QUESTION TO PMM OR LEON regarding transfer of funds over 10k

[MARLENA]

My husband in process of transferring over 10k to his account in Canada. He is landing at the end November.
Should he declares the transfer of funds?
I appreciate your response.

Thanks,
Marlena

 

[Al.Abed]

um... nah dont declare it. I'll send you my account number via email and you can transfer as much as you want into it

I'll give it back.... i promise....

 

[PMM]

HI

My husband in process of transferring over 10k to his account in Canada. He is landing at the end November.
Should he declares the transfer of funds?
I appreciate your response.

Thanks,
Marlena

Assuming it is an electronic transfer between banks, he doesn't have to report it, as the bank does,

PMM

 

[MARLENA]

Thanks PMM. Do you mean the bank will report this transfer to CBSA even if it's joint account (under both name mine and his). Does it matter if the transfer took effect before his landing???
Al.Abed the only time you will see some money going to your account perhapsif I win the lottery :0) but I appreciate your response.

 

[PMM]

Hi

Thanks PMM. Do you mean the bank will report this transfer to CBSA even if it's joint account (under both name mine and his). Does it matter if the transfer took effect before his landing???
Al.Abed the only time you will see some money going to your account perhapsif I win the lottery :0) but I appreciate your response.

No, the bank reports it to FINTRAC not CBSA. It doesn't matter when it was transferred, all transactions over 10K are reported to FINTRAC http://www.fintrac-canafe.gc.ca/fintrac-canafe/definitions/money-argent-eng.asp

pmm