Bringing money from overseas

[kennyli]

I am a Citizen of Canada and our family returned Canada on Jan 1, 2018 as resident. Anyonecan advice how can I bring back the money after sold my fix assets from oversea.

 

[steaky]

I am a Citizen of Canada and our family returned Canada on Jan 1, 2018 as resident. Anyonecan advice how can I bring back the money after sold my fix assets from oversea.

Wire, bank draft or bring cash

 

[Mak Burns]

Thanks for useful information

 

[MTam]

Hi, what about transferring money (of more than $10000CDN) to Canada? My husband is from the UK and soon to be permanent resident. I am a non-resident returning to Canada. I already have a bank account in Canada and we want to wire transfer money (my husband's last months' salaries and gratuity) to my bank account in Canada before we arrive.

We've read online that FINTRAC and the CRA will be contacted for transfers of any amount over $10000 CDN for tax purposes. Is this true?

Should he wait until after he arrives in Canada to transfer the money and then provide bank and salary statements as proof of earnings before landing if FINTRAC and CRA should contact us?

If my husband lands first and then transfers money after, does he declare this at customs when he arrives, even if he isn't physically carrying the money on him?

 

[steaky]

Hi, what about transferring money (of more than $10000CDN) to Canada? My husband is from the UK and soon to be permanent resident. I am a non-resident returning to Canada. I already have a bank account in Canada and we want to wire transfer money (my husband's last months' salaries and gratuity) to my bank account in Canada before we arrive.

We've read online that FINTRAC and the CRA will be contacted for transfers of any amount over $10000 CDN for tax purposes. Is this true?

Should he wait until after he arrives in Canada to transfer the money and then provide bank and salary statements as proof of earnings before landing if FINTRAC and CRA should contact us?

If my husband lands first and then transfers money after, does he declare this at customs when he arrives, even if he isn't physically carrying the money on him?

1) no problem to wire more than $10,000
2) If you are reading from a government website, then it's true
3) your call to transfer before or after his landing
4) Only declare what he is bringing and present proofs if asked

 

[canresearch2019]

Hello everyone,

Reactivating this thread for a question: my parents will be landing in Canada as new immigrants from India, and are looking to transfer funds for their expenses.

They are considering transferring the amount (~10,000) to my bank account in Canada. Upon arrival, they will open their own account and I will transfer the funds back to them.

Is this a valid, legit approach? Will appreciate any advice you may have to share.

 

[LadyMacbeth]

Wait, I am really confused. I feel these two statements are sort of contradictory;

• funds brought into Canada will not be taxed upon arrival
• worldwide income earned while a resident of Canada will be taxed

When am I considered a resident? When I get the PR? Or When I do my landing? Because if I am entering Canada, then clearly I have gotten the PR, yet funds won't be taxed. But if I am a resident, then any money I bring in will be taxed (even though that money was earned before I become a resident?). I really don't get this. Is it that only if I carry CASH it won't be taxed but if I transfer money it will be taxed?

I have around $CAD 100k in my account currently, I still have not gotten the residency and obviously reside outside Canada. Surely I cannot carry that much money into my pocket when entering Canada. If I open a bank account in Canada while still outside (no landing done) but after i have gotten my PR, will that be taxed? Am I considered a resident? I don't get it.

 

[steaky]

Wait, I am really confused. I feel these two statements are sort of contradictory;

• funds brought into Canada will not be taxed upon arrival
• worldwide income earned while a resident of Canada will be taxed

When am I considered a resident? When I get the PR? Or When I do my landing? Because if I am entering Canada, then clearly I have gotten the PR, yet funds won't be taxed. But if I am a resident, then any money I bring in will be taxed (even though that money was earned before I become a resident?). I really don't get this. Is it that only if I carry CASH it won't be taxed but if I transfer money it will be taxed?

I have around $CAD 100k in my account currently, I still have not gotten the residency and obviously reside outside Canada. Surely I cannot carry that much money into my pocket when entering Canada. If I open a bank account in Canada while still outside (no landing done) but after i have gotten my PR, will that be taxed? Am I considered a resident? I don't get it.

You are resident when you established significant ties in Canada. I suggest you read the Canada Revenue Agency website for details. As explained in that website, your bank account in Canada alone is just one secondary ties and it would not make you a Canadian taxpayer (you would not be taxed on your non-Canadian income). Just make sure you opened a non resident bank account or a bank account with no interest accrued.

 

[gssin20]

Dear Canada Tax Experts

I read through the answers and got answers to most of my questions barring below two:

1. According to Reserve Bank of India guidelines, only Indian residents can transfer the money from India to a foreign country. Therefore, I have to transfer money from my Indian account to my brother's Indian account first. And then he will transfer that money from India to Canada. Will it have any tax obligations on me in Canada?

2. According to Reserve Bank of India guidelines, only INR 650k (about CAD 12k) can be transferred in one transaction. That means my brother will have to do multiple transactions to send all my savings. Will this have any tax implications on me here?

Please note that I and my brother are consulting for Indian tax matters in India. So I have doubts only about the Canadian Tax.

Thanks in advance for your help and responses.

Regards

 

[steaky]

Dear Canada Tax Experts

I read through the answers and got answers to most of my questions barring below two:

1. According to Reserve Bank of India guidelines, only Indian residents can transfer the money from India to a foreign country. Therefore, I have to transfer money from my Indian account to my brother's Indian account first. And then he will transfer that money from India to Canada. Will it have any tax obligations on me in Canada?

2. According to Reserve Bank of India guidelines, only INR 650k (about CAD 12k) can be transferred in one transaction. That means my brother will have to do multiple transactions to send all my savings. Will this have any tax implications on me here?

Please note that I and my brother are consulting for Indian tax matters in India. So I have doubts only about the Canadian Tax.

Thanks in advance for your help and responses.

Regards

Why through your brother? You don't worry tax implications on him?

 

[gssin20]

Why through your brother? You don't worry tax implications on him?

We have checked that transferring (tax paid)money between immediate family members is tax free in India (https://economictimes.indiatimes.com/wealth/tax/this-year-gifts-have-to-be-declared-in-itr-heres-how-they-are-taxed/articleshow/65025266.cms?from=mdr : Read exceptions). Because only Indian residents can transfer the money from India to a foreign country and I am currently in Canada. So I have very few choices. Either I go to India and bring cash here or I swap the INR with someone in India and that person's relative/friend in Canada gives me the money here. I am open and would be happy to listen your suggestions too.

But the bigger question I have right now is that if I ask someone else to send me the money from India to Canada, will I be liable to pay tax on it in Canada?

 

[cjdakota]

Hello everyone, One thing i noticed that no one is telling you in here. When you bring foreign currency into Canada that you already paid the tax on in
the country it was earned before becoming a citizen it is not taxed. Here is when that money gets taxed, if you earn interest on any of that money in Canada you are taxed on the interest earned, so be sure to show this on your income tax because it is income from the money here in Canada.

 

[nam19]

Hey Experts,

I have a similar query. I became a PR of Canada in 2019. I landed in Feb 2020, and brought in cash with me (less than 10k). I don't remember if there was a way to declare at Airport customs that I would be doing electronic fund transfer of more than 10K after I land, so I didn't. Now, it has been a few months since I landed, but I have not transferred my remaining savings from the other country (Singapore) to Canada. My questions are -
1. I have already paid tax on my savings/income in Singapore. So I assume it would not be taxed again if I transfer that amount now. Is this correct understanding?
2. The bank account I have in Canada charges me $17 for each incoming wire transfer. Now, I want to transfer my remaining savings (more than 10k) in one go. But I understand that the banks must report transactions above 10K. What are the implications in this case if I transfer all amount in one go? Will I have to answer any questions to the bank or government? I am trying to avoid a scenario wherein I transfer 10K at a time and pay exchange rate plus $17 fee every time.

Thanks!

 

[jweekend]

Hey Experts,

I have a similar query. I became a PR of Canada in 2019. I landed in Feb 2020, and brought in cash with me (less than 10k). I don't remember if there was a way to declare at Airport customs that I would be doing electronic fund transfer of more than 10K after I land, so I didn't. Now, it has been a few months since I landed, but I have not transferred my remaining savings from the other country (Singapore) to Canada. My questions are -
1. I have already paid tax on my savings/income in Singapore. So I assume it would not be taxed again if I transfer that amount now. Is this correct understanding?
2. The bank account I have in Canada charges me $17 for each incoming wire transfer. Now, I want to transfer my remaining savings (more than 10k) in one go. But I understand that the banks must report transactions above 10K. What are the implications in this case if I transfer all amount in one go? Will I have to answer any questions to the bank or government? I am trying to avoid a scenario wherein I transfer 10K at a time and pay exchange rate plus $17 fee every time.

Thanks!

You could have just brought all your money with you when you moved to Canada. Why do you need to transfer 10k at a time I don't understand.

 

[rehman_naveed]

Hi Experts
Can someone help me with a similar scenario?
1. I am a Canadian citizen and have no secondary ties at present except bank account which is non-interest. I am currently residing outside Canada and wanted to transfer money from the Middle East country to my Canadian account TD bank. I am planning in the future to live in Canada but for time being depositing money to my Canadian bank to buy property in Canada later. My Questions are
1. Any channel thru which I transfer, bank to bank charges a lot, Western Union transfer only twice per month, as there is a limit to transfer.
2. Can I transfer more than 10K?
Thanks for your read.