CAD Bank draft

[Hope4best]

Hey Experts...

I am moving from UAE to Toronto. I will be landing in month of April. I have few questions regarding the best way to carry funds to Canada. May be this question is answered few times before but i am unable to find specific solution while searching forum.

I am planning to carry about 9.5k CAD as cash and rest as bank draft in CAD. I don't have a bank account in Canada yet and landing for the first time.

1. Do you think this is the BEST approach? What are the best alternatives in terms of minimizing transaction fees and loss in exchange rate?

2. If bank draft in CAD is submitted to Canadian bank, apart with regular transaction fee there will be any other financial cost like exchange rates. (Because exchange rate given by Canadian banks for transfer is pathetic 3.65 vs 3.4 for AED to CAD by RBC, yesterday rates)

3. Can I use CAD Bank draft as POF at point of entry?

4. When i will land for the first time in Canada. Do I need to declare all my financial assets at point of entry like
Foreign currency accounts
investments in saving bonds
capital market shares
Life insurance policy,
any property any where in world?
Do they need official statements for these assets for there value?

5. If I do international transfer from AED account to CAD. Exchange rate from which side will be applied? From UAE bank (source) or Canadian bank (destination)

6. How many days it takes on average to get money from bank drafts into bank account?

Thanks in advance for sharing valuable information and helping us making an informed decision...

Regards
Hafeez

 

[steaky]

1) I dunno what is the best option, but this looks fine.
2) If bank draft is CAD and deposit in CAD account, then there is no exchange rates apply
3) Yes. You can also use major currencies such as USD, HKD and Euro
4) No, you would need the declare them when you file your tax return next year
5) You will need to ask your bank(s) for details