Spouse immigration: Bringing money from her parents during immigration

[username27]

Dear All,
I am in process of sponsoring my wife. I have a question about how to bring certain amount of money when my wife comes to Canada. My wife's parents have decided to gift one of their home (presently in father-in-law's name) to my wife. Myself and wife have planned to sell it and bring the money to Canada when she is coming here. It will be approximately $40,000. So what are the options do we have to bring the money into Canada when my wife comes here? I am not sure about the taxation process during her immigration. Any help would be appreciated.
1. Can she bring it as cash? (high risky)
2. Money transfer from home country to Canada (not sure how exactly it's possible)
3. What other options?

 

[canuck_in_uk]

Hi

There is no taxation on money she brings to Canada. She can take it as cash; she must declare it at the border and have proof of where the money came from. However, I highly suggest you use an online transfer company or something more secure than carrying the cash.

 

[username27]

Hi

There is no taxation on money she brings to Canada. She can take it as cash; she must declare it at the border and have proof of where the money came from. However, I highly suggest you use an online transfer company or something more secure than carrying the cash.

Hi canuck_in_uk ,
Thanks for the reply. I would agree that I would go with the option of getting it from online transfer. In that case, once she is here, her father can transfer the money to us, right? So how can she report it at the border?

 

[canuck_in_uk]

Hi canuck_in_uk ,
Thanks for the reply. I would agree that I would go with the option of getting it from online transfer. In that case, once she is here, her father can transfer the money to us, right? So how can she report it at the border?

She wouldn't need to report it in that case. She only needs to report if she is carrying cash $10000 or over across the border.

 

[username27]

She wouldn't need to report it in that case. She only needs to report if she is carrying cash $10000 or over across the border.

Sounds good. Thanks

 

[Amra]

Better to have a wire transfer for that amount of money. Don't carry it on the plane with you.
And have a letter signed by your in-laws that the money represent a gift to you and your wife. This way if you are questioned later on about the amount (by CRA for example) to be able to prove that it was a gift (non taxable). And the letter should be signed in front of a notary/lawyer and translated if it's not in English.

I had a similar letter, but was signed here in Canada at the notary, so I didn't need to translate it.