Sttlement funds

[Rina2182]

Dear All,

Apart from settlement funds we are going to carry, can we bring more money later towards settlement. Will it be taxable.
Do we have to inform about this additional money at landing and how much time is allowed to bring these funds.

Thanks.

 

[CanV]

Dear All,

Apart from settlement funds we are going to carry, can we bring more money later towards settlement. Will it be taxable.
Do we have to inform about this additional money at landing and how much time is allowed to bring these funds.

Thanks.

Yes you can bring more money any time, not taxable.

 

[mrbeachman]

You can bring more money and Canada will love you more.

However, I strongly recommend you don't bring more money.

 

[fdk511]

Dear All,

Apart from settlement funds we are going to carry, can we bring more money later towards settlement. Will it be taxable.
Do we have to inform about this additional money at landing and how much time is allowed to bring these funds.

Thanks.

You are required to declare amounts entering Canada if more than $10K, but the process is more towards determining the source of funds.

In June 2011, we moved to Canada permanently 5 months after landing and brought with us additional funds which were less than 10K (and in the form of a bankdraft). I was asked about the source of the funds at the Scotiabank branch where I was making the deposit. I explained that these were additional to the settlement funds needed as per PR obligations when we completed our landing. The lady asked if she could see my COPR/PR card, which luckily I had on me. She reviewed them really quickly and processed the deposits without any additional questions.

 

[Rina2182]

You are required to declare amounts entering Canada if more than $10K, but the process is more towards determining the source of funds.

In June 2011, we moved to Canada permanently 5 months after landing and brought with us additional funds which were less than 10K (and in the form of a bankdraft). I was asked about the source of the funds at the Scotiabank branch where I was making the deposit. I explained that these were additional to the settlement funds needed as per PR obligations when we completed our landing. The lady asked if she could see my COPR/PR card, which luckily I had on me. She reviewed them really quickly and processed the deposits without any additional questions.

Thank you for clarification. What did she wanted COPR/PR card for?

 

[fdk511]

Thank you for clarification. What did she wanted COPR/PR card for?

I think she wanted to see if we were recently landed immigrants or not. I guess if I was doing this transaction 3 years after landing yet still calling these settlement funds, she might have had different questions - but this is only supposition on my part.

 

[Rina2182]

I think she wanted to see if we were recently landed immigrants or not. I guess if I was doing this transaction 3 years after landing yet still calling these settlement funds, she might have had different questions - but this is only supposition on my part.

oh, got it. Thank you for your valuable information.

 

[patbayns]

Hi Guys,

Information from this thread is really helpful. If I may add another issue, this one regarding telegraphic transfer of money. I was adviced by my bank to do TT as it is cheaper than demand/bank draft. I don't have an account yet in Winnipeg as I have not yet landed. The money, as part of my settlement fund, will be TT to my brother-in-law's account. My question is, can I use the TT transaction receipt as proof of fund?

Thanks in advance for your answers.

 

[steaky]

Hi Guys,

Information from this thread is really helpful. If I may add another issue, this one regarding telegraphic transfer of money. I was adviced by my bank to do TT as it is cheaper than demand/bank draft. I don't have an account yet in Winnipeg as I have not yet landed. The money, as part of my settlement fund, will be TT to my brother-in-law's account. My question is, can I use the TT transaction receipt as proof of fund?

Thanks in advance for your answers.

It will appear that the money belongs to your brother-in-law if you TT into his bank account. Better to make demand/bank draft (in your name) and declare when you arrive at the airport.