can one take the settlement funds - all in travellers checks instead of splitting it into some amount in TC's and the rest in bank drafts? is there any limit one can bring in money as TC's? will the immigration officer have any suspicion about TC's? let me know from your experience, thanks.
settlement funds - as travellers checks?
- Thread starter cnatar02
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If you are entering Canada from the US, and if you are carrying funds $10k or more, you will have to notify US Customs. Normally people don;t carry thousands of dollars worth of TC's. Usually, it a Cashier's check and TC's.
If you carry $100k in travellers checks, sure there will be some type of suspicion. If I was a Customs Inspector, I would
All you need to do is show atleast the amout required to survive for 6 months ($8k and up depending on your life style). You can say that you will transfer the rest of the funds once you open a bank account. Take a letter from the back stating your available balance.
If you carry $100k in travellers checks, sure there will be some type of suspicion. If I was a Customs Inspector, I would
All you need to do is show atleast the amout required to survive for 6 months ($8k and up depending on your life style). You can say that you will transfer the rest of the funds once you open a bank account. Take a letter from the back stating your available balance.
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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.