Transfer of funds from overseas

[roberrto]

Dear Members,

I have a question regarding transfer of funds from my overseas account. Lets say I have a million dollars sitting in the country of my prior residence.
1. Is it ok to just send it in a lump sum through wire transfer to a Canadian bank.

2. Can I break it up in wire transfers of 50,000 dollars each [senders will be my family members]. I am asking this questions because in my country of origin amounts upto 50,000 dollars can be sent without any permission. But they will be from different sources as its a big amount of money. Question is will I have to tell someone or I just sit with the money when it comes to Canada.

3. Is there a branch of the Canadian government I can talk to about this issue. Do you know their number? Will be greatful if you can provide me with those numbers. Or who should I talk to.

4. Will the money be taxed once it comes to Canada or will the money generated by the income from this amount be taxed and not the actual principal.

regards,

Robert

 

[PMM]

Hi

Dear Members,

I have a question regarding transfer of funds from my overseas account. Lets say I have a million dollars sitting in the country of my prior residence.
1. Is it ok to just send it in a lump sum through wire transfer to a Canadian bank.

2. Can I break it up in wire transfers of 50,000 dollars each [senders will be my family members]. I am asking this questions because in my country of origin amounts upto 50,000 dollars can be sent without any permission. But they will be from different sources as its a big amount of money. Question is will I have to tell someone or I just sit with the money when it comes to Canada.

3. Is there a branch of the Canadian government I can talk to about this issue. Do you know their number? Will be greatful if you can provide me with those numbers. Or who should I talk to.

4. Will the money be taxed once it comes to Canada or will the money generated by the income from this amount be taxed and not the actual principal.

regards,

Robert

1. Yes.
2. Yes, but it will cost more.
3. No, no taxes, income generated will be taxed.

 

[roberrto]

if option 2 is okay, even though like PMM said it will cost more for now it will be speedier for me.
Since the money is coming from different people / sources in 50,000 Canadian dollars increments what kind of proof do I have to prepare [to show that this money is not illegal, but just being sent by my family and friends], or do I need any proof any way?

Second thing that comes out of this option is since other people are wiring me the money it is maybe not my money in the eyes of the law. Is that a problem that I should consider?