Posted on: 24-08-09 04:17:26
Hi All,
I have recently sold my property in Pakistan and will be transfering money ($100,000) to Canada to pay for my house mortgage. What is best way to transfer? Should transfer to bank account or get a draft, and how I can declare it?
The property I sold is already mentioned in my tax return.
-----------------------------------------------------------------
Raza
Quote:
Originally posted by razashah
Hi All,
I have recently sold my property in Pakistan and will be transfering money ($100,000) to Canada to pay for my house mortgage. What is best way to transfer? Should transfer to bank account or get a draft, and how I can declare it?
The property I sold is already mentioned in my tax return.
------------------------------------------------------------------------------------------
You will have to do the market research in Pakistan to see who is providing you with better rate of exchange at the time of conversion of the Pakistani Rupees into CANADIAN DOLLARS. All of this is done through proper legal channels.
Most of the electronic transferers that do immediate transfers charge you at least 1% of the value of the transfer, which means, ONE thousand Dollars for the entire sum of $100,000.00
At the Bank, Demand Draft will cost, a fraction of, of it, which could be $25.00 or there about. But it does take six weeks at the most to get reconciled into your account here in Canada. You can try with a small sum initially, if you are not in a hurry or ask a few friends or post on these websites and see what the responses you get from them. Then decide which suits your needs.
Also watch the exchange rates and perform the exchange, in Pakistan, on a day it will benefit you the most. For this you will need some help at the other end. They should be the ones to tell you about the political conditions and the rates that move with them periodically.
Please read this item from CBSA:
http://www.cbsa-asfc.gc.ca/publications/pub/bsf5052-eng.html
The form that requires to be filled.
http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/e667.pdf
If you have questions about EDI transactions, please contact the Electronic Commerce Unit:
Electronic Commerce Unit
Canada Border Services Agency
250 Tremblay Road, 6th Floor, West Tower
Ottawa ON K1A 0L8
Telephone:
1-888-957-7224 (calls within Canada and the United States)
613-946-0762 (overseas callers between 8 a.m. and 5 p.m. ET)
613-946-0763 (overseas callers between 5 p.m. and 8 a.m. ET)
Fax: 613-952-9979
Hope this helps you a little.
Freddie.
Edit: Pakistani Rupee was at a all time low of 83 Rupees to a US Dollar, at the end of JULY 2009. Now it is at 82.4 and wants to improve. See if it helps you any. Freddie.
Thank you Freddie for detailed reply.
I am planning to transfer through bank to my account in Canada. I did not find any form to be filled for this type of transfer to declare. Is there any such requirement?
-----------------------------------------------------------------
Raza
Quote:
Originally posted by razashah
Thank you Freddie for detailed reply.
I am planning to transfer through bank to my account in Canada. I did not find any form to be filled for this type of transfer to declare. Is there any such requirement?
------------------------------------------------------------------------------------------
The last I know, the banks are feeding the information from here in Canada to the CBSA and the FINTRAC. I have not transferred in or out such a large sum. But now the onus is upon each individual to do the reporting. Hence the link and the form and a suggestion that you contact and find out the proper procedures for reporting. This is to protect your rear.
When you find out all of the details please revert back to us. All of us will know the same from your inquiries.
Freddie.
Wire is the best way to send money. If u use wire transfer u should try to bargain with ur bank in CAD for the exchange rate (in relation to interbank rate), because ur transaction is of such a large amount even a few cents will add up to hundreds and thounsand $.
Draft if any should be in CAD $.. and can also take a long time to clear..
Quote:
Originally posted by razashah
Hi All,
I have recently sold my property in Pakistan and will be transfering money ($100,000) to Canada to pay for my house mortgage. What is best way to transfer? Should transfer to bank account or get a draft, and how I can declare it?
The property I sold is already mentioned in my tax return.
