS that if we hold any money in another country. So, wondering if I should do the same when I move to Canada and have to pay any taxes for my savings.

You don't pay taxes on savings. You pay taxes on income, bank interest, capital gains from real estate or investments, etc. during a tax year after becoming a PR resident for tax purposes.

 

[Hurlabrick]

Well, this is my salary that I saved. When I was doing taxes here in US every year, we had to report to IRS that if we hold any money in another country. So, wondering if I should do the same when I move to Canada and have to pay any taxes for my savings.

Again, sort of.

You have to report to CRA in your first full year (Canada tax year runs Jan to Dec calendar year) annual tax return once you land as settler in Canada using form T1135 any overseas assets and investments.

 

[Mirapakay]

You don't pay taxes on savings. You pay taxes on income, bank interest, capital gains from real estate or investments, etc. during a tax year after becoming a PR resident for tax purposes.

That makes sense. Thank you @uppperkut !

 

[Mirapakay]

Again, sort of.

You have to report to CRA in your first full year (Canada tax year runs Jan to Dec calendar year) annual tax return once you land as settler in Canada using form T1135 any overseas assets and investments.

Thanks @Hurlabrick ! I will definitely reach out to you for any help with my taxes once I move to Canada, if you don't mind.

 

[uppperkut]

That makes sense. Thank you @uppperkut !

No worries, happy to help!