Landing procedure with proof of funds!!! Tax or no tax?

[islander]

I know that when landing in Canada, I must show proof of my funds available to settle. I understand that I may not bring the entire money with me, but I must show proof I have it, either but a bank statement, traveler's cheque, etc. I heard that when landing in Canada, when they ask for proof of funds upon entry, they will ask how much money you have in your possession and that money ir tax-free. However, I also heard that any money you do not bring with you at the time of landing, is taxable. Is that true? Do I need to bring everything in order for me not to be taxed? Also, I was told that when leaving the US you must report that money to custom. Why is that for?

Thanks.

 

[PMM]

Hi

I know that when landing in Canada, I must show proof of my funds available to settle. I understand that I may not bring the entire money with me, but I must show proof I have it, either but a bank statement, traveler's cheque, etc. I heard that when landing in Canada, when they ask for proof of funds upon entry, they will ask how much money you have in your possession and that money ir tax-free. However, I also heard that any money you do not bring with you at the time of landing, is taxable. Is that true? Do I need to bring everything in order for me not to be taxed? Also, I was told that when leaving the US you must report that money to custom. Why is that for?

Thanks.

Settlement funds are not taxable in 99.99% money brought into Canada is not taxable (capital gains is), just ensure that if you are carrying more than $10K you declare it to Customs both leaving the US and entering Canada. It is to prevent money laundering.

PMM