Coming to Canada as a PR/Bringing money - time or amount limit?

[singhabhineet]

There is no form in the plane. Just tell him to use and follow all the instruction in the kiosk at arrival hall of the airport. He can bring any amount of cash.

Hi there. Thanks for all your help thus far.

Is just have one question. As per the requirement, we have shown that we have $15000+ as savings. Now I intend to bring around $500-1000 in cash and deposit around $ 4-5k in a bank account in Canada before I come. The remaining 10k I intend to leave in my fixed deposits in India and use them at a later stage .

What all do I need to declare here?

Thanks in advance.

 

[canuck78]

Hi there. Thanks for all your help thus far.

Is just have one question. As per the requirement, we have shown that we have $15000+ as savings. Now I intend to bring around $500-1000 in cash and deposit around $ 4-5k in a bank account in Canada before I come. The remaining 10k I intend to leave in my fixed deposits in India and use them at a later stage .

What all do I need to declare here?

Thanks in advance.

You will likely need access to that money. Moving to Canada with only $4000 won't go very far.

 

[singhabhineet]

You will likely need access to that money. Moving to Canada with only $4000 won't go very far.

Yes definitely. I will always have access to that money. Just that I won't convert it unless I absolutely need it. India gives a decent interest rate on fixed deposits. So wouldn't want to break that unless I absolutely need it.

However, my question was, do I need to declare that within the $10,000 plus. Because it is a financial instrument. Liquidation can happen within moments.

 

[canuck78]

Declaring at the airport is only for actually bills you have when you land in Canada. You have to declare over $10,000 so they can check the source of the funds to try and prevent mooney laundering.

 

[tahminaml]

Can I carry 10000 anytime I return to Canada or only for first time entry?

 

[canuck_in_uk]

Can I carry 10000 anytime I return to Canada or only for first time entry?

You can carry as much as you want on any entry, as long as you declare if necessary and have the proper documentation.

 

[canuck78]

They are just trying to try and monitor for any money launderers and want to know the origins of the money if people come in with over 10K.

 

[mad_hatter]

The interest you earn in India is taxable in Canada, don't forget to include it in your Canadian tax return.

 

[Ladipo]

What currency particularly is expected to be declared on entry Canada as a PR and how much is the minimum. USD or CAD?

 

[navyapp]

Hi Guys,

Could some one explain me regarding proof of funds. me and my husband have different savings account in USA,India, we have savings of more than 250k in different accounts and few properties in both of our names. we thought later we can get that money to canada. Since my husband is primary applicant we decided to keep 20k(for 2 members) amount in one of his account and show that as proof of funds. I belive as for showing proof of funds this is fine. But my question is during our port of entry first time do we need to show/declare all the money in both of our accounts and all the properties we have? or do we need to show everything as proof of funds? cant we use/get the money which is in our other accounts later into canda, will that be a problem?

 

[subodhp]

What currency particularly is expected to be declared on entry Canada as a PR and how much is the minimum. USD or CAD?

All cash irrespective of currency when it exceeds 10000 cad equivalent

 

[subodhp]

Hi Guys,

Could some one explain me regarding proof of funds. me and my husband have different savings account in USA,India, we have savings of more than 250k in different accounts and few properties in both of our names. we thought later we can get that money to canada. Since my husband is primary applicant we decided to keep 20k(for 2 members) amount in one of his account and show that as proof of funds. I belive as for showing proof of funds this is fine. But my question is during our port of entry first time do we need to show/declare all the money in both of our accounts and all the properties we have? or do we need to show everything as proof of funds? cant we use/get the money which is in our other accounts later into canda, will that be a problem?

You only need to show proof of funds to prove your ability to sustain yourself in Canada. It is not related to taxation or your ability to access or bring funds at all.

 

[vermas]

I have sponsored my parents under PGP 2019. Their file is at advanced stage.
My parents have assets including real estate, mutual funds, govt bonds, gold and bank accounts in home country.
They are already here in Canada on Visitor Visas and most likely will complete their landing formalities by flag poling.
It will take them approx 3 years to liquidate all their assets in home country and bring/transfer funds to Canada.
1-What kind of declaration is to be made at the border at the time of flag poling?
2-I understand importance of valuation of assets on date they become PR.
3- How to make these transfers efficiently to minimise tax?
4- when they liquidate assets in India, they will be tax on the funds brought to Canada? Will they need to pay tax in Canada also if there are any gains between the date of PR and actual date of transfer of funds?
5- One of their properties in India is rented out and they are paying income tax on that rental income. Will they need to pay tax in Canada also?
6- Is there tax treaty between Canada and India to avoid double taxation?
Any help/guidance will be appreciated.

 

[as187]

I have sponsored my parents under PGP 2019. Their file is at advanced stage.
My parents have assets including real estate, mutual funds, govt bonds, gold and bank accounts in home country.
They are already here in Canada on Visitor Visas and most likely will complete their landing formalities by flag poling.
It will take them approx 3 years to liquidate all their assets in home country and bring/transfer funds to Canada.
1-What kind of declaration is to be made at the border at the time of flag poling?
2-I understand importance of valuation of assets on date they become PR.
3- How to make these transfers efficiently to minimise tax?
4- when they liquidate assets in India, they will be tax on the funds brought to Canada? Will they need to pay tax in Canada also if there are any gains between the date of PR and actual date of transfer of funds?
5- One of their properties in India is rented out and they are paying income tax on that rental income. Will they need to pay tax in Canada also?
6- Is there tax treaty between Canada and India to avoid double taxation?
Any help/guidance will be appreciated.

These are great questions and will help many. It will be great if seniors help us here.

 

[steaky]

I have sponsored my parents under PGP 2019. Their file is at advanced stage.
My parents have assets including real estate, mutual funds, govt bonds, gold and bank accounts in home country.
They are already here in Canada on Visitor Visas and most likely will complete their landing formalities by flag poling.
It will take them approx 3 years to liquidate all their assets in home country and bring/transfer funds to Canada.
1-What kind of declaration is to be made at the border at the time of flag poling?
2-I understand importance of valuation of assets on date they become PR.
3- How to make these transfers efficiently to minimise tax?
4- when they liquidate assets in India, they will be tax on the funds brought to Canada? Will they need to pay tax in Canada also if there are any gains between the date of PR and actual date of transfer of funds?
5- One of their properties in India is rented out and they are paying income tax on that rental income. Will they need to pay tax in Canada also?
6- Is there tax treaty between Canada and India to avoid double taxation?
Any help/guidance will be appreciated.

1) No declaration to be made for assets at the time of flagpoling
2) You do not understand! They only need to know the value of their assets when they become tax residents. If they don't become tax residets, then they do not need to make declarations
Others) I suggest you get a professional accountant to sort it out preferably one who specialise Canada/India taxation.