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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.

Do we have to declare money transferred? 

ForumUser
ForumUser
Posts: 505


Posted On: 8/16/2016
ForumUser
ForumUser
Posts: 505
My son is studying in Canada and wants to extend his stay. In order to support him, we his parents transfered money to him (100,000 CAD). Does he have to declare this? It was made between banks.

Thanks in advance for your answer.
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PMM
PMM
Posts: 551


Posted On: 8/17/2016
PMM
PMM
Posts: 551
Hi


ForumUser wrote:
My son is studying in Canada and wants to extend his stay. In order to support him, we his parents transfered money to him (100,000 CAD). Does he have to declare this? It was made between banks.

Thanks in advance for your answer.


1. No, the Bank that it was transferred to will report it in FinTrac.
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