Proof of fund and reporting funds above 10k

[jobalistic]

Hi

I would assume that most folks in this dicussion would need to report their proof of funds upon arrival at the port of entry. I read some of this information from the Canadian embassy website and discusses the form number we can use. However may I ask what the purpose is for reporting it? Is it subject to Canadian tax or is it just mainly for reporting purposes?

Also would a bank certificate be acceptable as a proof aside from money and/or traveler's cheque, and how current should the certificate be (at least a week before going to Canada?)

Thanks

 

[PMM]

Hi

Hi

I would assume that most folks in this dicussion would need to report their proof of funds upon arrival at the port of entry. I read some of this information from the Canadian embassy website and discusses the form number we can use. However may I ask what the purpose is for reporting it? Is it subject to Canadian tax or is it just mainly for reporting purposes?

Also would a bank certificate be acceptable as a proof aside from money and/or traveler's cheque, and how current should the certificate be (at least a week before going to Canada?)

Thanks

1. It is not taxable, it was introduced to help prevent money laundering, don't forget if exiting the US, it has to reported to US customs as well.
2. Bank Certificate should be fine, if the IO is feeling frisky, they may make you go to an ATM in the Airport and current date balance from your account.

PMM

 

[malwa09]

Hi Friends !
Just need some information regarding proof of funds.

I provided the proof of funds in the form of Fixed Deposit(FD) but the FD benefits are very negligible. Now I want to break those Fixed Deposits and convert them into other(Better) Fixed Deposits.

My point is that, will it be OK if I do so and send them(CIC, New Delhi) with new FD papers or shall I wait till the end of the process.


I will be glad to have any advice.


regards and good luck to all.

malwa09

 

[nano24482]

@ malwa09

Do not post your querry on all posts expecially if someone else have raised a question.
Start a new thread for your querry.
Have patience. You'll need lots of it.

 

[Cappuccino]

Hi

1. It is not taxable, it was introduced to help prevent money laundering, don't forget if exiting the US, it has to reported to US customs as well.
2. Bank Certificate should be fine, if the IO is feeling frisky, they may make you go to an ATM in the Airport and current date balance from your account.

PMM

We have funds in a savings account which doesn't have a bank card. Since we're planning on leaving most of our funds in our UK account when we land (will come back to UK and sell the house after that). We were planning to just take bank statements for the savings account. Should we look at transferring the funds into a current account so we can provide a balance at an ATM if needed? And will Canadian ATMs provide balances of UK accounts?

Wayne.

 

[Baloo]

We have funds in a savings account which doesn't have a bank card. Since we're planning on leaving most of our funds in our UK account when we land (will come back to UK and sell the house after that). We were planning to just take bank statements for the savings account. Should we look at transferring the funds into a current account so we can provide a balance at an ATM if needed? And will Canadian ATMs provide balances of UK accounts?

Wayne.

Carry a bank draft for the amount and then return it to your account when you get back to the UK
What about getting a statement from your bank manager attesting the amount?