Proof of Funds at Landing
Carrying Funds into Canada
When bringing more than $10,000 CAD into Canada, it is essential to inform a Canadian official upon arrival. Failure to do so may result in fines or imprisonment.
Forms of Funds:
These funds can be in the form of:
Cash
Securities in bearer form (e.g., stocks, bonds, treasury bills)
Negotiable instruments in bearer form (e.g., bank drafts, cheques, traveler's cheques, money orders)
Limitation and Requirements:
There is no upper limit on the funds you can carry as long as you can prove their legitimate source and declare amounts equal to or exceeding $10,000 CAD, as per CBSA regulations.
However, there is a minimum requirement based on the number of family members accompanying you, as outlined by Citizenship and Immigration Canada (CIC).
Minimum Funds Requirement:
The minimum amount of funds required depends on your family size and must be easily accessible and transferable to Canada.
These minimum amounts are detailed in the provided links.
Exemptions from Showing Funds:
You do not need to demonstrate these funds if you:
Have a valid offer of arranged employment in Canada.
Are currently authorized to work in Canada.
Have been invited to apply under the Canadian Experience Class.
Acceptable Proof of Funds (POF):
Official letters from banks or financial institutions must include:
Institution's contact information.
Your name or your spouse's name.
List of outstanding debts.
Details of bank and investment accounts.
Proof of funds can include various cashable investments, fixed deposits, bank accounts, and financial instruments.
Inadmissible Proof of Funds:
Not acceptable as proof of funds:
Bank accounts in someone else's name.
Joint bank accounts with individuals other than your accompanying spouse/common-law partner.
Bank accounts in the name of a spouse not accompanying you to Canada.
Property or vehicle valuations.
Jewelry valuations.
Transporting Funds:
You are not required to carry funds in cash upon arrival in Canada.
Documentary evidence of funds' availability and transferability to Canada is necessary.
Port of entry officers may verify these funds before granting permanent residence.
Tax and Duties:
Funds brought into Canada are non-taxable, with only the interest earned on them subject to taxation.
Canadian banks deduct tax at source on interest earned, similar to any investments made in Canada with these funds.
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