Tax on Funds Brought Into Canada

[jsang]

Hi

Please help me with this.I will landing with CAD 5000 in cash and with bank statement showing CAD 20,000 (equivalent amount in INR) in my bank account held in India. The amount in my bank will be wire transferred to my canadian bank account (after I open one) in due course. My queries are:

(1) If I carry funds in excess of CAD 10000, I need to tell customs. Does this limit apply to currency notes only or TC and Bank Draft are also counted towards it?
(2) If they do not ask for proof of funds (as has happened with some people on forum),am I still required to declare funds I am carrying and funds I will transfer to Canada in near future? Any form for this?
(3) When I transfer funds in near future will I be taxed?
(4) I own a house in India? Do I need to declare this fact at the time of landing and to whom? Any specific form for this?

Thanks a lot.

 

[visheshmalhotra13]

Hi,

There should not be any tax since the money you have is taxed in India.

 

[wilson]

Hi,

You have to declare the funds exceeding CAD 10,000/= in ny form. You don't need to pay tax for it.

Check the following CIC links for more details:

http://www.cic.gc.ca/english/immigrate/skilled/arriving.asp

http://www.cbsa-asfc.gc.ca/publications/pub/bsf5052-eng.html

 

[jsang]

Thanks guys.

Would appreciate answers for the other questions.

 

[Romford]

Hi

Please help me with this.I will landing with CAD 5000 in cash and with bank statement showing CAD 20,000 (equivalent amount in INR) in my bank account held in India. The amount in my bank will be wire transferred to my canadian bank account (after I open one) in due course. My queries are:

(1) If I carry funds in excess of CAD 10000, I need to tell customs. Does this limit apply to currency notes only or TC and Bank Draft are also counted towards it? includes all
(2) If they do not ask for proof of funds (as has happened with some people on forum),am I still required to declare funds I am carrying and funds I will transfer to Canada in near future? Any form for this? yes, im sure there is some form you fill so need to write there
(3) When I transfer funds in near future will I be taxed? dont think so
(4) I own a house in India? Do I need to declare this fact at the time of landing and to whom? Any specific form for this? u need to declare such things, first few years its tax free lateron u pay tax on rent etc

Thanks a lot.