Questions about how to prepare for your first arrival in Canada - customs, proof of funds, initial settlement help, etc... Tell us what happened when you first landed in Canada.
Funds to Bring to Canada - Questions
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Mohammad Aslam Posts: 1
Posted On: 2/23/2015
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Hi
We r a family of 4.
Have received my file number in January 2015.
If all formalities are completed then we plan to travel to Canada in September 2015.
How much maximum amount of money can I carry with me? R there any limit?
Will I have to pay taxes on the money i carry with me. this money should be in the form of demand draft or any other form?
i am asking this because demand drafts are valid for only 3 months and i will not be using the entire amount in 3 months. so how will i be able to spend.
i cannot do a bak transfer becoz i will not have an account.
please reply to this because i am not getting a satisfactory answer from anywhere.
thanks Aslam
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Klaus Posts: 75
Posted On: 2/23/2015
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Hi Aslam,
1. you can bring as much money as you like,
2. there are no taxes on the money you are bringing, all you need to do is to declare the funds if they exceed $10,000,
3. you can bring cash, securities in bearer form (for example, stocks, bonds, debentures, treasury bills), or bankers’ drafts, cheques, travellers’ cheques, money orders... pretty much anything that can be used in Canada.
4. after you land, you can immediately open a bank account and transfer funds as necessary.
When I landed, I brought a recent bank statement showing sufficient funds and it was accepted.
I hope this helps
Klaus
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PMM Posts: 661
Posted On: 2/23/2015
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Hi
Hi
We r a family of 4.
Have received my file number in January 2015.
If all formalities are completed then we plan to travel to Canada in September 2015.
How much maximum amount of money can I carry with me? R there any limit?
Will I have to pay taxes on the money i carry with me. this money should be in the form of demand draft or any other form?
i am asking this because demand drafts are valid for only 3 months and i will not be using the entire amount in 3 months. so how will i be able to spend.
i cannot do a bak transfer becoz i will not have an account.
please reply to this because i am not getting a satisfactory answer from anywhere.
thanks Aslam
1. There is no maximum, but you have to declare it if it is over $10K.
2. There are no taxes or duties, but it must be declared.
3. If you have a demand draft, you open a Canadian bank account and deposit it. Note that it can take a few days to clear. So you should carry some traveller cheques or cash.
PMM
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