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bkb1956
bkb1956, Tax Preparer
Category: Canada Tax
Satisfied Customers: 2855
Experience:  Tax preparer with 18+ years of experience
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I live in Canada and just had to pay the Canadian government

Customer Question

I live in Canada and just had to pay the Canadian government most of my earnings from the sale of some equities I owned as a shareholder in a LLC business in Michigan. It was more than double taxation. If I moved back to the Us and lived there until the sale of the bussinness possibly in a few years,would I have difficulty bringing my money back to Canada on my return
Submitted: 3 months ago.
Category: Canada Tax
Expert:  bkb1956 replied 3 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you bring more than C$10,000 (or the equivalent in another currency) into Canada, you must declare the amount when you arrive. You must fill out form Cross-Border Currency or Monetary Instruments Report - Individual.

http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/e677.pdf

If you do not declare it, you may need to pay a fine or face other penalties. You are not taxed on the money you bring with you when you land.

You can bring money into Canada in the form of:

  • Cash
  • Securities in bearer form (for example, stocks, bonds, debentures, treasury bills)
  • Negotiable instruments in bearer form (for example, bank drafts, cheques, travellers' cheques, money orders)
  • Transfer of funds between your bank and a Canadian bank

http://settlement.org/ontario/immigration-citizenship/landing-and-leaving/landing-in-canada/how-do-i-bring-money-into-canada-proof-of-funds/

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Expert:  bkb1956 replied 3 months ago.

Just following up with you to see if you have any other questions. If so, please let me know, and I will be happy to assist you further.

Best regards,

Barb

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