LANDING IN CANADA ??? -All You Need To Know.

[qorax]

million thanks, and what about money to be transferred later, to avoid having taxes on, I need to tell how much will be transferred later, where do I report this, at the same location?

Canada doesn't bother about helping with your 'later' funds. There's no way to report the same & neither they r interested. U'll pay taxes on any fund that u bring-in later, as your overseas income.

Qorax

 

[dsenese]

Qorax,

Will I have to pay taxes on funds I declare upon landing, but am not transferring at that time?

 

[steaky]

No taxes

 

[dsenese]

Just to be clear - there are no taxes because I declared them upon entry, right? If I don't declare some money, and then transfer it to my bank account in Canada, would I owe tax on those funds? How would they know? (I'm not a tax cheat at all - but just curious about how the system works.)

 

[lands]

You will not be taxed on the principal amount..but you will be taxed on the interest you earn on it...

 

[tmo]

I believe that any money I do not declare upon arrival (even if not yet transferred to my bank in Canada) , will be taxable , regardless of the interest...
From some friends who had similar cases, they advised me to declare "Money to be transferred later" so to prove to authorities (later when transferred) that I had earned this money before landing and accordingly should not be taxed....

Please correct me if I am wrong... thanks

 

[Doglover]

@ Hi all

UAE exchange(money transfer agency) people told me that it is not possible to carry all the amount in cash from India, for immigrants the maximum limit per passport is 2000CAD in cash, ridiculous, is it true? Kindly advice.

As I know one can carry a lot of money in cash, even up to 100000CAD! I am looking to carry the required funds in cash as it would be economical.

Thanks in advance 8)

 

[rupesh]

Hi,

I am also in a dialema that how can i take $12K.. is it possible to show it in a NRI Account (which i will open in IND and deposit the amount) carry Statement from bank or i have to carry TC/DD any kind of instrument to show as POF...

Plz help...

Nirav

 

[jsang]

Hi Rocky and Others

Will you be showing Indian bank statements at landing for POF? Has any one shown statements from Indian banks so far and what was the result?

I called up CBSA last week and asked them about showing currency notes plus FDR from Indian bank as POF. They were Okay with the idea.

But has any one done this before?

Thanks

 

[qorax]

If Toronto: Where to Reside?

Dear all,

I keep posting this to many who PM me, did one just now. And thought it might help others as well, so posting it on this thread.

I always suggested everyone [who choose Toronto GTA] to 'try &' reside in either of these 3 places,
1. Toronto-main;
2. Mississauga; OR
3. Brampton.
These 3 r the best locations for all your needs viz. connectivity, social life, housing, jobs etc. Besides, especially for ppl who do not possess a driving license.

If u choose Toronto-main [Downtown or the neighboring], except for Scarborough, all other locations till Thorncliff & North York r pretty OK. But, at Toronto-main, u'll have one downside, pricier & smaller housing, that's all. However, a good part is the exceptional connectivity. U might just not need a driving license/car for your lifetime. Here u have the subway, street car & TTC everywhere.

Nonetheless, Mississauga & Brampton r also well connected with Toronto-main. U have a continuous flow of busses. And especially the neighborhood of Malton [where I reside], which is just bank on Highway 427 & Toronto D/town is a 15 minutes drive. I go everyday there.

Here [in Malton], there is a bust terminus [busses start & end here], nice Shopping Malls [Westwood Mall on the terminus, behind my home & many others], great Indian subcontinent Eateries/Restaurants, Great Schools, Service Canada office, Neighborhood Community Centres [Free courses, assistance etc.], Banks & a huge family community.

Housing is $650 [basement], $900-1200 [2BR independent], and the more upscale ones r about $1450-1600. Depends on what u desire. But, let me assure u that a good qty of ppl reside in the basements, which r independent as well. While the $900 accommodations r pretty fine, many of south asian, middle east, and of European descent also reside in them. At $1450 above, u get Townhouses & Semis or detached homes.

I do not negate moving to other locations [as all r fine], but unless u have specific reasons [eg. relatives/friends r there, or u got a job there], it would be wise to head for these 3 locales, due to what I have said earlier.

Regards & best wishes,
Qorax

 

[accounts]

If Toronto: Where to Reside?
Qorax

So if we wanna purchase a house how much it cost?
3 BR

 

[qorax]

@ Hi all

UAE exchange(money transfer agency) people told me that it is not possible to carry all the amount in cash from India, for immigrants the maximum limit per passport is 2000CAD in cash, ridiculous, is it true? Kindly advice.

As I know one can carry a lot of money in cash, even up to 100000CAD! I am looking to carry the required funds in cash as it would be economical.

Thanks in advance 8)

Hi,

I am also in a dialema that how can i take $12K.. is it possible to show it in a NRI Account (which i will open in IND and deposit the amount) carry Statement from bank or i have to carry TC/DD any kind of instrument to show as POF...

Plz help...

Nirav

Not necessarily. For immigration purposes, we can carry any amount of funds from one country to another. Just that u should have a legitimate proof of acquiring those funds & 'declare' it to an IO@the Port of Embarkation. Off course, u'll do the same@a Canadian POE as well.

The wise thing to do is to carry around $2-3K in cash & the rest in TCs or Bank Drafts. For that much case, u anyway, will not be bothered@your own a/port.

Good luck.
Qorax

 

[accounts]

Not necessarily. For immigration purposes, we can carry any amount of funds from one country to another. Just that u should have a legitimate proof of acquiring those funds & 'declare' it to an IO @ the Port of Embarkation. Off course, u'll do the same @ a Canadian POE as well.

The wise thing to do is to carry around $2-3K in cash & the rest in TCs or Bank Drafts. For that much case, u anyway, will not be bothered @ your own a/port.

Good luck.
Qorax

U can Carry MAximum of USD 5000 as hard cash from Indian Soil to any destination except NEpal n Bhutan

 

[qorax]

So if we wanna purchase a house how much it cost?
3 BR

That's another matter altogether, buddy. It'd depend on the size, location, type of housing, neighborhood & your budget, as with any place around the world.

Here u can buy an abode from $50K to 500Ks... depending of the foregoing. Resale ones come cheaper, based on its age, while the new ones [obviously] would be pricier.

As a standard, an Condo [2BR], could come by $100-150K. Again neighborhood/location matters. Moderate to better locations could be had@$200K [for a Condo].

Hometrader.ca is a damn good site to assist us on it. Besides your friends/relatives would be the wisest touch-base; and a Realtor is a good option on it too.

Good luck.
Qorax

 

[Doglover]

Not necessarily. For immigration purposes, we can carry any amount of funds from one country to another. Just that u should have a legitimate proof of acquiring those funds & 'declare' it to an IO @ the Port of Embarkation. Off course, u'll do the same @ a Canadian POE as well.

The wise thing to do is to carry around $2-3K in cash & the rest in TCs or Bank Drafts. For that much case, u anyway, will not be bothered @ your own a/port.

Good luck.
Qorax

Thanks for the information. Nonetheless I know that v can carry any amount of funds but am particularly concerned about Cash! Is there any limit for that?

Yea, Draft is the gr8 idea to carry funds in a safer way, but I am getting Cash (fully legal) in significantly lesser cost than Draft/Tc, thats y I wanna use this option instead of TC/draft.

Kindly comment