Amount of money allowed at Landing in Toronto for Express Entry PR

[orion2161988]

I have passed my Express Entry and will make my landing in Toronto. I understand that we need to declare the list of items carried along and those to follow.

I am wondering what is the maximum amount of money allowed in the follow-up items. Let's say I will bring large amount in the future (inheritance, sale of house, lottery, etc.) how can I list these in follow-up items. Could I just list 800000 or $1 million to avoid hassle / tax at custom in the future, when I actually bring the money to Canada?

What is the max amount and how will you list the item that you are not sure of the value yet in this case? Do you need to justify the amount right at the moment of landing? What will the custom officer ask in this case?

 

[zardoz]

I have passed my Express Entry and will make my landing in Toronto. I understand that we need to declare the list of items carried along and those to follow.

I am wondering what is the maximum amount of money allowed in the follow-up items. Let's say I will bring large amount in the future (inheritance, sale of house, lottery, etc.) how can I list these in follow-up items. Could I just list 800000 or $1 million to avoid hassle / tax at custom in the future, when I actually bring the money to Canada?

What is the max amount and how will you list the item that you are not sure of the value yet in this case? Do you need to justify the amount right at the moment of landing? What will the custom officer ask in this case?

You do not have to pre-declare any money. What you do have to do is declare money and "negotiable instruments" that you are physically bringing through the border, if the sum value is CAD 10,000 or more, at the time that you bring it in. There is no tax on money.

 

[canuck_in_uk]

I have passed my Express Entry and will make my landing in Toronto. I understand that we need to declare the list of items carried along and those to follow.

I am wondering what is the maximum amount of money allowed in the follow-up items. Let's say I will bring large amount in the future (inheritance, sale of house, lottery, etc.) how can I list these in follow-up items. Could I just list 800000 or $1 million to avoid hassle / tax at custom in the future, when I actually bring the money to Canada?

What is the max amount and how will you list the item that you are not sure of the value yet in this case? Do you need to justify the amount right at the moment of landing? What will the custom officer ask in this case?

No, you can't list potential future amounts of money.

Whether you will owe tax on any future foreign transactions depends on a variety of factors. You will need to deal with such situation when they happen.

 

[orion2161988]

No, you can't list potential future amounts of money.

Whether you will owe tax on any future foreign transactions depends on a variety of factors. You will need to deal with such situation when they happen.

I see. I know people advising listing all possible items to avoid future tax at custom, like jewelries etc. If you don't bring in the future, no problem, but if you don't declare and decide to bring later, you will be charged then. As a PR, they allow you this single one time to bring everything value free of hassles, be it your car, electronic devices, luxury antique items, art, 10 bars of gold or 2kg of diamonds lol.

What else do you think I should declare now as a form of preemptive strikes like this?

 

[safarizone]

Any physical items of worth should be identified by you from now.

Capital assets, like land and buildings, should have their value recognized on the date that you land in Canada, as this will be the basis from which you may calculate applicable capital gains tax charhes, if you later sell them. If a building is worth 10,000 dollars on the day that you land and become a pr, that 10,000 is not taxable. If you sell it for 15,000, then the 5000 dollar gain would be taxable.

So don't worry about property,but declare any valuables that you will bring.

 

[zardoz]

I see. I know people advising listing all possible items to avoid future tax at custom, like jewelries etc. If you don't bring in the future, no problem, but if you don't declare and decide to bring later, you will be charged then. As a PR, they allow you this single one time to bring everything value free of hassles, be it your car, electronic devices, luxury antique items, art, 10 bars of gold or 2kg of diamonds lol.

What else do you think I should declare now as a form of preemptive strikes like this?

It sounds a lot like you are trying to "play the system". My advice is "don't". CBSA are not stupid...