|Subject: Re: Fund Settlement
||My questions are:
i) Is it true that all fund transfer at the port of entry are non-taxable even the amount is over CND 10,000?
ii) For safty purpose, I decide not to bring the money along with my travel and rather open the bank account and transfer the fund through T/T from my home country. Can I do that? If so, what kind of evidence that I shall bring for fund proof?
iii) If I have saving of CND 20,000 equivalent in the statement of and decide to bring only CND 10,000. When I show the statement to the custom and claim to transfer only CND 10,000 through T/T later, will they question me on the remaining CND 10,000?
iv) If I am allowed to do the fund transfer later, do I have to do it one one time basis? Can I transfer the fund throughout a period of time so that I can wait for a better exchange rate. Do the immigration fix an expiry date for fund transfer after landing?
v) What happen if I decide to bring in more than I initial claim at the custom. Will that be subject to tax?
Appreciated for your help.
| (in reply to: Re: Fund Settlement)
You are making your life difficult
First the required min funds depends on your immigration clas and size of the family. CIC has a scale to tell you what is the min requried. It ranges from can$10,000 to some 19,000 .
Now, separate between taxes, customes, and the immigration process requirement.
For taxes, I do not know about it, but I believe that you money is tax expmted as you are a landed immigrant.
For customs, you need to declare any amount of CASH you carry more than CAN$ 10,000 at the port of entry. It is not recommened anyway to carry that amount in cash. Use other means like Traveller cheques or bank drafts.
For Immirgation req, check the min required from CIC site and then decide to how to proof it to the immigration office at the port.
They will not accept any statements which are not issued by a Canadian Bank. So wither to carry the req amount in cash (less than CAN$10,000) or as traveller cheques or as bank drafts.
If you want to transfer that money the Canada you need to do that prior to your landing by opening an account there and wire trnasfer the money to there then get from that bank a statement that you will use to proof the funds at the entery port.
Hope that I am clear for you