Banks in Canada

[fenna1]

Hi,

Me and my husband are planning on landing 10th January. We will have approx £10,000 savings. Is it legal to land with 5k each in travellers cheques?

I know it sounds very risky, but was wondering?

 

[CharlotteJ]

Why don't you just bring it in cash, you may each carry slightly less than the half in cash and the very next day, go to any Scotia bank branch and ask for a "StartRight" account that includes a lot of options.

If you want, I can give you the contact details of my friend at Scotia bank who was my advisor and he has been helping me so much now he 's become a good contact person whom I sure recommend.

Everything will be just fine.

You don't need to have an address in Canada in order to open a bank account and Scotia bank too is aware of such.

 

[maharlika]

karl,

tnx a lot for the info...it really gave me a clear idea as to what bank should i choose when me and my family will land in canada...and that will be on summer 2011, God willing..

I really had been looking into forums like this to know the right bank for a soon newcomer like us...

thanks for your informative post...

 

[CharlotteJ]

who is Karl?!

 

[cono_sur]

who is Karl?!

Lagerfeld?

 

[CharlotteJ]

you crack me up!

 

[apple3981]

Lagerfeld?

lol

 

[apple3981]

Good info on this thread, thanks...

 

[annieann13]

I have an account with HSBC. It may be difficult for some posters to open a Canadian account in their home country. However, once you got your home country Premier account, you can have free of charges and commission-free global transfering money between old country and Canada. That's one of the good thing about HSBC.

Hello Steaky,

Does it mean when it comes to tax payment, do you declare your overseas bank account when it comes to annual tax payment? I heard that for immigrants/Canadians are not allowed to deposit funds in other countries, but if they do, they suppose to declare to Canadian government for the tax purpose. Could you please advise?

Thank you

 

[steaky]

Hello Steaky,

Does it mean when it comes to tax payment, do you declare your overseas bank account when it comes to annual tax payment? I heard that for immigrants/Canadians are not allowed to deposit funds in other countries, but if they do, they suppose to declare to Canadian government for the tax purpose. Could you please advise?

Thank you

Not sure about residents of Canada. For non residents, you don't have to declare your overseas bank account to Canada Revenue Agency. You are free to deposit funds in other countries.

 

[CharlotteJ]

hmmmmm.. good one, and so it is true that many new immigrants just come over here for a visit a few times a year while working and living in their own home country, due to many reasons one of which the fact they can earn more hourly wages to be named, and delcare their annual taxes as non-resident. :

If I had known this earlier, I sure had delayed my trip to Canada to settle in now and been just waiting it out a little bit until the economy will be improved.

 

[annieann13]

Not sure about residents of Canada. For non residents, you don't have to declare your overseas bank account to Canada Revenue Agency. You are free to deposit funds in other countries.

Thank you, Steaky. My husband is called as a non-resident when he's been living outside Canada? When he gets back to Canada and want to settle down here with me, does he suppose to withdraw his/joint overseas account and declare to CRA or can he leave his/ our joint account like that?

Thank you for the help

 

[Leon]

To be considered a resident of Canada for tax purposes is a bit more complicated than just the question of living in Canada. See http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/rsdncy-eng.html for their definition.

 

[annieann13]

To be considered a resident of Canada for tax purposes is a bit more complicated than just the question of living in Canada. See http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/rsdncy-eng.html for their definition.

Thanks, Leon