British Expats - Tranfer Savings

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- - Tranfer Savings (https://britishexpats.com/forum/canada-56/tranfer-savings-844890/)

jkgtr

Oct 11th 2014 4:37 am

Tranfer Savings

Hi Guys.

Regarding savings being moved from the UK. I have successful moved my savings from my bank in the UK to RBC, Reading the wiki "If you transfer $10,000 or more via CanadianForex, HSBC, HiFX, Moneycorp, etc., the relevant institution will make the declaration on your behalf, and you don't have to worry about it"

Just to be clear this means i do not have to declare the money that has been tranfered when doing my taxes as the bank will have already taken care of that?

thanks

John

JonboyE

Oct 11th 2014 6:14 am

Re: Tranfer Savings

That is correct.

It is nothing to do with taxes. It is an anti money laundering provision.

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