Moving to Canada after few years of landing - Transfer money

[asc456]

Dear All,

Hope everyone's doing well. I was wondering if someone could help me with my queries regarding money transfer. I have a big amount in my current country of residence and the source is my income and inheritance. How do I transfer this to my Canadian bank account without any issues? What is the best way? Can I wire the money in one shot? Will they stop the transfer and ask questions that may not be easy to answer? I am sending USD to USD account. What are the tax implications? I have never filed a tax return because I was not living in Canada after my landing and the only ties I have to Canada are: Driver's license (G1) and a bank account. So I should be non resident for tax purposes. But I did not declare my status. I have done one landing and visited couple of times but all that would account for a total of few weeks over few years. Please advise.

 

[asc456]

Dear All,

Could anyone please help me with the query?

 

[steaky]

Dear All,

Hope everyone's doing well. I was wondering if someone could help me with my queries regarding money transfer. I have a big amount in my current country of residence and the source is my income and inheritance. How do I transfer this to my Canadian bank account without any issues? What is the best way? Can I wire the money in one shot? Will they stop the transfer and ask questions that may not be easy to answer? I am sending USD to USD account. What are the tax implications? I have never filed a tax return because I was not living in Canada after my landing and the only ties I have to Canada are: Driver's license (G1) and a bank account. So I should be non resident for tax purposes. But I did not declare my status. I have done one landing and visited couple of times but all that would account for a total of few weeks over few years. Please advise.

Contact your bank if you can wire transfer in one shot and if there will be delay. Sort with CRA about your tax status.

The best way for many in the forum is through HSBC Globalview.

 

[teas]

Dear All,

Hope everyone's doing well. I was wondering if someone could help me with my queries regarding money transfer. I have a big amount in my current country of residence and the source is my income and inheritance. How do I transfer this to my Canadian bank account without any issues? What is the best way? Can I wire the money in one shot? Will they stop the transfer and ask questions that may not be easy to answer? I am sending USD to USD account. What are the tax implications? I have never filed a tax return because I was not living in Canada after my landing and the only ties I have to Canada are: Driver's license (G1) and a bank account. So I should be non resident for tax purposes. But I did not declare my status. I have done one landing and visited couple of times but all that would account for a total of few weeks over few years. Please advise.

Hi there. If you're sending a large amount of money I think the best way to do it is using a Foreign Exchange Broker as they normally have no or low fees and can help with things like exchange rate timing which can make a big difference if we're talking huge sums of money. If it's not a huge amount of money then probably the best option is one of the online currency transfer specialists firms. There's a good article here that discusses some of the options and what to look out for.

Sorry I'm not sure on the tax implications though.

Hope this helps!

 

[ajj123]

hi There, not sure if this helps. My husband and I used wise.com to get best exchange rate. And we started with smaller amounts, to bigger amts transfer. It was better than wire transfer thru banks charging more $$.

 

[asc456]

Thanks a lot for all the advise.