Mode of Proof of Funds

[swordenium]

Looking for help.

My country of residence does not allow wire-transferring money to foreign banks unless under medical/student visa. Neither do they allow carrying cash above of 5000 USD. However, I must show $10,000USD as POF at the port of entry in Canada.

Given the above situation, I am thinking about doing the following:

1. Print the bank statement containing the required POF. Suppose I have 10,000 USD in this case.
2. Withdraw some cash from the bank account.
3. Enter Canada showing POF at the port of entry.
4. Open a Canadian bank account and have money wire transferred to it through my sister who resides in the UK.

If someone else transfers funds to my account in Canada, will that amount be considered taxable? Are there restrictions placed by Canadian banks requiring new immigrants to have bank to bank wire-transfers all in their name from the source of origin of the fund?

Thanks in advance.

 

[DelPiero07]

Looking for help.

My country of residence does not allow wire-transferring money to foreign banks unless under medical/student visa. Neither do they allow carrying cash above of 5000 USD. However, I must show $10,000USD as POF at the port of entry in Canada.

Given the above situation, I am thinking about doing the following:

1. Print the bank statement containing the required POF. Suppose I have 10,000 USD in this case.
2. Withdraw some cash from the bank account.
3. Enter Canada showing POF at the port of entry.
4. Open a Canadian bank account and have money wire transferred to it through my sister who resides in the UK.

If someone else transfers funds to my account in Canada, will that amount be considered taxable? Are there restrictions placed by Canadian banks requiring new immigrants to have bank to bank wire-transfers all in their name from the source of origin of the fund?

Thanks in advance.

Assuming you are going to be finishing the landing procedure to become a PR then your plan is fine, you need not carry the POF in cash.

 

[swordenium]

Assuming you are going to be finishing the landing procedure to become a PR then your plan is fine, you need not carry the POF in cash.

Thanks. Regarding the second part, once I get to Canada, the fund source won't matter, right?

 

[GoldKoye]

Hello, Please can I use a gift deed from my mother in law as proof of funds? I am the principal applicant and my husband is also filed as a dependent.

Thanks for responding?