monique

I thought amounts over $10K would be taxed, are you sure it is not?. I recently came back from a trip and was surprised to be asked how much money I had with me, I was expecting the question to be "are you bringing amounts in excess of $10K"?. Anyway, I debated whether to answer less than $10K or just tell them the exact amount I had, I opted for the latter and still I was asked why I had that amount on me, even when it was less than $10K. They really like to intimidate people sometimes.

iaink

Yes Im sure.

What possible right would they have to tax you on it. Its your money, you already paid tax on it at source, or you will when you have to report your worldwide income. Its strictly there as a tool to use to prevent / prosecute people over money laundering offences.

BritInAB

Look at it another way - the Canadian $ is very strong right now, so for a large sum of cash you are going to lose a fair bit. Bring just a small amount and a UK VISA debit card (use for goods, cash from ATMs becomes expensive). When the rate is better you can ask your bank to transfer a lump sum over for a fixed cost. As an example Abbey charge GBP25 for this service - the difference in the exchange rate would have netted you an extra $1000 on $10000 at the beginning of the year! (Presuming a rate of about 2.2 then compared with about 2.0 now).

I still keep a few pounds in my old Abbey account. I keep the cash in the eSaver until I need it, then use the computer to transfer to my main account if I want to buy something big.

monique

I forgot to ask a question on behalf of someone...if money is given to you as a gift, you have to declare it, right?. And if so, would this money not be taxable?. A friend sometimes gets cash money from her ex when she visits her family there and wondered if this money could be considered spousal support and thus be taxable?. What about money given to an adult child by a parent while visiting, would this also be considered taxable?. Thanks.

monique

It makes sense, not sure why I thought it would be taxed, thanks.

iaink

Any money you bring as cash (or similar) has to be declared on entry, but gifted cash is NOT taxable income come tax return time. Your friends additional child support is in a grey area I guess. I suppose if its over and above her maintenance agreement its basically a gift...but dont quote me in court

smiges33

do you just have to declare the money when you enter the country.or do you have to declare money already sent. and will you have to decalre money that you have wired over at a later date?

smiges33

very helpful. with all these links i am building up my favourites file is getting bigger and bigger. i have had to make folders within folders:

sam/stu

Open a bank account and send any excess funds over before hand - we sold our house in the UK and had oooodles of cash to bring over but stuck it in the bank for our arrival in Canada.

iaink

Just cash and similar that you bring with you. Wire transfers etc are automatically reported by the banks

jempee

Hi. When we went through immigration they asked us how much we had collectively. (this was the officer at the desk where we was sorting out the cat) We had over $10,000 in cash. She told us we need to go to the next desk along and declare it. she was not pleasant and totally diff to the immigration officer! when i spoke to the person at the next desk they just waved it off and said it was fine. Went back to the first desk as instructed and she was like 'they said fine' ??? she then queried it with another officer who again said 'no its fine'. so she let us go

So the short answer is we were asked how much cash we were carrying collectively and it was over $10,000. We just declared it on the card they give you on the plane.