Carrying funds post short landing

[zanny]

Hello people,

I have completed my short landing and i am a PR now. I will be moving to Toronto in Feb next year for good. During these months leading to Feb 2017, I am in process of selling my real estate, car and other house items. The total I plan to carry with me in certainly more than $20k (it will be my wife and me who will travel in Feb). I was wondering how much can I carry and what are the tax implications.

Thanks in advance

 

[BC4life]

Why don't you open an account in Canada and transfer the funds over?

 

[sodapop123]

Congratulations on your PR / move !

I'm guessing you can open a bank account with TD or any other Canadian bank and wire it before hand (without Tax implications), since they are your personal funds.... Hence, carrying minimal cash on you (which should be within whatever the limit is for any kind of travel)

 

[kirtivsingh]

Hello people,

I have completed my short landing and i am a PR now. I will be moving to Toronto in Feb next year for good. During these months leading to Feb 2017, I am in process of selling my real estate, car and other house items. The total I plan to carry with me in certainly more than $20k (it will be my wife and me who will travel in Feb). I was wondering how much can I carry and what are the tax implications.

Thanks in advance

You are legally bound to declare any funds more than 10k when you are crossing the border.
If you show that these funds will be used for real estate purchase than you will not have to pay any taxes.
So carry your real estate selling documents and tell the officer that since you are moving you have sold your property and would intend to buy a new one in Canada since you are moving here permanently.

PS - Also take legal advice if needed, do not consider my word as I am no lawyer/ consultant. I am just saying on basis of what I have seen in the past.

 

[zanny]

Thanks everyone.

I will talk to the local Indian bank as to how to move money to Canada. I will also check the documentation in case I carry more than $20K with me.

 

[bellaluna]

Hello people,

I have completed my short landing and i am a PR now. I will be moving to Toronto in Feb next year for good. During these months leading to Feb 2017, I am in process of selling my real estate, car and other house items. The total I plan to carry with me in certainly more than $20k (it will be my wife and me who will travel in Feb). I was wondering how much can I carry and what are the tax implications.

Thanks in advance

You can carry as much as you'd like, but as has been said, you need to declare it at the border if it's over $10k. There are no tax implications. It's just their way to look out for money laundering.

It's a simple process to declare, the CBSA officer will fill out the forms for you and you have to sign it. That's really all. You might not have to show the currency to the officer at all, I didn't.

 

[mf4361]

you can carry as much as you can, and it will not be taxed. Bring 50 billion if you want to

Remember to declare to CBSA if you have CAD$10000 with you