What is the maximum undeclared amount of cash one can carry?
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May be a dumb question - what is the problem in declaring and bringing more if you want to?
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Chandresh
Advice is free – lessons I charge for!!
Location: Western Hemisphere
Posted on: 16-03-15 13:20:40
Quote:
Originally posted by chandresh
May be a dumb question - what is the problem in declaring and bringing more if you want to?
Absolutely none. Nothing prevents you from bringing in as much money as you want to, as long as it is declared if it is at or above 10k. Especially, in this case, where the individual is bringing money as part of relocation and settlement.
Carrying a hefty amount of cash might raise a lot of questions, but carrying more than 10k in other money instruments should not.
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Dimple2001
And that being the case - why the question "max. How much cash can i carry without declaring !"
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Chandresh
Advice is free – lessons I charge for!!
Location: God's own country
Posted on: 17-03-15 10:17:53
I am guessing that the OP was afraid of having to pay Income tax, if it is declared.
Not stating that the OP wants to evade tax. But when your saving is tax - free in the Gulf, the OP might have had the apprehension that he might be asked to pay tax of what he brings.
To the OP :
I am sure that in your tax return, there will be a column asking how much money that you brought from outside of Canada. If this amounts exceed the min. required for no tax, then your money will be taxed (during income tax time and not including the one time tax free amount that you can bring upon landing).
If it is otherwise, request other senior CD members to please state it.
Murali
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I am a Gents and not a Ladies.
Quote:
Originally posted by tamilkuravan
To the OP :
I am sure that in your tax return, there will be a column asking how much money that you brought from outside of Canada. If this amounts exceed the min. required for no tax, then your money will be taxed (during income tax time and not including the one time tax free amount that you can bring upon landing).
If it is otherwise, request other senior CD members to please state it.
Murali
Wher did you get that from Murali?
You can bring all that you possess with no tax at all. Yes, you can bring all that you own:
1. If while making the first landing - no tax atall
2. If after the first year of landing - no tax atall if you had declared the income on your foreign assets in your tax returns in canada each year before bringing that asset to Canada - or else it will be treated as that year's income.
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Chandresh
Advice is free – lessons I charge for!!
The OP asked what is the max amount once can bring in w/o declaring . CAD 10,000/-
Why the OP asked this may be due to various reasons as to not get in the notice of Customs ( a mindset developed in India ) ... or some other reason.
Chandresh has added a new dimension to it which is good to know .
Personally I would rather carry large amount of money in other instruments than cash viz wire transfer / drafts / traveler cheques ... If I recollect correctly , you get a better exchange rate on drafts / TCs as compared to cash change.
Plus the convenience and worry free travel.
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Fido.
great; clear replies there from our seniors.
question Chandresh: I have a flat in Mumbai; closed and occasionally cleaned by my brother; so no income generated there.
If/when I sell it, would I be able to bring sale proceeds to Canada without being hit by taxes?
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Many
