imoutofhere

Hi All,

Well the time has come to enter Canada. I leave on Thursday. I just need a final check that everything is in place. Apart from the document immigration sent me and my passport with the visa in it, is there anything else I have to bring with me to the airport ?... I still have to sell my house and transfer the funds. Is there any other forms I have to fill in at the airport to highlight the funds being transferred at a later date ?.... Thanks again for all your info.. It has been very helpful throughout my application process.

mandymoochops

Do you have your bank statements to show that you have the sufficient funds you need for landing in readily available funds? I think you need your goods to follow list too.

imoutofhere

Hi Mandymoochops,

I will take bank statements with me, Thanks. I don't have any goods to follow... Good time to get a good old fashioned clearout done. I am conserned about the money I will be bringing at a later date from the sale of our house. I declared it on the innitial immigration forms but just wondered if I have to get any other forms to take with me to show the money is coming at a later date. Thanks.

mandymoochops

I don't think you do actually - because if you look at it this way - you could decide that you don't want to sell the house and then the money won't be coming!!!!!

All they are concerned about at the minute is that you have the funds to support yourself as outlined in the application pack readily available.

Proceeds from the sale of your house will be a tax thing rather than an immigration thing (have a look in the Canada forum there was a recent thread about this) - I seem to recall it's something to do with if the vaue of your house is X on the day you immigrate and when it sells after you move, its value is still X you don't pay tax on the proceeds when you transfer.

However if the value when you transfer the funds is gretaer than when you moved then you are subject to CGT on the proceeds - same applies if its value is less than when you moved, you I think can claim relief on a loss. (please check this info though -I am about as a good a tax advisor as Colonel Gaddafi is a possibility for neighbour of the year.

I don't suppose it would hurt just to bring a copy of its sale details, but it's not a requirement

iaink

MMC is right, there is no need to declare funds you transfer over. Or might transfer over, or whatever. As long as you can demonstrate proof of funds at landing (if asked) then its all good.

Declaring funds is done automatically by the bank for wire transfers, but for cash >$10k you would need to fill out the form. Its not done for taxation reasons anyway.


There may be some taxation issues on capital gains made between landing and transfering money, but thats a topic that was recently discussed elsewhere. If you transfer funds immediately after the sale I think its a non issue (but JonboyE would be a more reliable source on tax then me!)