New Immigrant - What is the maximum $ you can bring?

[AtulW]

Hello,

My brother-in-law just got immigration under skilled category.

What is the maximum amount of cash/Traveller cheques he can bring. I know that if you have more then $10,000 you have to declare it.

My question is more around tax, when you are doing your landing you are allowed to bring all personal affects without tax. So two questions:
1. If he was to bring in $100,000 in bank draft at the time of landing , will there be tax on it?
2. If he does not bring the money at time of landing but brings $100,000 next year from India, will there be tax on it?

Any inputs will be appreciated.

Thanks
Atul

 

[steaky]

No tax even if you bringing ten million canadian dollars but you need to declare

He can do it later if he wants to! Money is not included in Personal effect, btw.

 

[AtulW]

No tax even if you bringing ten million canadian dollars but you need to declare

He can do it later if he wants to! Money is not included in Personal effect, btw.

Thanks Steaky

 

[Gary Goldshmidt]

If you are from India it is even easier Bank of India and ICIC both have physical branches here in Ontario I don't know about elsewhere I would contact them that way you can access your money any time here in Canada and if you choose still deal with Indian institutions.

 

[seton]

If you are bringing more than $10,000, then you should be prepared to show where the funds have come from. There isn't a limit, but anti-money laundering laws raise flags for customs to ensure that you aren't laundering funds.

 

[Gary Goldshmidt]

Anti money laundering is only a concern for criminals not honest people who want to bring in money. Yes there disclosure that is required. As far as $10,000 that is only for cash deposits.

 

[seton]

As far as $10,000 that is only for cash deposits.

Not necessarily, it is for any financial instrument that can be non-cash (e.g. cheques, bonds, notes, stocks).

 

[Gary Goldshmidt]

I have many clients that immigrated to Canada, I have never seen the Canadian Government discourage people transferring their assets to Canada. The Canadian government wants immigrants to bring their money and investments so they can be taxed and invested to benefit the Canadian economy. There may be other rules in place but for the super wealthy but this is tax not immigration and is usually handled by tax lawyers. There are law firms in Canada that specialize in international tax and this is the realm of CRA not immigration.

i can tell you our office has dealt with many police officers that immigrated from the UK to Canada and not only were they able to transfer their personal assets but also their pensions.

 

[seton]

I have many clients that immigrated to Canada, I have never seen the Canadian Government discourage people transferring their assets to Canada. The Canadian government wants immigrants to bring their money and investments so they can be taxed and invested to benefit the Canadian economy. There may be other rules in place but for the super wealthy but this is tax not immigration and is usually handled by tax lawyers. There are law firms in Canada that specialize in international tax and this is the realm of CRA not immigration.

i can tell you our office has dealt with many police officers that immigrated from the UK to Canada and not only were they able to transfer their personal assets but also their pensions.

You should re-read my answer - I never said that you couldn't, I just said that you had to declare it (including non-cash instruments).

 

[Gary Goldshmidt]

If you bring the physical certificates or bonds yes you would have to declare it, however we live in a electronic world transfers are usually done electronically. In the old days people would deal with physical certificates or bonds, today this is rare unless you want to frame a picture with a really nice certificate.

 

[maina]

No tax even if you bringing ten million canadian dollars but you need to declare

He can do it later if he wants to! Money is not included in Personal effect, btw.

thnxx steaky

 

[digits]

No tax even if you bringing ten million canadian dollars but you need to declare

He can do it later if he wants to! Money is not included in Personal effect, btw.

Do you have any reference where I can find this ? I am a bit in a similar situation. Is there a time limit before which you can transfer it tax free ?

Thanks

 

[steaky]

Do you have any reference where I can find this ? I am a bit in a similar situation. Is there a time limit before which you can transfer it tax free ?

Thanks

I read this information somewhere in Department of Finance Canada website. No, there's no time limit.

 

[Gary Goldshmidt]

Here is a direct link to CRA website with information for new immigrants

http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nwcmr-eng.html

You may also contact them directly. It may also be advisable to get advice from a CA or CGA who has experience in this area. There are many international accounting firms that have resources and expertise in dealing with international tax. Like anything else you need to figure out what is best suitable for you and the amount of money you are planning to transfer and any tax implications on other asset you are not transferring like real estate, business interests etc...

This is a complex topic I typically refer my clients to tax lawyers that specialize in this area, in many cases you are dealing with taxation in multiple jurisdictions.

 

[pokanad]

I came to canda few months ago with much bigger amount and it was not an issue. but as steaky mentioned you need to declare.