How to avoid bank account frozen/closed when wire transfer large sum of money from home country after landing???

[TADF chemist]

I am going to transfer my asset from my home country to settle in Canada. It is around 300K Canadian dollars fund, to be wire transferred. What should I do in order to minimize unexpected freeze/closure of my bank account?

Anyone with experience how to do this?

 

[mpsqra]

I am going to transfer my asset from my home country to settle in Canada. It is around 300K Canadian dollars fund, to be wire transferred. What should I do in order to minimize unexpected freeze/closure of my bank account?

Anyone with experience how to do this?

talk to your canadian bank before you do it.

 

[TADF chemist]

talk to your canadian bank before you do it.

thanks for the advice. Did you have personal experience with this? or have you heard of stories about this kind of issue?

 

[mpsqra]

thanks for the advice. Did you have personal experience with this? or have you heard of stories about this kind of issue?

In Canada, in general Money from outside Canada is from weird business'

 

[mpsqra]

talk to your canadian bank before you do it.

just look around, how many foreigner bank are in Canada, vs how many foreigner bank are in USA

 

[Canada2020eh]

I am going to transfer my asset from my home country to settle in Canada. It is around 300K Canadian dollars fund, to be wire transferred. What should I do in order to minimize unexpected freeze/closure of my bank account?

Anyone with experience how to do this?

Lots of immigrants do it, it shouldn't be a problem. Any money over $10k will be reported to the governing body which is a normal thing in Canada to prevent money laundering. As long as the money is legitimate there will be no consequences. I don't know about a freeze if they decide to investigate but there would be no closure or confiscation of funds if they are legitimate. They will see you are a new PR and bringing your assets with you.

 

[lossada]

Lots of immigrants do it, it shouldn't be a problem. Any money over $10k will be reported to the governing body which is a normal thing in Canada to prevent money laundering. As long as the money is legitimate there will be no consequences. I don't know about a freeze if they decide to investigate but there would be no closure or confiscation of funds if they are legitimate. They will see you are a new PR and bringing your assets with you.

just be prepare how you got your money; business?, house selling?.

 

[steaky]

just be prepare how you got your money; business?, house selling?.

Or inheritance? lottery?

 

[iSaidGoodDay]

Lots of immigrants do it, it shouldn't be a problem. Any money over $10k will be reported to the governing body which is a normal thing in Canada to prevent money laundering. As long as the money is legitimate there will be no consequences. I don't know about a freeze if they decide to investigate but there would be no closure or confiscation of funds if they are legitimate. They will see you are a new PR and bringing your assets with you.

^This. I sent large transactions. Had no issues. I paid outward remittance tax in home country (deducted automatically) and have my other tax records to show as a proof of income.

@TADF chemist
Just to be safe you can transfer into multiple accounts (I used 4 bank accounts) and carry $10k cash to avoid getting in any bad situation. From my limited experiences (bought a Canadian company recently), I think Canadian banking is subpar. Carrying cash would mitigate the need to be 100% dependent on them immediately post landing.

 

[TADF chemist]

Do Canadian banks want to see your previous tax returns in your home country? Or a tax clearance certificate?

 

[Canada2020eh]

Do Canadian banks want to see your previous tax returns in your home country? Or a tax clearance certificate?

No

 

[TADF chemist]

No

Then I should just use employment verification letter, pay stub, bank statement etc.. anything missing here?

 

[iSaidGoodDay]

Do Canadian banks want to see your previous tax returns in your home country? Or a tax clearance certificate?

As @Canada2020eh said, no. But some were sent on a 90 day holding period by Canadian banks when they made transfers as large as $200k. Not sure what documents they'll need.

 

[TADF chemist]

As @Canada2020eh said, no. But some were sent on a 90 day holding period by Canadian banks when they made transfers as large as $200k. Not sure what documents they'll need.

The 90 day holding period is probably because the sender did not prepare in advance relevant documents like employment verification and previous bank statements, so the bank needs to investigate

 

[iSaidGoodDay]

The 90 day holding period is probably because the sender did not prepare in advance relevant documents like employment verification and previous bank statements, so the bank needs to investigate

I didn't send any of those docs. But my transactions went through just fine. Probably because we get a large outward tax withholding from my home country. You should talk to the bank and ask them about documentation needs.