Transferring money from US bank to Canadian bank
Moderator: Mark T Serbinski CA CPA
Transferring money from US bank to Canadian bank
Dear Nelsona, I will be landing from USA to Canada as a landing immigrant. After I land and open a Canadian bank account, I would like at some point to transfer some of the money I currently have in US bank to my new Canadian bank. Could you please advise me what would be the best way to do such a transfer? Could I write a regular check, issued from my US bank, to my self and deposit it in to my new Canadian bank account? If yes, could the amount be more than US $10,000, which might also be more than CAN $10,000?
Also when departing the USA, do I have to report to Customs that I am living behind some money in the USA which I plan to send abroad at a later date?
At Canadian Port of Entry, I understand that I have to report to a customs officer amounts equal to or greater than CAN$10,000 that I am bringing into Canada. Do I also have to notify the customs that in the near future I am going to transfer in to Canada more than CAN $10,000?
Thank you very much for your help!
Also when departing the USA, do I have to report to Customs that I am living behind some money in the USA which I plan to send abroad at a later date?
At Canadian Port of Entry, I understand that I have to report to a customs officer amounts equal to or greater than CAN$10,000 that I am bringing into Canada. Do I also have to notify the customs that in the near future I am going to transfer in to Canada more than CAN $10,000?
Thank you very much for your help!
The simplest would be to write a check.
There is no need to report these transactions as you would be going thru the banks. the 10,000 reporting is if you are carrying money (otherwise untrceable) on your person. The banks have their own reporting system which satisfies the law.
You would not need to report anything at Cdn customs about the wherabouts of your money.
There is no need to report these transactions as you would be going thru the banks. the 10,000 reporting is if you are carrying money (otherwise untrceable) on your person. The banks have their own reporting system which satisfies the law.
You would not need to report anything at Cdn customs about the wherabouts of your money.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Once the check is deposited, will the Canadian bank exchange the US$ into CAN$ right the way, or the US$ can be exchange on later date?
I’ve red somewhere that once in Canada, I can no longer keep my American brokerage account. Do I have to close it prior to entering Canada?
If I enter Canada on, lets say, March 01 2008, do I have to report on my Canadian tax return forms any income I have earned from January 01 – February 29, 2008?
Thanx a lot one more time!
I’ve red somewhere that once in Canada, I can no longer keep my American brokerage account. Do I have to close it prior to entering Canada?
If I enter Canada on, lets say, March 01 2008, do I have to report on my Canadian tax return forms any income I have earned from January 01 – February 29, 2008?
Thanx a lot one more time!
The exchange will take place on the day you deposit the check. Alternatively, you could open a US dollar account, and trade when you feel like it. but if that was the case, then why not just leave the US money in your US account until needed.
You should not be trading in a US (non-IRA) brokerage account once you reside in canada, since that broker is not licensed in your province of residence.
You will be liable for tax on worldwide income from Mar 01 onwards, and Cdn-source income before that date. Read the "Newcomers" guide from CRA.
You should not be trading in a US (non-IRA) brokerage account once you reside in canada, since that broker is not licensed in your province of residence.
You will be liable for tax on worldwide income from Mar 01 onwards, and Cdn-source income before that date. Read the "Newcomers" guide from CRA.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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Admittedly the consequences woukd mostly be borne by the brokerage for accepting illegal trades (yes, illegal), in the form of sanctions and fines from the provincial exchange regulators.
Would the brokerage then go after you? I guess you would need to read your customr contract, but I try to avoid situations where I will knowing cause someone else to unknowingly break the law
Would the brokerage then go after you? I guess you would need to read your customr contract, but I try to avoid situations where I will knowing cause someone else to unknowingly break the law
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
"He gets ATM access and all benefits of a local checking account in both countries. *Shrug* Works for me."
I'm quite sure he has that already in US and will when he opens his Cdn account -- anywhere.
I'm quite sure he has that already in US and will when he opens his Cdn account -- anywhere.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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What if the individual is also a US citizen and placed the trades while in the US -- say while on vacation or traveling thru the US? Or, what if the individual gave power of attorney to a US resident like a relative or an accountant, and that person was making the trades?
are there any other creative ways for a person to maintain the US account after becomming a Canadian resident and avoiding the ire of the Provincial govt.?
are there any other creative ways for a person to maintain the US account after becomming a Canadian resident and avoiding the ire of the Provincial govt.?