Tranfer Savings
Oct 11th 2014 | 4:37 am
#1
Thread Starter
Just Joined
Joined: Jun 2014
Posts: 21
From: Edmonton, Alberta
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
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
Oct 11th 2014 | 6:14 am
#2
Binned by Muderators
Joined: Jul 2007
Posts: 11,708
From: White Rock BC
Re: Tranfer Savings
That is correct.
It is nothing to do with taxes. It is an anti money laundering provision.
It is nothing to do with taxes. It is an anti money laundering provision.
