Hi all,

Me and my wife migrating to canada in the month of May 2008 and i know that i need approx $14000 as proof of funds so I want to know that if i carry $10000 in the form of cash or TC and rest of amount will deposit in my home country bank account and will take account summary with me on the time of arrival , is it acceptable or not by the canadian govt as proof of funds.

Thanks in advance!

Hi,

Please Carry a sum less than 10,000.00 Canadian Dollars.

Lot of people are not comfortable carrying very large sums in the form of cash (Currency).
So, please limit it to a sum that you are comfortable with. Also do not carry over a total of $10,000.00, because there is a law that states you can be hauled and also put into prison for bringing it inside Canada, if you forget to declare it at P.O.E. So, any amount less than that, even if you forget in the rush and if they search and find it less than the sum that they say that needs to be declared, you are Scott free. So CYA. The balance could be transferred to your name or to your account in innumerable ways. Just to cite one: A BANK Transfer.

Also I do not know the procedures and difficulties that one is put through, if they happen to carry more than that amount. If there are none, then let all of us know.

So, I can only tell you to abide by what they tell you. And here is what they say:
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp Please read the whole web site and do what it says.

I hope I have helped you a little.

Freddie.

SIDE NOTE: Here is some thing that I found on the Canadian Desi website:
Since you are not in Canada, you cannot use these phone numbers. But use their web services. Forms E677 and 678 are available at the P.O.E. http://cbsa-asfc.gc.ca/E/pbg/cf/e677/e677-fill-06b.pdf
**To obtain additional information or a copy of the required forms, visit our Web site at http://www.cbsa.gc.ca" rel="nofollow">LINK or http://www.fintrac.gc.ca." rel="nofollow">LINK You can also call us free of charge throughout Canada at 1-800-461-9999. If you are calling from outside of Canada, you can contact us at 204-983-3500 or 506-636-5064.**

Congratulations Gursharan on your immigration to Canada.

frtfl has provided you with an apt link for bringing the money. You can bring as much money into Canada as much as you want, and it can be in any form...cash, Tc, Bank Drafts etc.. and You Will NOT Be Jailed For Bringing it as long as You DECLARE the amount at the port of entry. Anytime, one brings in more than CA$10,000K (in any form), it has to be declared at the POE on the form.

Now, as to whether you could deposit the "settlement" funds locally in India and show them the proof, that won't work. If the law requires you to have $14,000 as settlement funds in Canada, you much have that money in your possession or a proof that the money is in your Canadian Account upon your entry into Canada (Sometimes, the immigration officer at the POE will actually ask you to show the money...whicha again can be in the form of Cheque, Draft, TC ..etc.)

I favor carrying bulk of the money in form of TC and about 3K in cash. Avoid bank draft since Canadian banks won't release funds for 4-6 weeks or until the draft has been cleared from the clearing house. And if you are going to be renting an apartment, you will need 1st and last month's rent up-front, therefore you may need some cash.... TC is as good as cash and the banks will credit these in your account almost the same day.

This is my advice...and I am sure our other CD members will guide you further.

Welcome....and Good Luck!

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