Canadian Citizen w/ US green card cashing money order in US - US FINCEN forms 104 and 105 - Canada FINTRAC forms E667 and E677 -
On 11/05/2010 2:35 PM, XXXXX wrote:
Below is the result of your feedback form. It was submitted by
on Tuesday, May 11, 2010 at 14:35:06
question: I am a Canadian Citizen but I am currently working in the US (
I have my green card).
Canada relatives are going to lend me money for downpayment on a house that I want to buy in the US.
I will be getting $50,000 US probably via money order.
Do I have to report to Canada and/or US regarding this transfer of money from Canada to US? Is it easier if I tell my aunt to e-wire the money from her Canadian bank to my US one instead?
david ingram replies
If the money is in cash and you are going to drive it across the border or FedEx it, you must file Canadian Form E677 and hand it in as you leave the country and you must hand in US form 105 as you enter the US to avoid the strong possibility of the seizure of the money and fines of up to $500,0000 plus incarceration of up to 5 years.
If your aunt transfers it electronically, you do not need to anything because the Canadian Bank will file form E667 and the US bank will file form 104 for you.
In general a Money order or other monetary instrument that needs to be endorsed does NOT need to be reported by you. The banks will look after the reporting.
see forms at:
Your US report
The bank's US report
Your Canadian report
The Canadian bank's report
The bank's Canadian Report
Your Canadian report
If your question was not answered fully or you wish to go further, I am available for individual consultations by phone or email or in person for $450 per professional hour.
Please also note that we prepare Canadian, US, Australian, UK and New Zealand returns on a mail in, email, fax, snail mail or couriered basis. At any time, our clients are in 40 countries or more. They have every occupation from nuclear Submarine captains to FedEx pilots to Major Bank officers to Politicians, Diplomats and border patrol officers. My favourite, however, is a penguin catcher in Antarctica among others there..
If you 'really' only have a single question requiring a 'couple' of minutes, you can try phoning me for free as part of the following.
- For a quick free question
You might try calling Fred Snyder's radio program for an answer on a Sunday Morning..
Fred Snyder's "IT'S YOUR MONEY" radio show. on CISL, 650 AM on the dial in Vancouver from 9 to 11:00 AM every Sunday (604) 280-0650 or (877) 280-0650 - You can listen live from anywhere in the world at www.am650radio.com from anywhere in the world. click on the button in the top left hand corner.-
- You might try calling Fred Snyder's weekly radio programs for an answer.
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist for expert help, assistance, preparation, or consultation in connection with personal or business affairs such as at www.centa.com or www.garygauvin.com. If you forward this message, this disclaimer must be included."
Circular 230 Disclosure: Pursuant to recently-enacted US Treasury Dept. regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the internal revenue code or (ii) promoting, marketing, or recommending to another party any tax-related matters addressed herein.
Privileged and Confidentiality Notice: This electronic transmission (and/or the documents accompanying it) may contain confidential information belonging to the sender. The information is intended only for the use of the individual or entity to which it is addressed. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, electronic storing, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please immediately notify the sender by reply e-mail and immediately delete this record from your computer system.
david ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office) expert US Canada Canadian American Mexican Income Tax service help.
pert US Canada Canadian American Mexican Income Tax service and help.
David Ingram gives expert income tax service & immigration help to non-resident Americans & Canadians from New York to California to Mexico family, estate, income trust trusts Cross border, dual citizen - out of country investments are all handled with competence & authority. -
CEN-TA Cross Border Services - Tax, Visas, Immigration