How much money (in Canadian dollars) will you bring to Canada?

[immi12345]

Hello All,

Regarding the CIC question "How much money (in Canadian dollars) will you bring to Canada?", I have the below query, Could some one please provide the expert advise?

Our Case: I am the principal applicant for PR application and currently I am in Canada on open work permit, and my spouse is on student permit. Our funds are in my spouse account in Canada and I don't have a bank account here in Canada.

Query:
1. Does CIC require that the fund to be in the principal applicant account or funds in Spouse account will be sufficient?

2. If I open an account in Canada and my spouse transfer funds in my account, are there any tax implications on these transfers, i.e. any Gift tax or Income tax on me or my spouse?

I will really appreciate your reply.

Thanks.

 

[mf4361]

1. Anyone within your application should be ok. CIC considers fund req'm for a household. (Better if it's a joint account)

2. There won't be any tax for bringing funds into Canada.

 

[immi12345]

Thanks mf4361, appreciate your time and reply.

Continuing on the second answer: So my spouse has already brought the funds in Canada in his name and bank account.

Query is:
Now if I open an account for me and my spouse transfer money into my account, will there be any kind of tax implications (income tax of gift tax? for me or my spouse?