Savings of spouse entering as visitor

[wyho007]

I'm a Canadian citizen living abroad, currently sponsoring my wife for PR. We want to move in a few months regardless of the approval and if needed, for her to wait in Canada while processing.

We're confident that she will be approved within 6 months from our entry date and she'll do a flagpole when COPR is received. The plan is that she won't visit her country of origin for at least 2 years. In this case, how could she transfer her savings into Canada? We live in a country where all transfer of money needs to be done in person.

Anyone having similar experience and can shed some light? Thank you!

 

[mad_hatter]

I'm a Canadian citizen living abroad, currently sponsoring my wife for PR. We want to move in a few months regardless of the approval and if needed, for her to wait in Canada while processing.

We're confident that she will be approved within 6 months from our entry date and she'll do a flagpole when COPR is received. The plan is that she won't visit her country of origin for at least 2 years. In this case, how could she transfer her savings into Canada? We live in a country where all transfer of money needs to be done in person.

We thought of 2 options but not sure which one is easier with CRA or does it matter:

1. She transferring all her money to her mother before she goes to Canada and have her mother transfer the money back to my wife after flagpoled and have a Canadian bank account.

2. She transferring all her money to me before our move and I'll transfer her back the money after she flagpoled.

Anyone having similar experience and can shed some light? Thank you!

Is there a HSBC branch at where you live? If there is one, open an account at HSBC. When you arrive in Canada, open another account at your local HSBC branch. You can transfer funds between these two accounts electronically via HSBC Global Banking.

 

[mad_hatter]

Well, there is but it doesn't allow any transfer of money if account is less than 6 months old. Also, local country doesn't have access to global banking network. To deposit money just onto this global banking network costs me the same as sending telegraphic transfer to Canada. Even if I'm willing to pay, that's 6 months later and all the money I hold there cannot earn interests.

I know, it's ridiculous but it is what I was told and confirmed by a few personnel at the HSBC here.

Without knowing where your wife is currently residing, I cannot offer a good solution.

I am not sure why your local HSBC personnel told you that you cannot transfer funds for six months and cannot earn interest on your deposit. That is certainly not my experience. May be what you need to do is talk to the bank manager. Tell him/her that you want a HSBC Premier account. With a Premier account, HSBC can even open an account in Canada for your wife before she even set foot in Canada. HSBC can even transfer her credit history to Canada.

I would advise against transfer large sum of money to your mother-in-law as this would send a flag to CRA. Sure, you have a good explanation. My personal preference is avoid CRA's attention if I can help it.

 

[mad_hatter]

I'm a Canadian citizen living abroad, currently sponsoring my wife for PR. We want to move in a few months regardless of the approval and if needed, for her to wait in Canada while processing.

We're confident that she will be approved within 6 months from our entry date and she'll do a flagpole when COPR is received. The plan is that she won't visit her country of origin for at least 2 years. In this case, how could she transfer her savings into Canada? We live in a country where all transfer of money needs to be done in person.

We thought of 2 options but not sure which one is easier with CRA or does it matter:

1. She transferring all her money to her mother before she goes to Canada and have her mother transfer the money back to my wife after flagpoled and have a Canadian bank account.

2. She transferring all her money to me before our move and I'll transfer her back the money after she flagpoled.

Anyone having similar experience and can shed some light? Thank you!

As for transfer her money to you will depend on whether you are a non-resident for tax purpose. If you are, then it can be a good solution. It is a trust issue.

 

[steaky]

Well, there is but it doesn't allow any transfer of money if account is less than 6 months old. Also, local country doesn't have access to global banking network. To deposit money just onto this global banking network costs me the same as sending telegraphic transfer to Canada. Even if I'm willing to pay, that's 6 months later and all the money I hold there cannot earn interests.

I know, it's ridiculous but it is what I was told and confirmed by a few personnel at the HSBC here.

I thought you opened a HSBC Premier account in Hong Kong! I have that account and it can be connected to my Canadian one through the global view banking network (without 6 months waiting time). Just deposit money in Hong Kong, then login to either the Hong Kong or Canadian HSBC internet banking, you would find the link to Globalview. Once in the global view screen, you can begin your free and instant money transfer. The people you spoken to at HSBC probably did not know this.

I use globalview to transfer my funds between Canada and HK quite often.

 

[mad_hatter]

Ai... I'm in Macau. It's hard to explain... Macau is being tagged as the sin city and so all people from Macau are being stereotyped as money laundering suspects when people forget there are local people holding decent regular office jobs serving tourists and local legitimate businesses.

Macau has weird rules (banks, government, companies you name it) no body believes exists and local people have been putting up with all along. Well, one of the reasons why I decide to leave this place.

I know a HSBC HK account is convenient but not when my money currently sits in Macau but not HK.

It should be easy for you wife to hop over to HK and open an account using her Macau ID card. Once she has an account, just TT the money over to HK.

 

[wyho007]

It should be easy for you wife to hop over to HK and open an account using her Macau ID card. Once she has an account, just TT the money over to HK.

Well, I know I can do this. Only when the bank fees is 0.1% to the total amount transferred. I just want to find other options.

 

[mad_hatter]

Well, I know I can do this. Only when the bank fees is 0.1% to the total amount transferred. I just want to find other options.

If you are banking with HSBC, all you need to do is to purchase Canadian dollar from them. If you do that then your TT fee is only HKD 230.