money money money money

[HoneyBird]

I have a huge problem.
I am honest and on the right side of the law.

My uncle who knows I will be migrating to Canada and who is a PR in Canada wants me when I land to declare more than triple what I currently have in money so that he can hide his money in mine..and bring it up with out it being taxed.

I want to say no. But i am afraid of the right in the family and the fact that he is also my family in Canada and my mother wants me to do this. My husband has said no way. Its like money laundering and once i transfer money from my account to his in Canada they will know and I will be locked up.

BTW I am indian and my uncle can be a real hater. I am really scared to say no.

How can I show him I can't do this without jail time? Any links to laws or how a person has to declare? How can he send the money up without it being taxed and without my involvement. I am looking for a brick wall out of this problem.

 

[bobshynoswife]

I'd do it, but I'd charge a hefty fee. ;D

Seriously though, if you don't want to do it, just say becoming a Canadian PR is so important to you, you can't risk doing anything illegal.

 

[PMM]

Hi

i am having a huge problem.

my uncle who has a pr wants me when i am coming up to canada to declare more than triple what i currently have in money so that he can bring up some of his money from home without getting taxed.

i want to say no...but i am afraid of the rift in the family and my mother wants me to do this for her brother.

how do i get out of this?

Why doesn't he just transfer it himself? There are no taxes on money transferred to Canada.

 

[HoneyBird]

he didnt declare his money when he landed.
if you dont declare it, then they tax you when you want to transfer.
I dont know if this is true or not
but i am really worried.
when you land do you have to show them papers showing how much money you have in the bank or is it that you can just call out certain amount?

 

[HoneyBird]

i am really scared of messing up my pr and i just want to know if this is true what my hubby is saying..that its illegal.

 

[PMM]

Hi

he didnt declare his money when he landed.
if you dont declare it, then they tax you when you want to transfer.
I dont know if this is true or not
but i am really worried.
when you land do you have to show them papers showing how much money you have in the bank or is it that you can just call out certain amount?

No it is not true, as I said there are no taxes on money transfers to Canada. You need to show proof of funds at "landing" but not if you are being sponsored as a spouse/dependent.

 

[HoneyBird]

k. is there a link that says there is no taxes on money transfered from his bank in trinidad to his bank in toronto?

 

[HoneyBird]

also if i leave some money behind, and take only some up, do i have to declare all?
my hubby and i are having some arguments about that right now. i am very stressed because he does not understand why i want to leave some behind (its rain money for me...if things dont go well in canada..at least i have something to come back to if i have to return to trinidad).

 

[AllisonVSC]

Honeybird,

The only thing you have to declare at landing is CASH over $10,000 CAD. You only have to declare cash amounts that high, not your personal net worth! You can move your money around as you want; so can your uncle. But, as Bob's wife said, you could offer to do it for him for a nice hefty fee, say 15%, with a clear legal conscience, lol.

And I heartily concur that you should leave some at home. I left my bank accounts opened in the US after I landed and I`m so glad I did. I can`t tell you the number of little costs for things I needed after I landed; driver`s records, marriage certificate, diplomas and transcripts to get my credentials certified, etc. It is so much easier to pay for these items using my debit/credit cards from home.

Allison

 

[lynw]

Sounds like either your uncle has the wrong end of the stick or he's trying to launder money for other reasons than non-existent "import" taxes. I would get hold of some generic banking information on how to make international money transfers, pass it over with a smile and suggest he does it himself.

 

[humtum143]

DUDE DONT DO IT UNLESS YOU WANT TO BE INVESTIGATED BY ANTI-TERRORIST TEAM AND BE DETAINED FOR MONTHS DONT BE STUPID AND USE YOUR BRAIN

 

[iarblue]

He can also transfer money to Canada through money Gram.There is a little fee for the transfer but thats it.
And through banks too,there is many ways to do it legally why would anyone ask you to do something that can be done by them easily.

 

[humtum143]

amounts over $2999.00 entering in canada are Subject to investigation by the rcmp Read more on www.grc.ca

 

[steaky]

Besides if your uncle have HSBC premier account set up in both countries, he can enjoy free wife transfer. The 15% hefty fee is waived. That's what I'm going to do if I have large amounts of money from one country to Canada of which HSBC has branches.

 

[humtum143]

Good Point Steaky i did the same