I have questions about the amount of funds that one declares at the time of landing :
I plan to declare "X" amount at the time of landing, open a bank account and deposit this money at that time. After that, I plan to travel out of Canada for a year, finish up some pending matters and then return to actually establish residence.
1) When I re-enter Canada after a year, can I deposit more money into my account without raising any questions as to why I did not declare that extra amount while landing ?
2) From a tax point-of-view, what is the difference between declaring an amount while landing as opposed to declaring it to customs (for more than CDN$10,000) while re-entering a year later ?
2) Also, this amount will probably be in the form of some cash and the rest in money orders. Should this be a problem while depositing in the bank (mostly HSBC) ?
Thanks in advance.
I plan to declare "X" amount at the time of landing, open a bank account and deposit this money at that time. After that, I plan to travel out of Canada for a year, finish up some pending matters and then return to actually establish residence.
1) When I re-enter Canada after a year, can I deposit more money into my account without raising any questions as to why I did not declare that extra amount while landing ?
2) From a tax point-of-view, what is the difference between declaring an amount while landing as opposed to declaring it to customs (for more than CDN$10,000) while re-entering a year later ?
2) Also, this amount will probably be in the form of some cash and the rest in money orders. Should this be a problem while depositing in the bank (mostly HSBC) ?
Thanks in advance.