New PR wants to bring my money

[redbulldz]

Hello,

I am a new resident in Manitoba (9 months). when i landed i had a certain amount of money with me but i had to leave around 50K in my home country due to some foreign currency restrictions.
Now i would like to bring this money here, the issue is that due to the regulations in my home country, i can't have a transfer. I have only 2 options : bring this money in cash through friends or ask for a transfer from Dubai.

I do prefer the 1st option as it costs less but my fear is how to declare it here ?
My second worry is taxes. Will i be taxed when i put it in my bank account ?

Thanks for your support

 

[spyfy]

You are mixing up taxes and customs/duty.

Taxes are levied at the moment you earn the money. So this is out of the question. No taxes.

Duty is levied when you import goods into the country. Generally, money isn't a good and therefore, customs is not paid for it.

Still, when crossing the border, you have to declare any amount exceeding 10,000 Dollars in cash which would be the case here. At that moment, the customs officer might ask question like "where is that money from, how was it earned, is it your money,..."

If you carried your own money with you, that shouldn't be a problem. You can just say it is your savings and done.

I don't know/have no experience regarding this when someone else brings your money with them. They will have to state that they bring the money for a friend but that might raise suspicions. It might be worth checking with someone else.

Long story short: It is totally legal and duty-free to bring money into the country. But you have to convince the customs officer that it's not part of money laundering.

Most importantly: Never ever lie to the customs officer. They worst thing your friend could do is bring the money and then claim it is his.

 

[Bs65]

Hello,

I am a new resident in Manitoba (9 months). when i landed i had a certain amount of money with me but i had to leave around 50K in my home country due to some foreign currency restrictions.
Now i would like to bring this money here, the issue is that due to the regulations in my home country, i can't have a transfer. I have only 2 options : bring this money in cash through friends or ask for a transfer from Dubai.

I do prefer the 1st option as it costs less but my fear is how to declare it here ?
My second worry is taxes. Will i be taxed when i put it in my bank account ?

Thanks for your support

Seems obvious but make sure the friend (s) has all the necessary proof to hand to show the cash is legitimate even though it is yours not theirs whether a copy recent bank statement showing an equivalent amount being withdrawn or some official receipt.

Easy to over think these things but keep in mind it is your friend who is facing Customs not you so they will be on the spot for any issues if any. Plus the friend apart from declaring all your cash if total over 10k, so ALL cash including the first 10k, the friend should also include in the total any of their personal cash given customs will assess any cash presented in the total not just yours.

As said is easy to over think things but as long as everyone follows the rules, declares , is honest and can show legitimate ownership should be fine.

 

[NetMecca]

I agree with the previous comments.

Taxes, unless the 50k was earned (new income) since you move to Canada, you need not worry about paying taxes. Just because you are moving the money to Canada does not make it income, if you already had it before.

Declare over 10k amounts and legal ownership of cash should suffice on the Canada side.

If you still have concerned I would suggest you speak to Canada border services. Ask them what they require to bring 50k into the country in Cash. They will tell you for sure.