E677 E667 International transportation of over $10,000

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QUESTION:
My parents got landed-immigrant status after 5 years being in Canada three days ago.They want to bring personal belongings and money to Canada tax-free..What time frame do they have and what amount of money can they bring duty-free?Where to apply for it?
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david ingram replies:
They should make a list of what is coming and take it to the CRA at the local Custom's office (look it up in the blue pages in your local phone book) or the office at an international airport or even a land border whether it is Emerson, Manitoba, Douglas BC, Niagara Falls, Ontario, Halifax, Nova Scotia or  St John's Newfoundland. 
They will tell you how to bring it in.  
There is NO limit to the amount of money you can bring and there is no taxation on any principal.  However, if they have been here five years without setting up an immigrant trust in advance, they should have been filing Canadian Income Tax returns for those five years and paying tax to Canada on any income earned in the meantime.  
Bringing in a couple of million dollars could raise a couple of eyebrows.
If they bring more than $10,000 in cash or easily negotiable securities or financial instruments, the money has to be declared at the border on form E677 - If they send it through a bank transfer, the bank will report it in form E667.
Read below from FINTRAC's Website at http://www.cbsa-asfc.gc.ca/E/pub/cp/rc4321/rc4321-e.html
Crossing the Border With $10,000 or More?
Money laundering and terrorist financing are international problems. Money laundering in Canada alone is estimated to be in the billions of dollars. To help fight these criminal activities, the Government of Canada has introduced the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Under the new legislation, there are no restrictions on the amount of money that you can bring into or take out of Canada, nor is it illegal to do so. However, you now have to report to a customs officer amounts equal to or greater than CAN$10,000, that you are bringing into or taking out of Canada.
This new reporting requirement will assist the government in its efforts to:
  a.. investigate and prosecute offences related to money laundering and terrorist financing; 
  b.. respond to the threat posed by organized crime; and 
  c.. fulfill international commitments to fight transnational crime. 
Reporting requirements
How to report
In person at a Canadian customs office
If you are entering or leaving Canada and are carrying $10,000 or more, including any combination of coins, domestic or foreign bank notes, and securities, such as travellers cheques, stocks and bonds, you have to complete Form E677, Cross-Border Currency or Monetary Instruments Report - Individual. If the currency or monetary instruments that you are reporting are not your own, you will be required to complete Form E667, Cross-Border Currency or Monetary Instruments Report - General. You must complete the reporting form, sign it, and hand it to a customs officer at the nearest Canadian customs office that is open at the time you are travelling.
By mail
If you are sending $10,000 or more into Canada through the mail, you must complete Form E667 and include it with the money. In addition, you must complete a Universal Postal Convention label and attach it to the item being mailed.
If you are sending $10,000 or more from Canada by mail, you have to complete Form E667 and include it with the item being mailed, and mail or submit a completed copy of Form E667 to the nearest Canadian customs office at the same time or before you mail the package.
Additional postal requirements may exist when importing or exporting currency or monetary instruments by mail. Please contact Canada Post for further information.
By courier
If you are sending $10,000 or more to or from Canada by courier, the courier must have the person in charge of the conveyance complete Form E668, Cross-Border Currency or Monetary Instruments Report made by Person in charge of conveyance, and attach it to Form E667, which you, the importer or exporter, will have completed. Both forms must be submitted to a Canadian customs office.
If you need help completing the forms, see the instructions on the back of the forms, or contact the nearest Canadian customs office.
Failure to report
Currency and monetary instruments of a value equal to or greater than $10,000, which are not reported, may be subject to seizure and the assessment of penalties. Penalties range from $250 to $5,000, and may include forfeiture.
What happens with the information you give us?
The completed forms are sent to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Ottawa for assessment and analysis. The information provided on the currency reporting forms is subject to the general provisions of the Privacy Act and is collected under the authority of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
To obtain additional information or a copy of the required forms, visit our Web site or the FINTRAC Web site. You can also call us free of charge throughout Canada at 1-800-461-9999. If you are calling from outside of Canada, you can contact us at (204) 983-3500 or (506) 636-5064.
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