Coming to Canada? Here’s what you should know about carrying or moving ‘Cash’ to Canada
When immigrating to a foreign country, there are always questions about what you can bring and how much of it you can bring in. There are certain regulations that govern the transfer of commodities that may be considered a form of Cash. Certain countries don’t have a limit on how much you can bring in but there are rules regarding declaration when you enter. Canada has a similar law which requires an individual to declare the cash they are carrying if it exceeds a certain limit.
What is the limit to carry Cash while immigrating to Canada?
When coming to Canada, the Canadian Border Services Agency or CBSA looks after the checkpoints at the airports. They can check any person randomly and if they find something that is illegal or over the limit, they have the right to seize it and levy penalties.
In the case of Cash, you don’t need to declare anything if the cash doesn’t exceed the CAD 10,000 limit. If the cash exceeds that value, you need to fill a form declaring the extra currency that you brought while coming to Canada.
Although, you should keep in mind that there are different ways via a commodity is found worth cash value. They are:
- Funds transferred from another country to an account held in Canada.
- Cash in any nation’s currency. The equivalent value is calculated via the current exchange rate.
- Securities portfolio consisting of things such as bonds, stocks, debentures etc.
- Monetary instruments such as traveler’s cheques, money orders, bank drafts etc.
Now, keep in mind that if the total value of all the commodities and the cash exceeds the CAD 10,000 limit, do not forget to declare that accurately to avoid any penalties.
Permanent Residency Applicants- How much funds/ Cash is mandatory to carry along while moving to Canada
When you apply for a Permanent Residency in Canada, you need to prove that you have enough funds in your bank account to support your move there. Coming to Canada for a job also requires a similar proof along with an offer letter from a company registered in the country.
This is known as Proof or Evidence of Funds. These determine whether your application is considered to be eligible or whether you are a suitable person who can be invited to apply for a permanent residency.
You can provide various documents to certify to the fact that the money is yours and is free from any financial liability. Usually, a signed letter from the bank stating you have financial assets and cash with them helps.
There are some other things to keep in mind. When asked, you may have to provide a proof as to where the funds you have, came from. Thus, be ready with the supporting documents. The money should be solely for your use. Thus, never use a bank account you have with a friend or family member other than your spouse. Remember, land titles are not considered proof of funds.
Just remember to declare any extra cash when coming to Canada. Avoid penalties and the hassle for a better experience.