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Legal Ease
Legal Ease, Lawyer
Category: Canada Law
Satisfied Customers: 85781
Experience:  Lawyer
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I am waiting for an Inheritance to reach me here at Vancouver,

Customer Question

I am waiting for an Inheritance to reach me here at Vancouver, BC, Canada.

It is a sum of money about 1 million euro. It is coming from Switzerland distributing by a trust. It may sound a silly question, but I am wondering would be a problem receiving a wire transfer from Switzerland due to these tough regulations in regards XXXXX XXXXX laundering that we have here at Canada?

I already talked to my financial advisor, and she said it should not be any problems. Are they going to freeze the fund for certain amount of time such a week like when somebody depositing a personal chq, and bank requires 5 business days to clear the chq? Should I notify the bank in advance? Do I need to submit any documents?
Submitted: 11 months ago.
Category: Canada Law
Expert:  Legal Ease replied 11 months ago.

Debra Thal :

Thank you for your question.

Before I begin I want to explain a bit about how the site works.

It may be that I will find that I need to gather further information from you. As well, it's quite possible that you may feel the need to ask me additional questions for further clarification.Please do not worry that you will be charged additionally if I ask you questions or if you need to ask me questions. That is not at all how the site works.

As well, please understand that as a careful lawyer I will always give you an honest answer even if the answer is sometimes not what you were hoping for.

Finally, as we go through the process please do not feel rushed if I ask you a question. You are always free to take your time to gather more information before you post back. As well, please understand that even after you rate me the post will not lock and you could always come back for further clarification if you think of something a bit later on down the road.

Debra Thal :

If this is a direct wire transfer then they will not hold the funds as this is the same as cash being deposited.

Debra Thal :

Only cheques are held.

Debra Thal :

You do not have to notify the bank in advance.

Debra Thal :

There would not be an issue about money laundering as the money would be traceable.

Debra Thal :

The new rules relation to issue of money laundering are concerning cash being brought into the country and not being declared.

Debra Thal :

Let me know if you need any further clarification.

Customer:

Excellent, that is good to know, I was waiting for this money for ages, and now finally it has been released and set for distribution, so I am trying to make everything ready for its landing ;) I asked since I read the Fintrac website, and it seems these guys reviewing any thing that is more than 10K either cash or wire, so I wanted to make sure since it is not within the range of my normal transactions.

Debra Thal :

You are find.

Debra Thal :

fine.

Debra Thal :

You've inherited money and it's being sent to you openly.

Customer:

It is so good to hear that :) Just out of curiosity is there any limit for receiving wire transfer? what if someone inheriting 100 million euro, would that be a problem?

Customer:

And also the last question, I don’t have to pay taxes on this money, right?

Debra Thal :

You can bring in all the money you want into Canada.

Debra Thal :

And if there are limits on how much can be wired that would be based on what policies a the bank may have so they may say you cannot wire more than a certain amount of money at one time.

Debra Thal :

There is no inheritance tax in Canada.

Customer:

Excellent, thank you so much for helping me out masterfully :))

Legal Ease, Lawyer
Category: Canada Law
Satisfied Customers: 85781
Experience: Lawyer
Legal Ease and 2 other Canada Law Specialists are ready to help you
Expert:  Legal Ease replied 11 months ago.

Thanks very much for the rating.

Please take the time to participate in the customer satisfaction survey as that will go into my record with the site.You will be sent an email with the survey in a couple of days.

And feel free to keep my name in case you need me again down the road. You can always put my name into the subject line the next time you post so that your question will stand out for me and I will answer it just as soon as I can.

Thanks and take good care!

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