Bring money into Canada

[ABS_1382]

I know...I am responding to an old thread but I could not find any other relevant thread...My query is that one of my friend is coming to Canada on PR through FSWP...She has a sister here (and she claimed 5 adaptibility points for that) who should be able to support her when she comes here...Now is it necessary for her to bring 8 - 10K CAD or can she just bring 1000 CAD and say to the CSBA that my sister will support me as I am going to stay with her?
Can this lead to any trouble....

Thanks...

 

[Lammawitch]

I know...I am responding to an old thread but I could not find any other relevant thread...My query is that one of my friend is coming to Canada on PR through FSWP...She has a sister here (and she claimed 5 adaptibility points for that) who should be able to support her when she comes here...Now is it necessary for her to bring 8 - 10K CAD or can she just bring 1000 CAD and say to the CSBA that my sister will support me as I am going to stay with her?
Can this lead to any trouble....

Thanks...

She needs to be able to show POF (for a single person it's around 11 900$ ) at landing.
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

It IS possible that she may not be asked about POF but, it's a requirement.

 

[ohmygoditsdhaval]

I know...I am responding to an old thread but I could not find any other relevant thread...My query is that one of my friend is coming to Canada on PR through FSWP...She has a sister here (and she claimed 5 adaptibility points for that) who should be able to support her when she comes here...Now is it necessary for her to bring 8 - 10K CAD or can she just bring 1000 CAD and say to the CSBA that my sister will support me as I am going to stay with her?
Can this lead to any trouble....

Thanks...

As posted by LAMMAWITCH,
She will have to satisfy the Officer for the required proof for funds. Irrespective of her sponsoring sister/brother in Canada.
There are absolute chances that the VIsa-officer would ask for the POF at landing and if she is unable to satisfy the figure as required by the law
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
She will be surely denied entry.

High risk, dont take chance.

 

[ABS_1382]

Update: She was not asked to show POF...

 

[ohmygoditsdhaval]

Update: She was not asked to show POF...

That is quite common for a lot of people...however its upto the Visa officer, incase the VO decides to ask for it, you cant deny. Its their right and your duty to fulfill it before entry.

Anyway, its good that she could clear it...and congrats.

 

[Lammawitch]

That is quite common for a lot of people...however its upto the Visa officer, incase the VO decides to ask for it, you cant deny. Its their right and your duty to fulfill it before entry.

Anyway, its good that she could clear it...and congrats.

+1 (except it's a CBSA agent, not a VO, at entry )

 

[ohmygoditsdhaval]

+1 (except it's a CBSA agent, not a VO, at entry )

Thats the difference between a true CHAMPION and someone who has just been out of the cradle....

Hope to learn more from Resources like you mate..... Thanks

 

[Lammawitch]

Thats the difference between a true CHAMPION and someone who has just been out of the cradle....

Hope to learn more from Resources like you mate..... Thanks

Thank you for your kind words! (Im really just a pedant !!)

 

[magarvaishali]

Hi! I am starting the process of immigration to Canada from India. I have some investments in India, if I am bringing $20000 along with me and keeping the rest here, then how can I get the interest in my canadian savings account? and how much tax I have to pay on it? or can I bring all the money in canada and invest it there in the bank to get monthly returns, how much interest can I get? how much is taxable?

 

[steaky]

Hi! I am starting the process of immigration to Canada from India. I have some investments in India, if I am bringing $20000 along with me and keeping the rest here, then how can I get the interest in my canadian savings account? and how much tax I have to pay on it? or can I bring all the money in canada and invest it there in the bank to get monthly returns, how much interest can I get? how much is taxable?

The interest will be automatically deposit into your Canadian savings account (you should really check with the bank how much it pays you in terms of interest income). You will need to file for a tax return before you know how much tax you would have to pay the government.

 

[ohmygoditsdhaval]

Hi! I am starting the process of immigration to Canada from India. I have some investments in India, if I am bringing $20000 along with me and keeping the rest here, then how can I get the interest in my canadian savings account? and how much tax I have to pay on it? or can I bring all the money in canada and invest it there in the bank to get monthly returns, how much interest can I get? how much is taxable?

Congratulations on initiating your process of immigration.

Canadian-Banks/Deposits are not as lucrative as Indian-counterparts (7-8% interest Returns, pre Tax). So you will have to financially evaluate, when you think of bringing all the money to Canada and plan earning interest out of Canadian Banks. The FD rates in Canadian banks are almost similar to normal Savings-bank rates in India, so I may not be a very promising option for you to bring all the money to canada and deposit in bank. (you can surely try out other better paying instruments, if they have any...unfortunately i am not aware about it) However, If you want, you may explore to open an NRE account with any Indian bank and keep money in the NRE-Fixed Deposits (FD) and pay Canadian Tax only on the interest earned out of the money. That Interest is Tax-free in Indian-Tax system since they have been invested via NRE account....however as a Canadian PR, no matter where ever you invest and whatever you earn, you have to mention/declare it as your global-income for the Tax-regime.

As mentioned by steaky, You should check with the Banks in Canada on what are the options you have to invest, and what would be the returns.

 

[SardarJI]

Hello Friends,

I am moving in Jan end as PR. I would be liquidating few of my investments to bring money with me but major part I.e. property would be left invested in India. I have few questions and would be requiring your help on same :

1).If in future I sell my property and transfer funds to Canada, would that be taxable and if it would be taxable at what rate?

2). what could be ideal amount to carry to support family of 3? Would 25k would be sufficient ?

3). the amount I would be bringing in Canada in future, does the same supposed to me mentioned on B4A form and what is the validity of this form ?

Kindly help.

 

[RoBko]

Is the above true even if the income earned is in USA and you reside in Canada(Windsor) as you will be paying taxes in US as well for the income earned there, am asking this question as I am planning to shortly move to canada but continue my work in US(Detroit)

 

[Jonudcastro]

There are two separate issues: (1) the value of assets you have offshore (stocks, bonds, real estate), and (2) the value of cash you are carrying with you.

(1) You are supposed to declare the value of your assets when you land in Canada (e.g. stocks, bonds, land and houses. When you eventually sell the asset, any gain (difference between value when you sell, and value when you landed in Canada) is taxable.

So yes, inflating the value as you enter Canada will reduce any taxable gain when you sell later. However, if you are audited, and asked to show how you calculated the value as you entered Canada, and you cannot, you are open to be charged with lying on a tax return.

I have no direct experience with this, but in general CRA feels it is their prerogative to be suspicious, and your job to prove your innocence. I don’t know what CRA would do if you could not prove the value of your assets. Maybe give them/you a value of zero, thus increasing the taxable gain.

(2) The issue of how much cash you are bringing into with you relates more to anti-money-laundering measures. If you are bringing a lot of money with you, you may be asked about its source. So bring some sort of proof (bank withdrawal slip, etc). If you have a lot of money and don’t report it, it might be confiscated.

But the cash is not taxable. Only interest that it earns for you after entering Canada would be taxable; or if you bought stocks then sold at a profit the capital gain would be taxable.

The goods you bring into Canada are generally not taxable ifs they are used personal property.

How must one declare value of assets (house, shared etc) is there a form or do we need to get a letter from financial institution we are banking with?

 

[steaky]

How must one declare value of assets (house, shared etc) is there a form or do we need to get a letter from financial institution we are banking with?

At the Canada Revenue Website, download the verification of foreign income statement form and complete it:

https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1135.html