March 2012 applicants, join here! : )

[canadiangirl78]

I wired money and got an awful rate. to royal bank.

 

[KJG]

Morning folks
Postman just delivered my COPR Now i know I can book a one way ticket. Good luck to all and hope you all hear something VERY soon. :-*

Congrats!!!!! ;D

 

[ccunnington]

Morning folks
Postman just delivered my COPR Now i know I can book a one way ticket. Good luck to all and hope you all hear something VERY soon. :-*

Congratulations!

 

[santoki]

You can bring it in cash, or a cheque. If you are doing exchange, the wire transfer fee is often just the smallest part of the cost because banks give lousy exchange rates. I use an online exchange broker (xe.com) that gives very good exchange rates, but there are other options out there as well.

Of course, the exchange rate will be terrible, but what I'm wondering is, if you're bringing across over $10K in value (whether that be cash or cheque) do you have to claim it in the same way you would the personal goods you're bringing across?

 

[computergeek]

Of course, the exchange rate will be terrible, but what I'm wondering is, if you're bringing across over $10K in value (whether that be cash or cheque) do you have to claim it in the same way you would the personal goods you're bringing across?

You must declare if you are carrying in excess of $10k in cash or cash equivalents (bearer bonds, cheques payable to "cash", negotiable securities, gold bullion, etc. Anything that isn't registered to you specifically). However, there is no duty on bringing in cash. The rules are actually in place to prevent money laundering. It turns out it is quite common for immigrants to carry actual cash with them, so CBSA is used to people declaring they are carrying $20-30k in cash with them.

There is no tax due on cash or equivalents that you bring into Canada. If you bring $100k in with you they might ask you to prove the source of the funds, but if you carried that much cash I'd wonder for your sanity.

Good luck!

 

[santoki]

You must declare if you are carrying in excess of $10k in cash or cash equivalents (bearer bonds, cheques payable to "cash", negotiable securities, gold bullion, etc. Anything that isn't registered to you specifically). However, there is no duty on bringing in cash. The rules are actually in place to prevent money laundering. It turns out it is quite common for immigrants to carry actual cash with them, so CBSA is used to people declaring they are carrying $20-30k in cash with them.

There is no tax due on cash or equivalents that you bring into Canada. If you bring $100k in with you they might ask you to prove the source of the funds, but if you carried that much cash I'd wonder for your sanity.

Good luck!

Just to clarify, I can bring in over $10K in a certified cheque and not be charged a duty correct? Or it would have to be in cash form? I wouldn't feel comfortable carrying that much in cash around.

 

[computergeek]

Just to clarify, I can bring in over $10K in a certified cheque and not be charged a duty correct? Or it would have to be in cash form? I wouldn't feel comfortable carrying that much in cash around.

You could bring a cheque for any amount and there is no duty.

 

[KJG]

You could bring a cheque for any amount and there is no duty.

no there is no duty but there are boarder implications...you are not allowed to take over $10,000 in cash/certified cheque into another country without prior arrangements.....this will waive red flags for money laundrying...you are better to transfer money via the banks once you have accounts set up in Canada

 

[computergeek]

no there is no duty but there are boarder implications...you are not allowed to take over $10,000 in cash/certified cheque into another country without prior arrangements.....this will waive red flags for money laundrying...you are better to transfer money via the banks once you have accounts set up in Canada

http://cbsa-asfc.gc.ca/security-securite/cbcr-dmte/faq-1-eng.html

The CBSA website says nothing about "prior arrangements". There is just a reporting requirement. Further, the CBSA website specifically says:

For greater certainty, this definition does not apply to securities or negotiable instruments that bear restrictive endorsements or a stamp for the purposes of clearing or are made payable to a named person and have not been endorsed. (effets)

Source: http://cbsa-asfc.gc.ca/publications/dm-md/d19/d19-14-1-eng.html

So if you have a certified cheque made payable to you, it is not a "monetary instrument" for the purposes of reporting to CBSA.

I do agree that a bank transfer is the best way to do it if the amount is anywhere near $10,000, but there are no duties and there are no restrictions on bringing in money, just a duty to report cash and "monetary instruments" into the country - and a certified cheque made payable to the bearer does not count.

 

[canadiangirl78]

We wired money the day before we left and unexpectedly ended up with more money in our US bank. Now that we are in Canada, how can I get this money to us?

 

[Dr Eng X]

We wired money the day before we left and unexpectedly ended up with more money in our US bank. Now that we are in Canada, how can I get this money to us?

If it is bank of Amreica you can use your bank card on Scotia bank ATM's and it will be converted to Canadian dollars. Check with your bank

 

[computergeek]

We wired money the day before we left and unexpectedly ended up with more money in our US bank. Now that we are in Canada, how can I get this money to us?

You can ask your bank to wire transfer it to you. Alternatively, if you want to do an exchange, I'd suggest using xe.com - I get a great exchange rate through them and they will do everything via electronic transfer. It takes about a week to move the funds using this approach via EFT, but there's no extra charges and you get a good exchange rate.

 

[santoki]

You can ask your bank to wire transfer it to you. Alternatively, if you want to do an exchange, I'd suggest using xe.com - I get a great exchange rate through them and they will do everything via electronic transfer. It takes about a week to move the funds using this approach via EFT, but there's no extra charges and you get a good exchange rate.

I've been doing a bit of research and this seems like the best approach. Can we transfer from my wife's account directly into mine or do they need to be linked in the same name (i.e. she would have to open a canadian bank account and transfer the funds between them on XE)?

 

[canadiangirl78]

If it is bank of Amreica you can use your bank card on Scotia bank ATM's and it will be converted to Canadian dollars. Check with your bank

Nope it is not BofA. But we tried that because my mom has BofA and there were some hefty fees. My dad told us it was free so we took out money twice. Yeah, not fee free. Maybe it used to be.

 

[canadiangirl78]

You can ask your bank to wire transfer it to you. Alternatively, if you want to do an exchange, I'd suggest using xe.com - I get a great exchange rate through them and they will do everything via electronic transfer. It takes about a week to move the funds using this approach via EFT, but there's no extra charges and you get a good exchange rate.

Well when I did the wire before I had to go in person and sign stuff. Hopefully they will let me fax the form? So xe.com will take money from my US bank and put it in my Canadian bank?