hammad_mahmood said:
I am coming to Canada for first visit. As required, I have to show balance CAD $20,654 being the family of four with two kids.
Should these funds be in CAD or it can be some other currency like US dollar equivalent to such CAD. Can anybody in this forum confirm this?
You can also bring these funds in US currency but do remember the most important rule that you cannot bring more than 10'000 CAD (CASH) in Canada. First you have to notify the concerned department. Kindly do some research about it.
You have to report to a border services officer amounts equal to or greater than CAN$10,000, or its equivalent in a foreign currency that you are bringing into or taking out of Canada.
Bringing Your Money to Canada when Moving
You have a lot to take care of when moving to a new country. Bringing along your funds is one of your top priorities.
There are many ways for you to bring your money to Canada. One convenient way is to wire transfer the funds directly to your bank account in Canada. You just need to open a Canadian bank account right after you arrive and you can then send your money to this account. A fee may be required, so check the details before making the transfer.
You can also arrange for an International Money Order while in your home country, bring it with you and deposit it into your bank account in Canada. Be aware that it takes longer for banks to clear an International Money Order to make funds available to you. In case you decide to bring cash with you, there is no limit on the amount. However, everyone who brings cash in excess of C$10,000 is required to declare it.
CIBC accepts both Plus and Visa Networks for a cash withdrawal. Check with your bank at home to understand the fees and restrictions, e.g. daily withdraw limit.
When should I transfer my money?
Before you arrive in Canada, make sure you bring either a statement of a Canadian bank account or cash, money order, or other negotiable instruments. Plan ahead to give yourself enough time to arrange the money transfer or to exchange foreign currency.
How much should I bring?
The government requires minimum funds to support yourself and your family after landing in Canada. Skilled workers need to prove to an immigration officer when they land in Canada that they have at least $11,115 for each person or $17,011 for a family of three. For the most up-to-date information and more details, check the Citizenship & Immigration Canada website.
Finally, the living costs may vary by the location you choose to live in. Regardless of where you choose to settle, you should budget your expenses to cover at least your first 6 to 12 months.
