Fund Transfer - Spouse moving from US

[Jameee]

Hi members,

My wife moved to Canada on sponsorship from US. Although; while she was moving we didn't planned to move any of her US funds to Canada.

Now, we are looking how we can move those funds from US banks to Canadian.
Can anyone please help in this regard. Are there any tax implications while we move funds to Canada?
Please suggest.

 

[Miraclejj]

Hi members,

My wife moved to Canada on sponsorship from US. Although; while she was moving we didn't planned to move any of her US funds to Canada.

Now, we are looking how we can move those funds from US banks to Canadian.
Can anyone please help in this regard. Are there any tax implications while we move funds to Canada?
Please suggest.

Us and Canada have tax treaty, so all the money that you wife had paid the tax in US, can be transferred to Canada tax free. (you may need to have some sort of documents issued by IRS, such us Tax Return)
For how to transfer the funds, There are many ways, you can do wire transfer, bringing in with cash, buy a travellers check, and etc. Usually you can convert you US dollars to Canadian Dollars in local US banks. I believe the recent rate is around 1 USD to 1.24 CAD, of cause the bank would deduct the fees, usually is 1 USD to 1.14 CAD after fees.

 

[Jameee]

Us and Canada have tax treaty, so all the money that you wife had paid the tax in US, can be transferred to Canada tax free. (you may need to have some sort of documents issued by IRS, such us Tax Return)
For how to transfer the funds, There are many ways, you can do wire transfer, bringing in with cash, buy a travellers check, and etc. Usually you can convert you US dollars to Canadian Dollars in local US banks. I believe the recent rate is around 1 USD to 1.24 CAD, of cause the bank would deduct the fees, usually is 1 USD to 1.14 CAD after fees.

Thank you for this.

Since my wife is already in Canada; I am trying to see if we can do this wire transfer online.
We would try sending money from US bank to Canada online.
Will that be possible without visiting bank.
If needed do we need to show tax documents here in Canadian bank (receiving bank)?

 

[Miraclejj]

Thank you for this.

Since my wife is already in Canada; I am trying to see if we can do this wire transfer online.
We would try sending money from US bank to Canada online.
Will that be possible without visiting bank.
If needed do we need to show tax documents here in Canadian bank (receiving bank)?

I think you need the Power of Antony to someone in US to go to your wife's bank to do the white transfer. The best way is to call your wife's bank to find out how.
For the tax purpose, I don't think you need to show any documents to the receiving bank, rather to have them in hand, in case the Canada government need them. I think you need to include those funds in your tax return, when you file your tax. The best way is to consult with an accountant.

 

[jordo]

This older post may have the answers you are seeking.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/bringing-money-to-canada.392775/#post-4939128

 

[mcroze]

Hi members,

My wife moved to Canada on sponsorship from US. Although; while she was moving we didn't planned to move any of her US funds to Canada.

Now, we are looking how we can move those funds from US banks to Canadian.
Can anyone please help in this regard. Are there any tax implications while we move funds to Canada?
Please suggest.

You could check out TransferWise or OFX to transfer the monies with good exchange rates.

 

[gotanswers?]

I think at RBC you can open a US account and that can be used to transfer money from other US accounts. And then you can move money from RBC US to RBC Canada. Might wana give them a call.

 

[SRafiq]

Us and Canada have tax treaty, so all the money that you wife had paid the tax in US, can be transferred to Canada tax free. (you may need to have some sort of documents issued by IRS, such us Tax Return)
For how to transfer the funds, There are many ways, you can do wire transfer, bringing in with cash, buy a travellers check, and etc. Usually you can convert you US dollars to Canadian Dollars in local US banks. I believe the recent rate is around 1 USD to 1.24 CAD, of cause the bank would deduct the fees, usually is 1 USD to 1.14 CAD after fees.

Is Transferwise available in the USA to Canada. It should be as I used it from the UK. I found it to be the cheapest. You will, of course, need a bank account in Canada first.

 

[Masonb6888]

I honestly just cut myself a check to clear out the last of my bank account. But it was <10,000 dollars.
Deposited it in my account and everything was fine.