Moving to Canada after one year out side Canada

[Mustafa100]

Hi,

me and my family landed for the first time in Canada in Jan 2015, and we left Canada in April 2015, I'm moving permanently in June 2016

in my first landed I prepared list of goods to follow , but the officer in the airport told me they are not accepting to add money to the list,

can some one help me with the below questions

I need to take my savings to Canada, what is the best way to transfer from UAE - Dubai? how much maximum cash I can take with my and my family?
we are 4, two adults and two kids ( 1 and 3 years old ) Can we take 40000 CAD with us as a cash ( 10000 CAD per person ).is it ok?
if we take more than that amount, do we have to pay taxes or any thing in the airport?
I don't want to transfer the money to my account in Canada ( RBC ) as I heard if I have some money in the bank I might not get loans ( student loan for studying ) is that correct,
what about gold , my wife has some gold and ( small pieces ) are they going to ask about them,

Thanks and regards,

Mustafa

 

[torontosm]

Hi,

me and my family landed for the first time in Canada in Jan 2015, and we left Canada in April 2015, I'm moving permanently in June 2016

in my first landed I prepared list of goods to follow , but the officer in the airport told me they are not accepting to add money to the list,

can some one help me with the below questions

I need to take my savings to Canada, what is the best way to transfer from UAE - Dubai? how much maximum cash I can take with my and my family?
we are 4, two adults and two kids ( 1 and 3 years old ) Can we take 40000 CAD with us as a cash ( 10000 CAD per person ).is it ok?
if we take more than that amount, do we have to pay taxes or any thing in the airport?
I don't want to transfer the money to my account in Canada ( RBC ) as I heard if I have some money in the bank I might not get loans ( student loan for studying ) is that correct,
what about gold , my wife has some gold and ( small pieces ) are they going to ask about them,

Thanks and regards,

Mustafa

Let's start with the cash. There is no need to list money on the goods to follow as it is not taxable when you bring it into Canada.

Each person can carry up to $10,000 (in all currencies combined) in cash or equivalents without declaring it. For anything over that amount, you must declare it. If you do declare it, you will not have to pay tax on it, but will rather be questioned as to the source of your funds. If you can show a withdrawal slip from a bank in the U.A.E., that would be fine as evidence that the money is "clean".

As for not getting loans if you have cash in the bank, I know that the banks don't care either way (and will probably be more likely to lend you money if you already have funds with them). As for student loans, i believe it's based on income, but I'm not entirely sure.

Finally, did you list the gold on your goods to follow? If not, then you will be taxed on it if caught.

 

[Mustafa100]

thank you torontoms for the detailed replay,

 

[Anuradh]

Hi,our situation is exactly same,we did short landing in 2015.now we are moving permanently in august 2016.At the time of landing we told the officer that we will bring some gold next year but he anly mentioned marriage ring and necklace at the form.But we have more gold than these items. plz suggest how can we take that

 

[next2015]

You can carry the gold with you, but you'll have to pay taxes on it.
Any item that was not included on the "goods to follow" list you submitted on landing, is taxable.

If you didn't submit such a list, you can make one now, and attempt to submit it on arrival. A few members on this forum have done so successfully.

All the best.

 

[Bs65]

thank you torontoms for the detailed replay,

you may already have landed but personally i would transfer the 40 k through a bank as opposed to coming with cash. Even though there are 4 of you can you persuade someone that a 1 year and 3 year old have 10k cash each in hand as opposed to all belonging to the parents ? Maybe i am over thinking it but having money in the bank can only be positive to get a loan.