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If this is a direct wire transfer then they will not hold the funds as this is the same as cash being deposited.
Only cheques are held.
You do not have to notify the bank in advance.
There would not be an issue about money laundering as the money would be traceable.
The new rules relation to issue of money laundering are concerning cash being brought into the country and not being declared.
Let me know if you need any further clarification.
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.
You are find.
You've inherited money and it's being sent to you openly.
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?
And also the last question, I don’t have to pay taxes on this money, right?
You can bring in all the money you want into Canada.
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.
There is no inheritance tax in Canada.
Excellent, thank you so much for helping me out masterfully :))