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.
Proof of Funds
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GSN Posts: 1
Posted On: 9/14/2015
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Dear Sir/Madam,
I have Canadian PR and would be landing this month in Toronto, Canada with my wife and infant for the first time.
This query is regarding Proof of Funds. As per the guidelines, I am required to show/have CAD 18,260 as POF. Can I have following arrangement: Bring 1000 CAD as Cash and rest as Bank Demand Draft in ‘INR’ currency for remaining amount (equivalent to 17,260 CAD) issued by Indian nationalized bank?
Thanks,
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Moderator Moderator Posts: 4075
Posted On: 9/15/2015
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Hello,
Thank you for sharing your situation and question with us.
It is great that you are looking into this information before your arrival.
You can find some helpful and detailed information in our Settlement.Org How do I bring money into Canada (proof of funds)? article.
Here is an excerpt,
You can bring money into Canada in different forms. When you arrive, you must tell a border official if you are carrying more than C$10,000.
If you bring more than C$10,000 (or the equivalent in another currency) into Canada, you must declare the amount when you arrive. You must fill out form Cross-Border Currency or Monetary Instruments Report - Individual (E677) [PDF].
If you do not declare it, you may need to pay a fine or face other penalties. You are not taxed on the money you bring with you when you land.
You can bring money into Canada in the form of:
-Cash
-Securities in bearer form (for example, stocks, bonds, debentures, treasury bills)
-Negotiable instruments in bearer form (for example, bank drafts, cheques, travellers' cheques, money orders)
-Transfer of funds between your bank and a Canadian bank
I hope this information is helpful. Please let us know if you have further questions and if there is any follow up to your question/situation.
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Anna
Settlement.Org Content and Information/Referral Specialist, CIRS
Settlement.Org
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