Limit of Money Transfer to Canada

Canada Immigration Forum (discussion group)


 
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Subject: Limit of Money Transfer to Canada
Hi
Any one know how much money you can transfer after getting PR.Is there a limit or is unlimited.

[01-01-2006,21:18]
[**.94.200.177]
Amy
(in reply to: Limit of Money Transfer to Canada)
Amy
There is no limit to import money for the first time. However, you need to declare to Canadian Border Services Agency (CBSA) if it is more than CAD$10,000 (including cash and instruments). However, you need to make sure that there is no restriction on money transfer from your country (country of export).

You can find more details on the website of CBSA. Also, please make sure that you understand the requirments of Canada Revenue Agency (CSA) regarding filing the Income Tax return. Since you are already in Canada, you must have already submitted Income Tax return and declared your non-Canadian income. These details are avaible on CSA website.

[01-01-2006,22:04]
[**.51.186.9]
GS
(in reply to: Limit of Money Transfer to Canada)
THANKS GS.
[01-01-2006,22:24]
[**.94.204.233]
Amy
(in reply to: Limit of Money Transfer to Canada)
I am sure they will be glad to have you patriate as much money as possible so they can tax it.

I believe the customs declaration only applies to negotiable instruments and cash that you are carrying.

If you find a good way to get a wholesale exchange rate, let me know.

[01-01-2006,23:34]
[**.42.116.167]
Tim
(in reply to: Limit of Money Transfer to Canada)
I think the money you bring with you upon landing is free of tax. the minute you start earning as a PR - (worldwide) the taxman cometh!

Funny thing Tim, I am reading all about negotiable instruments and the requirements of negotiability. You don´t see the word floating around very often!

[02-01-2006,00:15]
[***.20.170.23]
sharon
(in reply to: Limit of Money Transfer to Canada)
How much can u wire transfer since u r in canada.
[02-01-2006,00:41]
[**.70.99.3]
Amy
(in reply to: Limit of Money Transfer to Canada)
Sharon/Amy, sorry about the ambiguity in my statement. The previously earned money should not be taxable, but they will begin taxing it when you become a pr. Of course, it will be easier to trace the interest it earns if it is deposited in a Canadian bank. There does appear to be a way to avoid taxation on income from previously earned money for about five years by establishing an overseas trust. Best to talk to a Canadian accountant or lawyer about that.

Sorry about saying "negotiable instruments." I should not have a few beers and visit blogs, sometimes my vocabulary slips. I think I heard the term in an old movie or something.

Cheers.

[02-01-2006,00:43]
[**.32.97.212]
Tim
(in reply to: Limit of Money Transfer to Canada)
doesn´t matter you are PR or not, as long as you have physically address in Canada and income, all need pay tax.
Even my intrest of saving account, dividend from stock and mutual fund held in RRSP

[02-01-2006,00:51]
[**.66.36.59]
departure bay
(in reply to: Limit of Money Transfer to Canada)
How much can u wire transfer since u r in canada and paid tax promptly!
[02-01-2006,01:01]
[**.70.99.3]
Amy
(in reply to: Limit of Money Transfer to Canada)
I think it´s all depend on your bank account, probably unlimited
[02-01-2006,01:34]
[**.66.36.59]
departure bay
(in reply to: Limit of Money Transfer to Canada)
is it earned income or is it a gift? Wire services are obligated to report transactions over $10,000.


[02-01-2006,01:34]
[***.20.170.23]
sharon