Money For Landing

MONEY: PROOF OF LANDING FUNDS:
What Proofs Are Acceptable?
If you are carrying more than C$10,000, tell a Canadian official when you arrive in Canada. If you do not tell an official, you may be fined or put in prison. These funds could be in the form of:
• Cash
• Securities in bearer form (for eg, stocks, bonds, debentures, treasury bills) or
• Negotiable instruments in bearer form (for eg, B/drafts, Cheques, TCs or MOs).
Source: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

How Much Funds Can I Carry?
There is no Max limit… we can take Millions, if we can prove its legitimate source & declare anything at/or more than $10,000 [that’s the CBSA regulation]. There is a Minimum limit though… we must carry at least or more than what CIC requirement states, vis-a-vis for the no. of pax in the family [accompanying].

Tax & Duties Component:
The funds we bring inside Canada are Non-Taxable. It is only the ‘interest’ earned on that which is taxed. The moment our funds start accruing interest [while lying in a Canadian Bank a/c] the bank will start deducting tax ‘on source’. The same applies for any ‘investment’ in Canada that we make with these funds.

BANKING:
Though most international banks operate in Canada, the 3 main Canadian Banks are presumably the best, in terms of their presence, availability & location of ATM machines, branches etc.:
1)   Scotiabank,
2)   TD Bank
3)   CIBC