Posted on: 21-07-04 14:05:17
dear friend, i am going to toronto sep2004 as an new immigrant.i need to know that if I want to take 1,00,000 CDN (as i am selling my preoperties here and collect the money)then how can i tranfer that.i want to take them as hard cash in USD? is there any formalities i have to to with the canadian immigration and customs? should i give the evidence of selling my preoperties. i want to take that papers as a proof of source. for this big amount is there any restriction from canadian immigration or customs? advise all.
Quote:
Orginally posted by antora
dear friend, i am going to toronto sep2004 as an new immigrant.i need to know that if I want to take 1,00,000 CDN (as i am selling my preoperties here and collect the money)then how can i tranfer that.i want to take them as hard cash in USD? is there any formalities i have to to with the canadian immigration and customs? should i give the evidence of selling my preoperties. i want to take that papers as a proof of source. for this big amount is there any restriction from canadian immigration or customs? advise all.
First of all you should mention where you would be migrating from because transferring of funds would depend from the country you are migrating. Most likely you would be migrating from India. If that's the case, you would have to ask from the Bank's (authorized foreing exchange dealers) there the amount you can transfer and you might have to take RBI permission for the same.
Canada has no problem if you bring $100K or $1000K as long as the source of the funds is geneuine and the money is coming through banking channels AND NOT IN HARD CASH. You might have to prove the source of funds so keep all the papers/transaction records with you and bring them with you at the time of landing as they might ( a remote chance) ask for the same.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Dear Pramod,
At the time of landing suppose I bring the minimum amount as settlement funds, i.e CAD 20,000 for a family of 3 (2 ad 1 child), and wish to sell my property may be 2 years hence and get the funds transfered, will it be taxable at that point?
Is it advisable to get all the money while relocating in the first instance?
Please do also advise as to how much luggage is allowed at relocation point, in terms of weight / no. of pieces?
Is there any point in bringing household items (electrical / electronic) for which we have already spent money oin India?
thanks and regards.....
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ashbamor
so basically i can get my funds in the form of a bank draft.
also these need to be carried by the principle applicant, right? will the dependents be asked about funds??
i trust that we wont be required to be formally dressed like we had at our interview.
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smile ...
