money money money money

[lynw]

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

I don't see it - could you post a more specific link please? I don't see how the RCMP would keep on top of all international payments into Canada over that amount. They must be busy bunnies if this is true!

 

[iarblue]

Well i transfered money back and forth from here to Brazil and back again and it was well over $2999.00 not once was it questioned and this was through money gram,as long as you keep it below $10000 you dont have to answer anything.
If you do over the $10000.00 then you have to give reasons where it is coming from.Even if you transfer through a bank and it is over $10000.00 they will question where it came from.Unless they see it coming from one bank of yours to a bank of yours.

 

[jancath410]

The onus is always on you. If you transfer over $10,000 bank to bank, you may get a call from the bank asking you more information about this transfer. If you divide the amount, they may still ask you even if it's less than 10K. You would always have to prove where the funds came from. Unfortunately, financial institutions are now strict with these transfers because of the Anti-Terrorism and Anti-Money Laundering. They are to report both significant transactions (over 10K) and Unusual Trasaction (could be less than 10K but if they find that the transaction is unusual they will report as well). At the end if the funds are clean, then you will have no problem. And no, Canadian Tax Act do not tax existing funds, gifts, etc. They only tax income made from those funds, if any. Hope it helps!

 

[Glogirl68]

I am not sure about Money Gram if they follow the same Compliance Regulations as Western Union and any company who has Western Union. But even if you are wiring $1000 or more it is recorded. FINTRAC has excess to all this and does monitor this. Sounds like your uncle is looking for you to do some dirty work for him. Whatever you decide just be careful.

 

[HoneyBird]

thanks for the info.
the thing is he is pr (his whole family is pr) but he is the only one living in Trinidad. So he comes and goes back and forth between two countries. He is due to retire soon and he will get a cash lumpsum from his workplace and thats what he wants to bring up. I dont know why he wants me to bring it up for him, i dunno. But it got me thinking of my finances and i will do research on tis further.

 

[iarblue]

Yeah that i dont understand if it is a lump sum for retiring from a job then he has proof from where it came and he would have no problem bringing it in?SO he is either lying to you or something else is up as there is no reason he cant have it sent and have the proof of where it came.If you come into Canada with a crap load of cash they are going to question the hell out of you if he transfer it they will ask where it came from and he has the proof.

 

[alibaba]

with all due respect, your uncle is dodgy and he is emotionally black mailing you by involving your mother in this matter. Just say no and be assertive, think if something goes wrong you will regret it for the rest of your life. Now the decision is yours

cheers

 

[jancath410]

If this is retirement money, then he should have proof of where it came from. He can transfer the money with no problem. How is he planning to get it from you? Because he might get asked anyway where he got the money and then asked you where you got the money...it will just go around in circles...If his plan is to put the money on your name for now and it's significant then, he might be avoiding taxes on the return it's going to make. You will be the one responsible for claiming taxes since it's in your name. I wouldn't do it either.

 

[BeShoo]

he can enjoy free wife transfer

That better be a typo!

Anyway, I wouldn't take your uncle's money for him. If there's any chance that you doing it will cause trouble, you can't risk it! I'm sure your uncle can find a perfectly good way of doing it himself.

 

[canadianwoman]

He's probably trying to avoid income taxes on it. If Canada doesn't know about it, he can avoid a lot of tax. Anything over $10,000 is supposed to be reported at the border or airport. Wire transfers of that amount or more may be questioned. They're not illegal, though - if you have an explanation of where the money came from, they'll let you transfer it.
How much is the uncle asking you to take? If it is too much, it will at the least cause hassles for you.

 

[HoneyBird]

okay canadian woman are you saying then that he can transfer the money over without charge, but when he has to file income tax, he has to declare it.
Therefore even if i bring up the money for him and then transfer to him, he still has to declare, becauseit would pass through the banks not so?

 

[HoneyBird]

oh crap ^^^^ in continuing the above post.
Does this mean when I bring up this money, I will be income taxed on it?

 

[canadianwoman]

Let's say he wires $20,000 to his bank in Canada from overseas. This amount of money will be reported to the authorities. Someone may come question him about it. When he does his income tax, he is supposed to report world-wide earnings. He can claim that he was just transferring money, not earning it, but Canada Revenue may investigate further and see that it is earnings, which they will then tax.
If he wires the money to you, the government will again be notified. They'll want to know where you got it, and Canada Revenue may treat it as earnings, which means you will be taxed on it. You could claim it was a gift, or that your uncle transferred it to you and it is not earnings, but the tax authorities probably won't believe it is a gift, and if you tell them your uncle transferred it to you, they will see that your uncle is trying to avoid tax.
If you really want to do it, take a bit less than $10,000 in cash with you, and then give it to your uncle when you arrive. He can then transfer a bit less than $10,000 to his own bank account in Canada. This gets him up to almost $20,000. If he wants to transfer more, he'll have to do get other 'mules' to carry it for him.

 

[aralgod]

There seems to be quite a bit of misinformation about transferring money. Go to the website "Settlement.org" . It is a government website, you will get all the information you need about transferring money.
Hope this helps