Wiring your teacher earnings to Canada?

[DomeVet]

Does anyone know or have first hand experience with wiring their savings from their host country to their bank account in Canada and any taxes or problems, holds, etc. they might experience? I'm thinking of moving roughly $40,000 CDN. Any advice?

[shadowjack]

You can move it all at once or in amounts under 10,000 cdn. If you are non-resident it is still tax-free and if you are resident, then you already paid taxes on it. What you can't do if you are non-resident is stick in it an RRSP, buy goods to stay in Canada (ie, car, house, except residential, etc).

[PsyGuy]

There really is no benefit to moving it in amounts under CAN$10K as long as you declare it to FINTRAC, doing so will actually save you the extra wire transfer fees and costs of multiple transactions. If you do break the transfers up into transactions of less than CAN$10K than you need to wait more than 24 hours between transactions, otherwise they are considered a single transaction.

[Helen Back]

You can transfer it all in one go. The 10,000 rule generally applies to carrying cash. Even then, as long as you declare it, it shouldn't be an issue. When you transfer it is registered/declared automatically.

[DomeVet]

I telephoned Royal Bank and they said it won't be taxed, no holds, no explanations will be asked. I said for roughly $40,000 CDN. I will be using it immediately to pay debts and purchase plane tickets for to my next posting. Who knows what will come up the next time I file a tax return. I'm hoping Revenue Canada has bigger fish to fry and won't bother with me.

[PsyGuy]

@DomeVet

CRA has bigger fish to fry, but they consider every case worthy of their pursuits and CAN$40K is more than a lot of others (smaller than a lot of others to).