Bringing your money to Canada

[kosta]

How should a potential newcomer transfer his savings to Canada? At the moment I can see three ways of doing so:

1. Cash/travelers cheques, declaring upon arrival

2. Opening a Canadian bank account in advance, transferring all the money there before landing

3. Opening a Canadian bank account in advance, transferring money after lending.

Regarding option no 3, won't it be considered a taxable income sine the money will arrive on your account after you became a Canadian tax resident?

Are there any other, better, smarter ways?

 

[Jonboy]

2 & 3 are better than 1.

Re: 3. No, it is not taxable income.

 

[kosta]

Thanks! I guess, number 2 is the best since I would need to have money on my Canadian bank account on the very first day, otherwise I don't be able to rent an apartment... And good that this transfer won't be taxed.