Thursday, August 07, 2008

How to Bring Money to Canada



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: bankers' drafts, cheques, travellers' cheques, money orders.)

Here are some other ideas about how to bring or transfer money into Canada:

  • Find out if your current bank has a "correspondence" or relationship with a Canadian Bank and set up an account to transfer your money between banks. Your own bank might even have a branch office in Canada, which can help to transfer or access funds once you are here. Ask your bank if they have offices in Canada.

    Industrial Credit and Investment Corp. of India (ICICI) has a "Hello Canada" account for those moving to Canada from India, Dubai, Bahrain or the United Kingdom. The account allows you to open a Canadian bank account from overseas and transfer funds to Canada before your land.

  • Arrange with your bank to transfer your funds to a Canadian bank once you have arrived here. It is possible that you might have to maintain your current bank account in your country of origin for a short time and then transfer the funds to your new account in Canada.

    One option is to get a Bankers Draft from your current bank. A Bankers Draft is a cheque drawn on the bank itself against a cash deposit Confirm with your local bank as to what their requirements are for such transactions prior to your departure. You could then bring enough money with you to get started (in the form of cash or traveler's cheques). Once you are here, open a Canadian account and have the rest of your money transferred from your country into your new account. You should tell your current bank about your plans now, and find out what all the necessary procedures are. You can also bring the money in securities in bearer forms (for example: stocks, bonds, debentures, treasury bills).

  • It is possible that a Canadian bank might have a branch office in your country. See if you can find one -- look for Royal Bank of Canada, Toronto Dominion Bank (TD Bank), Canadian Imperial Bank of Commerce (CIBC), Bank of Nova Scotia or Bank of Montreal. Once located, they might be able to help you set up a Canadian account and transfer your money.

Of course, you will want to carry official documentation (including bank statements with the date as close to your date of arrival in Canada as possible) of your banking situation and transactions as proof to an Immigration Officer that you have sufficient money in a Canadian account, or that it is being transferred.

15 comments:

Anonymous said...

Hi Nabil,
I need to bring money in Canada as POF. My bank is a small bank so they don't have any office abroad. I can't maintain my current bank because I can't come back to my country only to close my bank account. I can't close my bank account from Canada of course. I don't have stocks, treasury bills or something like this. Only money (cash I mean). I believe travel cheques are not so convenient, in my opinion. My question is: in this case, what is the best way to carry money??
Thx in advance

Anonymous said...

another alternative good bank is HSBC. Open HSBC Premier account and they arrange to open your bank account in Canada before your land in the country. Transfer funds from your country to Canada as per need.

I am not too comfortable with ICICI Bank.It has a tie up with RBC, while HSBC has it own branch

Wing said...

Hi Nabil,

My parents want to know how much cash they can bring in person when they are landing except the fund transfer from bank. I know the limitation amount is $10,000 per person for visitor.My question is: There is any limitation cash amount for new immigrate or not?

Thanks a lot

claurianta said...

There is no $10,000 limit per person. The rule is that if you have more than $10,000, you have to declare it to customs. This is so they know how much money is going in and out. It's also a good idea to have some kind of proof as to where the money came from (statement from bank back home etc.). There is no tax or limit. They just want to know.

sunil said...

at the time of landing one can bring an unspecified sum which doesnt attract incom tax in canda...but my question is if after 2 to 3 yrs of stay as a permanent resident can we bring more money from India and what shall be tax implication in canada

Anonymous said...

I will be landing in canada for a week in October and would like to transfer funds. How do I open an account in canada before I arrive. Will i be required to pay tax for the funds that will be transferred later as I will be selling my flat later on.

Anonymous said...

Hey guys,
I have the same question as Sunil. Can I bring over money from my country after I landed in Canada without having to pay income taxes or explain things?

Thanks

Anonymous said...

Hi Guys
We are moving to Canada soon and I have been on and off this web-site for information - can someone please tell me if the money we carry into Canada while migrating is TAXED. Also, more specifically, when you put the money into your Bank A/C will they ask you for the Source of this income and will it be taxed.

globalblog said...

Hello All,
If you are arriving from UAE, you can now open account with Scotia Bank before you arrive in Canada. 'Scotia StartRight™ Program',you can make one time wire remittance only to the bank before you enter Canada, the docs required will be
Referral Form, needs to be completed and take to the HDFC Bank office @ service desk, together with your passport and the Form IMM 5292 or equivalent Embassy Letter/visa for Canada.
I got mine done (takes 4 weeks)

Ahmed Mansour said...

Thank you Nabil for your reply..
I will try to get skillied worker visa as I might have some usefull relations in Canada who can get me job offer.
Incase I case I couldn't do that I would come on study visa and get work permit which I understand allow you to work for 20 HRS only and I am not sure if that would be enough to support me to survive in canada specially Toronto.
Especially with the economic crisis and the less available jobs.

Globe Trotter said...
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Globe Trotter said...
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Joaquim said...

Hi Nabil
Thanks for your wonderful website of guiding new immigrants, keep up the good work.
I will be coming to Canada by May and I want to know from you that if this money of Cad 20,500/- could be brought totally in cash.
Are there any legal hassles which prevent me from doing so because I read in your blog that Cad 10K is the max a person can carry.
I'm moving in with my wife and 2 kids.
Do I need any supporting documents for the cash.

Thanks in Advance

Nadim said...

Hi Nabil, I think HSBC has a branch in Canada, I checked with them in Dubai and they can open a Canaian account from Dubai

Wayne Dobson said...

When bringing cash into Canada, Customs and Immigration want to ensure that the money is not being 'Laundered'. That is, it is not the proceeds of crime. You therefore have to declare it on arrival and convince them you are entitled to have this money. If you sold property back home, bring documents. If they are not convinced, they will seize the money and you will have a few months to file an appeal to get it back.

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