Bringing Money to Canada

[bbland]

Hi:

My mom has her COPR and is traveling next month. She has some money to bring. I am assuming that she needs to declare the money when she arrives, but is it necessary for her to bring the money with her or can she do a wire-transfer before her trip and show the transfer when she arrives?

The Canadian account is a joint account of both of us, and I don't want the bank questioning about the funds as they are not mine but my moms.

Any advise?

Thanks,

AM

 

[BamBamBing]

If she brings more than 10,000$, yes she has to declare it and potentially prove source of funds

No obligation to bring cash, she can do a wire transfer but in that case, the bank will check the source of funds. If that's money from her salary which was deposited in that account, that should not normally be an issue.

No idea if the joint account can create any issue.

 

[bbland]

If she brings more than 10,000$, yes she has to declare it and potentially prove source of funds

No obligation to bring cash, she can do a wire transfer but in that case, the bank will check the source of funds. If that's money from her salary which was deposited in that account, that should not normally be an issue.

No idea if the joint account can create any issue.

Thanks for your response. I guess my dilema is if she should bring the money with her or if she should do the wire transfer... I would think that the bank will look into the issue if she does the wire transfer or if she deposits the money when she arrives. I am just thinking what could be less of a hazle for her. Her money come from her savings/investments which is the money to use now that she is retired.

 

[Bs65]

Wire transfer always the safest route when emigrating with large sums . She can usually set up a bank account before arriving there are a few banks that provide this service although I note you have a joint account already anyway.

Simplest thing to put your mind at rest is to talk with your bank and get the transfer details and explain there will be a transfer due to your mum emigrating so if for some reason they insist she has a single account initially you know what you need to do. If you/her are like me and get paranoid about setting up any new transfer I always start with a minimal test amount to make sure I have not mistyped anything even though I double/triple check it, up to you/your mum of course.

Banks and customs agents worldwide are always on the lookout for money laundering hence all the focus but people with genuine transfers need not be concerned. But DO if bringing cash declare anything 10k cdn and above, that includes everything, any currency even bank drafts that take total over 10k. A traveller can bring in as much as they like as long as they declare it, but of course a wire transfer avoids all that hassle.

 

[chilkootcee]

Both are reasonable alternatives. If you want to save money on transfer fees, than you can bring the cash but it comes with other risks (i.e. carrying a large amount of cash around). If you do carry currency with total greater than 10,000 CDN, then be sure to account for all currencies that you are carrying (CDN, US, ETC). I did this (carried cash with me) and it wasn't a hassle. When you go to deposit the money in the bank, keep the paper that CBSA gave you when you declared it and they won't have any issues.

If you do a bank transfer (I've done this too), you usually have the option to make a note and can indicate "Salary" or something like that.

Hope this helps.

C.