newtone said:
You could carry less then $10,000 in cash or travellers cheque. Make sure you dont carry more than $10k otherwise they'll impose tax. This is the rule for immigrants, If they havent stipulated how much you need to carry they just carry about couple of hundred dollars and keep your bank statement and proof of funds in your carry on incase they want to see it. Its understood that you dont have a canadian bank account yet and you'll have to open one once they let you in
Hope this helps
This information is false. There are no penalties, taxes, duties, or prohibitions on cash you bring into the country. There is simply a requirement that you DECLARE any amount in excess of $10,000 when crossing the border. This includes
entering as well as
leaving the country This applies to cash or other forms of negotiable instruments, such as traveler's cheques or bearer bonds. The process is completely painless. Simply fill out Form E677 (if the money belongs to you) or Form E667 (if you are couriering the money for another individual or a business) and submit it to CBSA official when crossing the border. The penalty for NOT declaring money in excess of $10,000 that you carry with you when crossing the border can be quite severe (up to and including forfeiture), but there is no penalty nor any kind of tax nor service charge whatsoever for transporting more than $10,000 provided you simply fill out and submit the aforementioned form. By law, the information regarding money transfers (the E677 and E667 forms) is only reported to
The Financial Transactions and Reports Analysis Centre of Canada,
(FINTRAC) and to Interpol, and
NOT to CRA (Canada Revenue Agency).
Note: In 2007, Canada enacted the
Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Most other nations (including the U.S., most of Europe, etc.) passed similar laws in order to help combat money laundering by organized crime (drug syndicates) and try to combat money transfers to terrorist organizations.
This is the reason that amounts in excess of $10,000 must be declared when crossing borders of any signatory countries. Incidentally, the same law also requires all banks and other financial institutions to monitor and report any single CASH deposit that exceed $10,000 as well.
Hope this helps
