Transfer money into Canada from abroad

[wyho007]

Will be landing in a few months and plan to open a bank account in Canada now, have money transferred into that account before landing. In this case, will I still need to declare the amount when I land?

Also, if my sister will send money to me as a gift in the future, what "evidence" do I need to provide to proof it's a gift and so won't be taxable? Is there a threshold amount?

 

[Tri-Cities]

I might be wrong but as far as I remember you'll need a SIN to open up an account in Canada. And even though all banks are kinda gangsters (lol) you should have a look at fees and their services. There are differences someone should know about.

You can transfer money from your present account to the canadian account, shouldn't be an issue.

I don't think you'll have to prove that the money your sister's sending to you is a gift. It might depend on the amount though. Keep account records, keep Western Union records, that's what we did. We would still be able to show by using paystubs and account statements where our money came from.

Good luck.

 

[adey786]

Will be landing in a few months and plan to open a bank account in Canada now, have money transferred into that account before landing. In this case, will I still need to declare the amount when I land?

Also, if my sister will send money to me as a gift in the future, what "evidence" do I need to provide to proof it's a gift and so won't be taxable? Is there a threshold amount?

Contract Scotia Bank's Start Right team. You can send as much as C$50k from abroad. The account will be operational once you visit Scotia Bank's branch in Canada.

 

[wyho007]

Contract Scotia Bank's Start Right team. You can send as much as C$50k from abroad. The account will be operational once you visit Scotia Bank's branch in Canada.

I've checked, this service is not available in my country. Apparently, it only opens to countries where they have banking partners internationally.

 

[Tri-Cities]

You might wanna try:

- HSBC
- TD Canada Trust

cheers!

(I'm still not sure if you need a SIN to open up an account...)

 

[wyho007]

You might wanna try:

- HSBC
- TD Canada Trust

cheers!

(I'm still not sure if you need a SIN to open up an account...)

Checked TD, won't work before landing. Will check with HSBC.

Wondering how people bring their savings into Canada... money draft/cash? Or most people will land and leave for country of origin to wrap things up? My plan is to have everything wrapped up, land and won't return to country of origin at least in a year.

 

[steaky]

Checked TD, won't work before landing. Will check with HSBC.

Wondering how people bring their savings into Canada... money draft/cash? Or most people will land and leave for country of origin to wrap things up? My plan is to have everything wrapped up, land and won't return to country of origin at least in a year.

Wire transfer is also an option!

 

[wyho007]

Wire transfer is also an option!

No opening of account, no wiring before landing.

 

[steaky]

No opening of account, no wiring before landing.

But HSBC can help you to open an account before landing.

 

[sharat_joshi77]

Wire transfer is also an option!

Which country you are coming from ? Scotia bank, HSBC and ICICI- SBI (From India) should be help you open an account in Canada prior to landing.
The other option could be you land in here, open an account and then get the wire transfer done from your country...

I have done that and its pretty easy and fast !!!

 

[mf4361]

Sending in and out money to and from Canada is always tax free. You can bring 100 million tomorrow and nobody will tax you.

You do need to declare if you are bringing in with cash, cheques, money order or alike when you cross a border/airport. This is a measure to fight illegal money and money laundering

If you wire in, all transactions are recorded with FinTRAC and no further declaration is required.

If you can't open an account before you land, you can withdraw money at your home as money order, bring it to Canada (remember to declare) and deposit it after you've landed.

 

[htokyo]

Contact RBC to open an account before landing. I have done that

That account is just for deposit purpose only. You have to activate it in person upon landing in order to have full function of your account

 

[Delaprix]

I opened account with National Bank of Canada. They also have a package for new comers but you can only wire money once and activate the account after landing.

 

[Edwin sam]

Opening an account is just a 15 minute thing...so dont worry...while RBC and TD are the biggest and you get the ATM's for these banks in every nook and corner. Even if at a later stage you want to change your bank account, its not a big hassle. You can get Canadian Dollar Demand Draft, which is a safe option. I got my Demand Draft(in CAD) and Cash(CAD) from an agency called Thomas Cook. They were very professional and much less hassle free as compared to our banks like HDFC. Also took a prepaid Forex Visa card loaded in CAD from HDFC..These are few ways in which you can bring your money to Canada...iam sure there would be many more ways of bringing in money

 

[redfox05]

For transferring check out https://transferwise.com/u/fab5

I have used TransferWise to beat the crazy high bank fees, and its been really fast. Love it. Hope it helps you too.
And yes, the link above is a referral link, so if you sign up, I get a thank you of some kind. but I do just want to recommend it either way, its been very useful for me.