Landing in Canada: Proof of funds

[cosmin]

They say that at the border you should make the proof of funds and to declare the amounts more than 10000 $CAD. Funds can be:
•cash
•securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
•negotiable instruments in bearer form, such as bankers’ drafts, cheques, travellers’ cheques or money orders.

What I understand is that if I do not want to carry cah money with me I can put them in a bank account and present at the border only the bank draft of my account.

What I do not understand and it is nowere specified is if the bank account can be at any bank in the world or must be a canadian bank?

Can someone clarify me this aspect?

Thank you
Cosmin

 

[Mhut]

Hi

I don't know where you are from, but if from UK i have known of people taking some cash and the rest is declared on a UK bank statement as not everyone is permanently moving in the first initial landing.

But cannot say about from other countries what the formalities would be.

Mhut

 

[goutamdasht]

Hi
Buddy
In every angle you may carry (1)some cash.(2)TCs.(3)Bank Draft(it may 30 days to encash that)only this 3 items you carry when you landed in Canada.Money Ratio-80:20.80%Draft & 20% Cash.Thats Enough. Best of luck.

 

[asyousuf]

For eg, In case of banking document like Demand draft, should be drawn on your name and could be of any bank on the globe. In case of cash, limit is CAD 10,000 only. Over and above should be declared at the time of landing otherwise illegal.

Choice is yours for the combination. As mentioned in previous post, ideal combination is 80:20.

asyousuf

 

[cosmin]

Thank you very much for your answers. I am from Romania.
I was not sure if I get a refusal to enter Canada if I cannot "show the money" and I am somehow not very comfortable to carry to much cash with me.
Another question that came to me is this.
I know that the money I declare when I land in Canada are tax free. It is obviously that this apply to the cash money. It is the same case with the money I declare on a bank draft? They will be also tax free when I will wire them to Canada?

 

[steaky]

I know that the money I declare when I land in Canada are tax free. It is obviously that this apply to the cash money. It is the same case with the money I declare on a bank draft? They will be also tax free when I will wire them to Canada?

Yes

 

[cosmin]

Thanks a lot.

 

[samlak]

hi,,
how about if we carry all cash which is more than 10000 CAD ? the only thing is we have to declear right ?

tc

 

[asyousuf]

hi,,
how about if we carry all cash which is more than 10000 CAD ? the only thing is we have to declear right ?

tc

Yes..true. U need to declare to IO at the time of landing the amount of cash u r carrying....if more than CAD 10,000 otherwise consequences

check the below link for clarity
http://www.cic.gc.ca/English/immigrate/skilled/funds.asp

asyousuf