dear sir,
What is the maximum fund a PR (skilled Category)can transfer from home country to Canada. I have spnsored my wife and 2 kids../ what maximum money they can bring with them. Does these tranfers attract tax .

Hopefully, some financial CD will intervene and respond your post soon.


First, I don't believe there is an issue as long as there is sufficient trail to disprove money laundering.

There is a $10,000 limit of cash one could carry undeclared while traveling. Similarly, a friend of mine had to answer some questions (in writing) to the bank when he tried to deposit a sum of $9000.

Rule of thumb is "More incoming funds, good for economy as long as it is not coming through a prohibited channel/origin".

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HI,

Interesting question. There is a limit of $10,000, written somewhere, that can be transferred without attracting tax and questions asked.

However there are clients of mine who have brought in money in $ 6 figures for downpayment on homes from Dubai and Lagos and also to start business, and they have never mentioned any limits.

But for sponsoring wife and children perhaps a immigration consultant rather than a financial consultant can help you there, though I beleieve if all are coming together, the main applicant can bring in $10,000 and $2,000 each for spouse and children.

Again best answered by an imm consultant.

JRF is right - there is NO LIMIT in bringin in funds - at the time of landing or even later - all that is required is:

1. if more than 9,999 (that is $10,000 or more) is carried on person, in whatever form (cash, travellers cheques, drafts) one has to declare it at the entry point.

2. The source should not only be legal, but also authenticable.

If coming in as a new immigrant, all amount is tax free. If transferred later, it is free if it not out of income earned after landing in Canada, and out of declaration made on one's first and subsequent tax returns that this money is out of proceeds of assets lying overseas.

Chandresh

Immigration consultant should also be able to answer this question - but they might NOT know the tax rules.

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Chandresh

Advice is free – lessons I charge for!!

Quote:

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Originally posted by chandresh

JRF is right - there is NO LIMIT in bringin in funds - at the time of landing or even later - all that is required is:


If coming in as a new immigrant, all amount is tax free. If transferred later, it is free if it not out of income earned after landing in Canada, and out of declaration made on one's first and subsequent tax returns that this money is out of proceeds of assets lying overseas.

Chandresh

Immigration consultant should also be able to answer this question - but they might NOT know the tax rules.

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Rabyte