How much cash I can carry to Canada

[adg]

Hello,

How much cash can i carry to Canada?
Do i need to declare it anywhere?
If declared, is there any tax on it?

I am going on work permit.

[vinny]

Money laundering and terrorist financing are international problems. Money laundering in Canada alone is estimated to be in the billions of dollars. To help fight these criminal activities, the Government of Canada has introduced the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Under the new legislation, there are no restrictions on the amount of money that you can bring into or take out of Canada, nor is it illegal to do so. However, you now have to report to a customs officer amounts equal to or greater than CAN$10,000 that you are bringing into or taking out of Canada.

[Canadiancitizen]

I would STRONGLY suggest that you NOT carry that much cash with you while travelling to Canada.

Ues a "letter of credit " or a bank draft, or a cashier's cheque, BUT for sure DON"T carry that amount in actual money.

Two reasons not to do this......

Immigration officers will be immediately suspicious of any one with so much cash on them, and you will spend hours being questioned by them, before being let go.

Secondly, you will be a target for thieves starting at the airport that you arrive at.

Make enquiries at your local bank. Ask how to do this, without carrying actual cash with you. It is too risky and NOT needed.

Jim B Toronto.

[TRV]

excuse my ignorance, but what is a letter of credit?

[Canadiancitizen]

A letter of credit is used by banks to prove that a named person has that amount deposited in their bank, back home, and that the bank will forward funds to a bank in Canada, for example, upon request. This is done by electronic means.

A "certified cheque " is a guranteed method of payment, again based on the overseas bank's reputation, as a reputable international financial institution.

A final method of bring funds to Canada, without risk, is a prepaid credit card, such as a Visa or Mastercard, that has been paid up back home.

Does this help you ?

Jim B. Toronto.

[TRV]

thanks for the reply. Is this means that if I have money at my home country bank account but do not want to take this with me when entering canada? When I enter canada first time to get my PR card, I may not stay for long. I might move to canada for good at a later stage, until then I do not want to open a bank account in canada and take the required CAD$10K into Canada.

But just to satisfy canada immigration officials, I need a letter from my home country bank saying that I have CAD$10K equivalent in my account. Can a bank statement be treated a letter of credit or it should be a letter of credit from my bank in a standard format?

Can you pls clarify.

Thanks

[Canadiancitizen]

Yes..........A letter of credit has a standard international format, which will be issued by your bank in your home country, to show to the Immigration officer, when you arrive at the port of entry in Canada.

You must be able to show that you have enough money to be able to pay your own way while in Canada, no matter how short your time in the country.

Jim B. Toronto.