Soft landing

[tanya_sharma]

I am planning to do soft landing and have some queries.

1) Wealth declaration- Should I declare all of it at this time? In case I want to bring them in later at some point. Will there be some tax on this? And do we need some proofs for the amount shown?

2) Property and Jewellery valuation- Do we need to get a proper valuation done for our property and jewellery? And is there any duty charge if it values more than CAD 10,000?

3) How and what will be the best way to bring money to Canada as a new immigrant?

4) PR CARD- If I get my PR card delivered to some relative in Canada. The next time I go to Canada, can I enter without my PR card?

 

[next2015]

1) No, you’re expected to declare any cash you have on your person, if it exceeds CAD10,000. For proof of funds, you only need to present a document that proves you have the minimum amount required as defined for your family size. It’s not about declaring your net worth, and no, you’ll not be taxed.

2) For jewelry, you’ll need proper valuation if its high value. For any property you intend to import into Canada, you don’t need proper valuation. Simply estimate the value of each item - assume you’re selling say your TV set today, how much would you accept for it? That’s the value you indicate on your GTF forms. There are no duty charges on the property and jewelry so long as you get your forms signed off by customs, regardless it’s value.

3) There’s no defined method. You can choose from the standard options offered in the global banking system e.g ETFs, Drafts, Travellers Checks, Cash etc. If it’s a legal method, its fine.

4) You can’t enter Canada without a PR card, if you’re a landed immigrant. The only exception is if you enter through the US-Canada border which requires you enter the US (think visa if you’re not a citizen of an exempted country). Your relatives can mail you the card.

All the best.

 

[Wunderkid]

1) No, you’re expected to declare any cash you have on your person, if it exceeds CAD10,000. For proof of funds, you only need to present a document that proves you have the minimum amount required as defined for your family size. It’s not about declaring your net worth, and no, you’ll not be taxed.

2) For jewelry, you’ll need proper valuation if its high value. For any property you intend to import into Canada, you don’t need proper valuation. Simply estimate the value of each item - assume you’re selling say your TV set today, how much would you accept for it? That’s the value you indicate on your GTF forms. There are no duty charges on the property and jewelry so long as you get your forms signed off by customs, regardless it’s value.

3) There’s no defined method. You can choose from the standard options offered in the global banking system e.g ETFs, Drafts, Travellers Checks, Cash etc. If it’s a legal method, its fine.

4) You can’t enter Canada without a PR card, if you’re a landed immigrant. The only exception is if you enter through the US-Canada border which requires you enter the US (think visa if you’re not a citizen of an exempted country). Your relatives can mail you the card.

All the best.

I have a couple of similar questions. I am going to do my landing towards end of May.How can I transfer money later and not get taxed?Please can someone explain?

 

[Samoinp]

I have a couple of similar questions. I am going to do my landing towards end of May.How can I transfer money later and not get taxed?Please can someone explain?

RBC opens account even before arriving in Canada. It is deposit only account until one arrives and activates the account in Canada.
Once the account is opened, they email wire transfer instructions and charge 17 dollars per wire transfer. There is no tax.

 

[Wunderkid]

RBC opens account even before arriving in Canada. It is deposit only account until one arrives and activates the account in Canada.
Once the account is opened, they email wire transfer instructions and charge 17 dollars per wire transfer. There is no tax.

Not sure I can open in RBC from Dubai.

 

[Samoinp]

Not sure I can open in RBC from Dubai.

It worked for me from USA. Check their website. It just had a enquiry form for a request. They got in touch later with instructions.

 

[soulseek]

HSBC do an international account ... though for some fee ... you might wanna ask them too

Not sure I can open in RBC from Dubai.

 

[Malibi]

Do we declare all bank balances, stocks awarded, property values, 401k on b4 GTF forms?

Also should take a recent PR photo when landing?

 

[canuck78]

You don't get taxed on bank balances. Easiest way is to etransfer. You will get taxed on the profits or income earned with your investments.

When arriving you have to declare if you are carrying $10,000 or more in cash. There is no need to travel with this much cash. You have to declare not for taxation reasons but only to catch money launderers. You can carry more but have to show where the money came from.

 

[Samoinp]

You don't get taxed on bank balances. Easiest way is to etransfer. You will get taxed on the profits or income earned with your investments.

When arriving you have to declare if you are carrying $10,000 or more in cash. There is no need to travel with this much cash. You have to declare not for taxation reasons but only to catch money launderers. You can carry more but have to show where the money came from.

I had to carry 12k as i could not activate my bank account for a wire transfer. But please keep in mind, proof of funds is necessary while landing for the first time. Entry can be denied without it. I was asked how much money i had but wasn't asked the source.

 

[canuck78]

I had to carry 12k as i could not activate my bank account for a wire transfer. But please keep in mind, proof of funds is necessary while landing for the first time. Entry can be denied without it. I was asked how much money i had but wasn't asked the source.

Would bring bank balances with you for POF. You can usually use your home bank card to withdraw Canadian funds. Look up partner banks to minimize fees. You can also use credit cards. Notify all banks that you are travelling to Canada so your accounts aren't frozen for suspected fraud.