Moving back to Canada - need to report money transfer?

[pogobb]

Hello, I'm a Canadian citizen and my husband has been approved PR. Before we move to Canada, we would like to transfer all our savings (quite a large sum of money) to Canadian bank account.

Do we need to report this transfer of money to anyone (eg. Revenue canada??) or there is no need?

Thanks!

 

[CharlieD10]

Whatever banks are involved in the transaction will have to make any relevant reports to the government(s). You are required to declare currency you have with you of $10,000.00 or more at a point of entry into a country (and exit, in some countries) but transfers between banks are the responsibility of the relevant banks, insofar as making a declaration goes.

The banks will explain to you any relevant laws and paperwork needed to satisfy statutory requirements.

 

[pogobb]

Whatever banks are involved in the transaction will have to make any relevant reports to the government(s). You are required to declare currency you have with you of $10,000.00 or more at a point of entry into a country (and exit, in some countries) but transfers between banks are the responsibility of the relevant banks, insofar as making a declaration goes.

The banks will explain to you any relevant laws and paperwork needed to satisfy statutory requirements.

Thanks for your reply. The bank in Hong Kong told me if I transfer large sums of money, I have to declare it to the "Canadian government" and just told me to find out what exactly I need to do. The bank in Canada (CIBC) told me normally they will not "report" or declare to any govn't depts money transferred into their bank as there are thousands of transactions daily.

So I'm a bit confused if there is anything I need to do.

 

[RajaJi]

If you arrive in Canada with more than C$10,000, you must disclose this information to the CBSA officer. If you do not disclose this information, you could be fined or put in prison. These funds could be in the form of:
•cash
•securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
•negotiable instruments in bearer form, such as bankers' drafts, cheques, traveller's cheques or money orders.

More info available here
www.cbsa-asfc.gc.ca/publications/pub/bsf5052-eng.html

 

[PMM]

Hi

Thanks for your reply. The bank in Hong Kong told me if I transfer large sums of money, I have to declare it to the "Canadian government" and just told me to find out what exactly I need to do. The bank in Canada (CIBC) told me normally they will not "report" or declare to any govn't depts money transferred into their bank as there are thousands of transactions daily.

So I'm a bit confused if there is anything I need to do.

The bank in Hong Kong is wrong. The receiving bank in Canada reports the transfer of funds over $1K to FinTrac. You don't have to do anything. CIBC maybe should read the reporting rules. http://www.fintrac.gc.ca/msb-esm/intro-eng.asp#s114

 

[steaky]

Why don't you open HSBC Premier so that you can enjoy free wire transfer between your bank accounts in both Hong Kong and Canada?

 

[pogobb]

Why don't you open HSBC Premier so that you can enjoy free wire transfer between your bank accounts in both Hong Kong and Canada?

Thanks, I did exactly that. However, the downside is that the foreign currency exchange rate of HSBC is the worst amongst HK banks... ???