Landing Funds.....

[Londonqtr]

good morning all,

I need some expert advice from our experts.

Suppose if I have 100000 CAD and wants to carry all of them but also escape my self from the TAX. what is the prefered choice:

1 - I carry all of them together at the first time? (very difficult)
2 - I declare at the time of landing that i have sufficent funds but alot more is back home in the from of LAND, and other Assets which I will bring with in 1 year time?
3 - I carry only the required amount and other all my savings keep them in my home country because if I take them they will not benefit me in terms of escaping from TAX on my hard earned tax free money?
4 - any other option if you can suggest????????

All senior members of this Forums are requested to comment on this,,,,, PLEASEEEEEEEEEEEEEEEEEEEEE.

cheers
Londonqtr...

 

[Londonqtr]

I really need experts advice in this matter. Please help me People

 

[wilson]

You can bring even a million dollars for settlement. I am not a finance expert but as per my knowledge 100,000/= CAD will not be taxable if you bring it for settlement purpose.
The interest accrued on your deposits in Canadian Banks will be taxable.

You can file the tax return for the financial year accordingly to get any refunds for tax deducted at source by the bank if any.
Any how you may be requiring good amount for settlement - house, car, furnishings etc..

Bringing so much amount in currency is not safe while traveling. You have to think other options of TC,DD etc too for the portion according to your convenience.

 

[smartstyle]

How much is recommended to bring after landing for the first time ? Is it required to bring bank references or other proof of funds to show to immigration again ? I wonder how much money to take ???

 

[smartstyle]

Still, I think you will have a lot of problems if trying to bring more than $ 10 000 in cash.

 

[wilson]

In fact there is no limit for the money to bring while you land. You have to declare the amount exceeding CAD 10,000/= to the CBSA officers and of course they may ask some questions if you carry very huge amount. You can show your bank account printout - the last applicable transactions from the bank - if, questioned.

 

[wilson]

Still, I think you will have a lot of problems if trying to bring more than $ 10 000 in cash.

NO problem if you own cash.!!!.

 

[Thommo]

You can bring even a million dollars for settlement. I am not a finance expert but as per my knowledge 100,000/= CAD will not be taxable if you bring it for settlement purpose.
The interest accrued on your deposits in Canadian Banks will be taxable.

You can file the tax return for the financial year accordingly to get any refunds for tax deducted at source by the bank if any.
Any how you may be requiring good amount for settlement - house, car, furnishings etc..

Bringing so much amount in currency is not safe while traveling. You have to think other options of TC,DD etc too for the portion according to your convenience.

Seconded. Easiest way to transfer money is to open an account in a Canadian bank (Scotibank, etc.) and deposit money in it. But before landing only one transaction can be done. After landing in Canada you can start operating the account. You can send as much money into/out of Canada as you like any time.

 

[SALIM BHAI]

good morning all,

I need some expert advice from our experts.

Suppose if I have 100000 CAD and wants to carry all of them but also escape my self from the TAX. what is the prefered choice:

1 - I carry all of them together at the first time? (very difficult)
2 - I declare at the time of landing that i have sufficent funds but alot more is back home in the from of LAND, and other Assets which I will bring with in 1 year time?
3 - I carry only the required amount and other all my savings keep them in my home country because if I take them they will not benefit me in terms of escaping from TAX on my hard earned tax free money?
4 - any other option if you can suggest????????

All senior members of this Forums are requested to comment on this,,,,, PLEASEEEEEEEEEEEEEEEEEEEEE.

cheers
Londonqtr...

Please contact TAX deptt Canada...

Thanks

Salim Bhai

 

[steaky]

The easiest, most economical and most convenient way to transfer your bank accounts in different countries, is using HSBC Premier internet banking. Open your Premier accounts in UK and Canada, today! The bank will do the tax reporting to CRA itself.

 

[steaky]

How much is recommended to bring after landing for the first time ? Is it required to bring bank references or other proof of funds to show to immigration again ? I wonder how much money to take ???

You can transfer as much money as you desires after landing. The easiest, safest and most convenient is using HSBC Premier internet banking.