Posted on: 14-02-05 10:16:16
Folks,
My plan is to land in Toronto, spend a week, apply for PR / SIN and then return to Dubai. (utilizing the 2 out of 5 year rule)
While landing, I have to show funds for me and my wife. I was wondering whether i could bring these funds (equivalent to 13000CAD) in cash.
Reason is that i will be returning to Dubai and i will need the money in Dubai.
If i were to bring the money in travellers cheques or DD, then i would lose on exchange rate / charges / return charges etc.
Can you suggest the best option for me in this situation.
CD's - Thanks again for your wonderful support & advice!
WE CARRIED THAT AMMOUNT WHEN WE CAME AND HAD NO PROBLEM AT ALL. SO GO AHEAD THEY NEED U TO CARRY 14000$
U CLD ALSO GET A DRAFT MADE AND JUST RETURN THAT AMOUT TO YR BANK BACK IN DUBAI
BUT DEFFINATELY CARRY SOME CASH COZ U WILL NEED SOME TO STAY HERE FOR 4 WEEKS TO WAIT FOR YR SIN CARD AND PR CARD.
ALSO IT IS ADVISABLE TO OPEN A BANK ACCOUNT AND LEAVE A MIN BALANCE SO U DONT HAVE PROBS WHEN U EVENTUALLY COM E TO LIVE HERE
U CAN EASILY TRANSFER THE MONEY FROM DUBAI THEN
I was in the exact same position 2 & 1/2 years ago.
I have this feeling that the AED is not quite a 'recognised' currency, so perhaps it's not a good idea to carry AED...
The best bet I feel is to convert your AED to USD and carry that with you. You can then carry the unused USD back to Dubai and re-convert to AED. You would loose a minimal amount in the double conversion process as the AED is pegged to the USD.
However do check with Thomas Cool Al Rostamani on the conversion to USD and the re-conversion to AED of unused TCs.
I carried part cash and part TCs with me in 2002. There is no commission charge for a TC and the double conversion loss was surprisingly low I recollect.
I would advise against opening a bank account as it is one of the things that the CIC take into account to determine your resident status for income tax purposes.
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Regards - ezrider
Quote:
Orginally posted by loveland
Folks,
My plan is to land in Toronto, spend a week, apply for PR / SIN and then return to Dubai. (utilizing the 2 out of 5 year rule)
While landing, I have to show funds for me and my wife. I was wondering whether i could bring these funds (equivalent to 13000CAD) in cash.
Reason is that i will be returning to Dubai and i will need the money in Dubai.
If i were to bring the money in travellers cheques or DD, then i would lose on exchange rate / charges / return charges etc.
Can you suggest the best option for me in this situation.
CD's - Thanks again for your wonderful support & advice!
If you're not planning to move permanently to Canada then I would advise you not to convert AED to US$. Only bring sufficient funds to meet your living expenses in Canada for the period you're planning to stay in Canada. For the remainder of C$13,000 carry a bank statement showing the funds in the account - just in case the immigration officer at the airport asks you.
That's what I did when we moved here in Oct 2003.
Daks
Quote:
Orginally posted by Daks
Quote:
Orginally posted by loveland
Folks,
My plan is to land in Toronto, spend a week, apply for PR / SIN and then return to Dubai. (utilizing the 2 out of 5 year rule)
While landing, I have to show funds for me and my wife. I was wondering whether i could bring these funds (equivalent to 13000CAD) in cash.
Reason is that i will be returning to Dubai and i will need the money in Dubai.
If i were to bring the money in travellers cheques or DD, then i would lose on exchange rate / charges / return charges etc.
Can you suggest the best option for me in this situation.
CD's - Thanks again for your wonderful support & advice!
If you're not planning to move permanently to Canada then I would advise you not to convert AED to US$. Only bring sufficient funds to meet your living expenses in Canada for the period you're planning to stay in Canada. For the remainder of C$13,000 carry a bank statement showing the funds in the account - just in case the immigration officer at the airport asks you.
That's what I did when we moved here in Oct 2003.
Daks
I have read on another site that the bank statement you write about will need to be of funds in a bank in Canada.
This is because the immigration officials sometimes ask to see that you have funds to support yourself in Canada for upto six months. They may not accept funds in an overseas bank. And they may not accept a plea that you're going to return to the UAE in a short while.
Further, as loveland intends to return to the UAE for upto 3 years, it is advisable that he/she does not have anything that the Canadian Revenue Consider as 'Residential Ties to Canada' to avoid being liable for income tax on his/her Global income during that period.
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Regards - ezrider
Technically u r supposed 2 b bringing money INTO Canada when entering .
How abt getting a DD made in the UAE in ur own name for $ 11,500/- and carry $1,500/- in cash (USD) which u can use for ur week long stay . TCs is a costlier option . Check out the DD making & cancellation charges coz u can submit the DD back 2 the Issuing Branch .
Yes EZR is correct--- acvoid opening a Bank A/C in Canada if u intend staying away for next 3 years as otherwise u might hv 2 furnish details of ur future income 2 Canada by intending 2 maintain ur ties .
Manasvi.
Quote:
Orginally posted by loveland
While landing, I have to show funds for me and my wife. I was wondering whether i could bring these funds (equivalent to 13000CAD) in cash.
In case you bring in more than $10,000 CAD in cash or monetary instruments, be sure to declare the same to the Customs on arrival. You could also check the Canadian Border Services Agency website at: http://www.cbsa-asfc.gc.ca/E/pub/cp/rc4151/rc4151-e.html
