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| Subject: Fund Settlement in USD |
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Seek for your advice:
i) Can I carry the Bank Draft in USD instead at the initial land? Then convert to CDN at the bank in Canada?
ii) Is it true that any additional amount that I bring or transfer is subject to tax after the initial land? How would they be done? Will the bank automatically report the additional fund to tax department?
iii) Once I land and make the declaration at the port, can I bring back the money if I am not planning to stay in Canada right away? Is there any min. bal that I need to maintain in Canada bank account by law? Or the proof of fund is only required at the port and i need not maintain any bal in Canada once I confirm my permanent residency and then I can bring back all of money?
[21-09-2005,14:44]
[***.77.133.73]
Ccily |
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Funds (in reply to: Fund Settlement in USD)
I am no expert, but I believe you can bring a cashier´s check in US funds. You do not need to cash it and you can cancel it when you return home. I do not believe it is taxable because you earned it before your permanent residency. However, interest on the sum will be taxable after you become a pr. I believe you can protect some money from Canadian taxation with an "Immigration Trust," but you will have to seek profesional advice on forming one.
Good luck.
[21-09-2005,21:19]
[***.199.206.130]
Tim |
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