Should my parents report funds already in Canada banking account in landing??

[realcheese]

Hi Folks:

My parents will be landing in Canada soon as PR. They are planing to open a Canada banking account and transfer funds to it before landing.
Should they report the amount of funds in the banking account to CBSA or immigration officer in landing ? or only need to report the money carried with them ? Thanks in advance !!

 

[zardoz]

Only what they are carrying with them through Customs.

 

[realcheese]

Thanks Zardoz ! I have another question. My parents have long term deposit and retirement funds in home country and they cannot bring them to Canada in landing this time. Can they list them in the GOODS to Follow and transfer them to Canada at a later time? If they can't list them in the GOODs to Follow, will any tax apply to those funds when they transfer them at a later time?

 

[zardoz]

As far as I am aware, there is no tax implication on transferred funds. I don't think that you have to include them as part of "goods to follow" as they are not goods. You may have to be able to prove the source of the funds is legitimate and not the result of criminal activity.

 

[steaky]

Once they became residents for tax purposes, they have to declare their overseas assets (in excess of a certain amount) in their annual tax returns and any income they earned. Other than that, they do not include them as part of goods to follow. Money is not goods.

 

[realcheese]

Thanks your help !