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Page 1 of 4 So you’ve decided which city in Canada you’d like to immigrate to. Before you fly out
though, there are several loose ends you’d probably like to tie up. It
is wise to start planning your move at least two to three months before
your scheduled departure – many immigrants who leave matters until the
last often pay dearly for the delay.
Possibly the most important decisions you’ll need to make
are with regard to finance and property. How much of your funds should
you transfer to Canada? Should you carry it with you and if so, in what
form? What do you do about the property you own?
There are other
issues to address. What goods and personal effects should you take to
Canada? Do you ship them or use airfreight? When is the best time of
year to make your move?
Let’s look then at the major decisions you must make before flying to Canada:
First things first
It
is important to remember that when you arrive in Canada as an
immigrant, authorities will need to be convinced you have enough funds
to get you through your first few months.
How much money you should have in transferable funds is determined by the size of your family.
Number of
family
members
| Funds Required
(in Cdn dollars)
| | 1 | $9,897 | | 2 | $12,372
| | 3 | $15,387
| | 4 |
$18,626
| | 5 | $20,821
| | 6 | $23,015
| 7 or more
| $25,210 |
You do not have to show that you have these funds if you have arranged employment in Canada.
You
don’t have to carry all this money with you – merely confirm to your
immigration officer at the airport that you will transfer an agreed sum
to a Canadian bank within 30 days of landing. (Immigration Canada is
automatically notified when funds are transferred to a bank account in
your name).
How much money should you actually bring with you? Find
out how much it costs to live where you are planning to settle in
Canada, and bring as much money as possible to make moving and finding
a home in Canada easier.
(Note: If
you are carrying more than CDN $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 example: stocks, bonds, debentures, treasury bills); or
- negotiable instruments in bearer form (for example: bankers’ drafts, cheques, travellers’ cheques, money orders.)
Now
that you know the minimum you need to put aside, you can decide how to
handle currency deposits, property and other assets you may own.
Cash, stocks and bonds
How
much you decide to transfer to Canada is entirely a personal decision.
However you might like to evaluate how much you will need for you and
your family to survive the early months in a new country.
Clearly
declare to immigration officials the total amount you plan to bring
into the country. You don’t have to transfer all these funds within the
first month – merely the minimum amount that the officer spells out.
So
if some of your funds are in long-term deposits or invested in the
stock market, you don’t necessarily have to pull these out immediately.
Remember, though, that the interest you earn on your declared funds –
even those held outside the country – is subject to tax.
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