Deposit Canadian Checks to US Bank

[mocha_m]

Hi,

I moved from Canada to US a few years ago. I didn't transfer all the deposits and financial investments from CA to US at that time. Recently I was planning transfer the money to US. I can either wire(with some fees) or let the broker write me a check so that I can deposit to my US bank account personally. I prefer the check option, since that will be free.

I wonder is there any problem with deposit a large amount of Canadian check(over $100,000)? I do file tax to report the oversea deposits and investment in my tax returns.

If check deposit is not a problem, anything else tax implication I should be aware of? Like any forms I should file at the end of the year linked to this deposit?

Thanks in advance!

[nelsona]

There is no extra reporting required for checks that pass thru the Canadian or US banking banking system.

However, I would suggest that you NOT do conversions at a US institution, that will cost your $100's more than converting to USD in Canada and then simply transferring the US funds to US.

There are more sophisticated ways of converting CAD to US, which cost even less. But doing what you are proposing is quite frankly the worst, and is not straightforward. US banks loathe dealing in foreign currency, and make you pay through the nose for their inconvenience.