Bringing money into Canada - 3rd landing

[gd]

Hi experts,

I will be landing in Toronto soon as my 3rd landing, this time to settle down. I will be travelling with a family of three adults including me.

I am aware that I need to declare to immigration if I bring over CAD 10000.

In my case (3rd landing) does this rule still apply?
i.e for example, If I bring say CAD 15000 divided between me and my wife in different envelopes @ CAD 8000 by me / CAD 7000 by my wife, do we still need to declare that we collectively carry over CAD 10000?

What happens if we do not declare? Will this be a problem when we go to bank them after opening an account?

I appreciate if you could educate me on this

Rgds

gd

 

[PMM]

Hi

Hi experts,

I will be landing in Toronto soon as my 3rd landing, this time to settle down. I will be travelling with a family of three adults including me.

I am aware that I need to declare to immigration if I bring over CAD 10000.

In my case (3rd landing) does this rule still apply?
i.e for example, If I bring say CAD 15000 divided between me and my wife in different envelopes @ CAD 8000 by me / CAD 7000 by my wife, do we still need to declare that we collectively carry over CAD 10000?

What happens if we do not declare? Will this be a problem when we go to bank them after opening an account?

I appreciate if you could educate me on this

Rgds

gd

Save you self problems, declare it. There are no taxes or duties and if you don't declare it and it is found, it can be seized.

 

[cprak0]

I would think best bet would be to wire transfer to your Canadian A/C.
cprak0

 

[gd]

Thanks PMM and cprak0.

Is there a limit for wire transfer into a Canadian bank A/C? Currently, my son who is a university student in Canada has a Canadian Bank A/C. Can I transfer say CAD 15,000 as a single transfer in one day?

Regards


gd

 

[kumbu.bumbu]

Is there a limit for wire transfer into a Canadian bank A/C? Currently, my son who is a university student in Canada has a Canadian Bank A/C. Can I transfer say CAD 15,000 as a single transfer in one day?

One of my friends transferred more than 300000 for buying a house by paying cash. No questions asked. But better check with a tax consultant.

 

[steaky]

You need to ask the same question with your bank about the limit.

 

[PMM]

Hi

You need to ask the same question with your bank about the limit.

There is no limit to wire transfers. Amounts over $10K are reported to FinTrac, which is the same as declaring it at a port of entry.

 

[gd]

Thanks everyone. This cleared all my doubts. Special thnx to PMM!

gd