Moving is a challenging endeavour no matter where a person is located. No more how carefully you plan, unexpected costs always seem to pop up. When an individual relocates to another country entirely, this challenge is significantly amplified. When you immigrate to a new country, you don’t just move your furniture – you move your entire life.
When you arrive in your new home in Canada as a Permanent resident, you can expect to have a number of expenses, including purchasing groceries, securing a residence, and perhaps buying a vehicle. Understandably, many new immigrants have questions about the rules regarding bringing money into Canada.
Types of Money You Can Bring to Canada
When you enter Canada, you are allowed to bring money in several different forms, including:
- Stocks, bonds, and other securities (in bearer form, meaning the actual stock certificate or other document is in your physical possession)
- Money orders, traveller’s checks (in bearer form)
- Funds transfers between a bank in your home nation and a bank in Canada
Obviously, few people are comfortable carrying thousands of dollars in cash. If you wish to bring more than $10,000 (Canadian) or its equivalent in the currency of your home country into Canada, you must notify officials at the border as soon as you land in Canada. This is known as “declaring” you are carrying a specific sum of money over $10,000. In addition to notifying border officials, you must also complete a form regarding the money.
Although the money you bring into Canada is not subject to tax at the time you arrive, you may be assessed penalties if you fail to declare it. Furthermore, any type of dishonesty in your immigration documents and paperwork can potentially jeopardize your ability to live and work in Canada. For this reason, it is very important to comply with all declaration requirements upon your arrival in Canada.
Butkowsky Immigration Law
With more than two decades of experience focused exclusively on immigration and refugee law, Larry Butkowsky has earned the respect of the Toronto legal community and the gratitude of many satisfied clients. He is committed to protecting his clients’ rights and making sure that they achieve their Canadian immigration dreams. Call (416) 979-2127 to discuss your immigration matters.