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| Subject: Declaring Cash and Assets |
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Hi,
In the CIC website is says at the border you need to declare all your transferable assets (Cash and stock/bonds, etc.) if they exceed $10K. How would I declare them if I don´t intend to physically transfer them over the Canadian border. The transfer is done over the web via bank wire from one account to another. Please advise.
[10-01-2005,22:57]
Big Brother |
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(in reply to: Declaring Cash and Assets)
The CIC web site statement means that the deleration is only required if you carry the 10K physically with you.
In you case, nothing is required from you apart from proofing that you have funds. That can be proffed using the receipt of the wire transfer.
[11-01-2005,00:16]
Saleh |
(in reply to: Declaring Cash and Assets)
Saleh,
thank you. have you experienced is yourself, or are you just guessing. Anyway, I apreciate it.
Cheers
[11-01-2005,00:59]
Anonymous |
(in reply to: Declaring Cash and Assets)
All the transactions over 10k, are reported to the goverment; if you take more than 10k to Canada or any NAFTA country you have to declare; if you do wire transfer the bank is the one who declares the transfer to the goverment.
Antonio
[11-01-2005,02:52]
Antonio |
(in reply to: Declaring Cash and Assets)
I think it is clear now, isn´t it?
If you carry traveller cheques or cash then you have to declare it. Otherwise, you are not obliged to do anything
Saleh
[11-01-2005,10:13]
Saleh |
(in reply to: Declaring Cash and Assets)
All clear gents
thank you
[11-01-2005,11:27]
Anonymous |
Tax implication (in reply to: Declaring Cash and Assets)
further information
If you have any expensive items such as Jewellery, Rolex watches etc., I recommend that you take a photo of them and have the custom officer put a stamp on them. This will later on prove that this was declared at the time of entry and hence will not be taxed, when you re-enter Canada (with these items) after a visit elsewhere.
A friend of mine was wearing a Rolex watch when you returned to Canada, after a routine visit. He could not prove that this Rolex watch was declared at the time of entry (which was 12 years ago). He was taxed (import duties).
I guess the same logic could be extended to Cash items. Let´s say you were audited by Tax authorities, you would have to prove that the sources of your funds. If you cannot prove that you declared this at the time of entry, you could be taxed for unreported income.
Therefore, I recommend that you declare as much as possible.
Another thing, when I first came to Canada about seven years ago, I went further and told the custom officer that I still had goods that I wanted to bring to Canada later on. He gave me a blank form and told me that I had two years to do so, without tax consequences. I don´t know whether the rules have changed since.
[12-01-2005,22:21]
anonymous |
Correction-typo (in reply to: Declaring Cash and Assets)
"A friend of mine was wearing a Rolex watch when he returned to Canada, after a routine visit."
[12-01-2005,22:22]
anonymous |
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