Can i take more than CAD 10,000 as cash with me?

[geranimo]

Dear All

I was told by couple of my friends that some of the banks in Canada would require me to deposit CAD 5,000 to open an account and issue debit & credit card. As I intend to open bank account of my wife, we would require total of CAD 10,000 funds to deploy with banks. Some of my queries are:

1. Can i take more than CAD 10,000 as Cash (I was thinking of taking CASH of CAD 20,000 ) ?

2. In addition, I will be taking demand draft with me. Can i just show bank statement in USD?

Thanks in advance for reading and replying to it

 

[DelPiero07]

1 - Yes, you simply have to declare it.
2 - Yes, you can.

 

[Bs65]

Keep in mind if travelling as a couple or family with a combined total (any currency in possession) of more than 10000 cdn you still need to declare it, you cannot split the excess cash across family members given you would be being processed by CBSA as a family unit. There is no limit to how much cash you can bring into Canada as long as it is declared , although obviously if you have a suitcase full you might be asked to show where it came from.

 

[canuck78]

You should be contacting the bank to ask because this sounds very unlikely. Since you are doing a soft landing you want to create the less links to Canada so that you become a resident for tax purposes. You should reassess how much money you are planning on transferring to Canada on a soft landing.