Savings from UK to Canada (just received PR approval)

[WeegieInOttawa]

Just last week I received approval on my PR application (common law outland but I am already living in Canada) and am just waiting on my COPR paperwork in the mail.

I have a decent amount of savings in the UK (where I'm from) that i want to bring over (around 40K CAD)

I have transferred a few small amounts over the past year using Transferwise just direct from my UK account to my Canadian one. I will need to look into what the max amount transferwise will let you do is though as i suspect 40k may be too much.

Will i be taxed on anything i bring over here? I will probably be "landing" at the nearest land border or at office downtown Ottawa so bringing it over from the UK in person/declaring at customs at airport isn't going to happen.

Are there any "better" ways to bring my funds here?

A bit clueless in this area so any help much appreciated.

 

[musicholic]

You can open a bank account from the top 5 banks. However, you can only deposit money into that account and can use the funds once you land and visit the bank. Check out all the top 5 banks Pre-arrival services. Also, you won't be taxed on it.

 

[WeegieInOttawa]

You can open a bank account from the top 5 banks. However, you can only deposit money into that account and can use the funds once you land and visit the bank. Check out all the top 5 banks Pre-arrival services. Also, you won't be taxed on it.

Have been in Canada since 2012. Already have a Scotiabank account.

 

[Monika06]

Can you not just keep it on the uk bank account ? We’re selling a property in the UK and I’m planning to keep my uk bank cards and accounts open while I’m living in Canada . Maybe just transfer smaller amounts as I need to