Bringing Money (Savings) to USA/Paying USA tax

[Flames9_RN 358]

As above!! Very easy process to get going. Their customer service is excellent. Imay be wrong as it has been awhile but the steps go something like this:

1) fill out the online application https://vantage.customhouse.com/cgi-bin/App.cgi

-One has to send in proof of ID, 1 or 2, I do not recall, I sent in 2. To send in 1 can either mail it in, fax it in or scan and email in through their secure server, which is what I did.

2) They will call you to verify it is you setting up the account,( at the pre arrnaged time on the application form) Ask a few very basic questions and answer any questions you have. Then they will state when you acct will be activated. I was activated only a few hours later, but can take up to 2 days I believe!!

As well somewhere along the line you have to send in your Canadian bank accoutn info and your American banking info. I sent my stuff in through their secure email (require a scanner then)

Was a very easy process that took a fe wdays to complete. The fellow I talked to was in Victoria BC, a building I passed a fair bit when I resided there!! Just keep in mind the money Transfer is not instantanous, takes 3- 4 BUSINESS days, and of course ur American bank may be slower than others in processing the request. I bank with presidensat choice in Canada, and Wachovia here. I left my Canadian bank card with my parents!!

Cheers, Scott

[luluyen 0]

So if the amount of saving I am bringing to USA are over 10,000 doesn't matter if it's me bringing money draft from Canada to USA or wiring to my fiance's bank account in USA it will be taxed?? or it won't as it's not income?

[Flames9_RN 358]

Not sure on the taxing thing. One shouldnt get taxed on it, as canada/USA do have tax treaties. I was told by Cdn and USA bank managers that any amount over $10,000 sets off alarms, checking for fraudulent $$ transactions, etc! When I transferred over large portions of $$$ with Customhouse, I ensured I kept the amount below $10,000. I would just make multiple transactions. Of course that money is now in retirement style accounts, so it is or will eventually be taxed. In these cases, when transferring large amounts of $$$$, might be best to consult with an accountant who deals with these sort of issues. One could ask that question on here http://forums.serbinski.com/ they deal with these and other tax situations!! One could even hire their services! I do recall 1 member who used them, and that person ran into problems with either the USa or cdn tax people, and they stated Serbinski didnt back them up, needless to say they were not happy with their services!! But the forum is free.

[Krikit 1,163]

So if the amount of saving I am bringing to USA are over 10,000 doesn't matter if it's me bringing money draft from Canada to USA or wiring to my fiance's bank account in USA it will be taxed?? or it won't as it's not income?

You won't be taxed on the amount bring with you (or wire or transfer) but you do get taxed on any interest received.

see link

Edited November 29, 2007 by Krikit

[luluyen 0]

Not sure on the taxing thing. One shouldnt get taxed on it, as canada/USA do have tax treaties. I was told by Cdn and USA bank managers that any amount over $10,000 sets off alarms, checking for fraudulent $$ transactions, etc! When I transferred over large portions of $$$ with Customhouse, I ensured I kept the amount below $10,000. I would just make multiple transactions. Of course that money is now in retirement style accounts, so it is or will eventually be taxed. In these cases, when transferring large amounts of $$$$, might be best to consult with an accountant who deals with these sort of issues. One could ask that question on here http://forums.serbinski.com/ they deal with these and other tax situations!! One could even hire their services! I do recall 1 member who used them, and that person ran into problems with either the USa or cdn tax people, and they stated Serbinski didnt back them up, needless to say they were not happy with their services!! But the forum is free.

thank you for ur reply but there's something I still don't get it.

If i only wire below 10,000 each transaction but the total amount that i transfer over time are still over 10,000 isn't it or they only care about each transaction?

and also when i am at POE i know they would ask if i am bringing monetary over 10,000 do i say no or yes as it doesn't count as i am bringing it with me since i already wired it to my fiance's account??

also my fiance told me that the bank would flag it if the bank amount is over 10,000 since we are deciding to put it in CDs is that true?

[Udella&Wiz 325]

I sent money a few times by a Money order in US funds which my then fiance deposited in the bank....sent it by Fedex or somebody similar and I could always go back to the bank if it got lost. no big deal. Yes of course it costs ya like $7.00 in bank fees but hey, it's safe as anything else.

Good luck

[Krikit 1,163]

thank you for ur reply but there's something I still don't get it.

If i only wire below 10,000 each transaction but the total amount that i transfer over time are still over 10,000 isn't it or they only care about each transaction?

and also when i am at POE i know they would ask if i am bringing monetary over 10,000 do i say no or yes as it doesn't count as i am bringing it with me since i already wired it to my fiance's account??

also my fiance told me that the bank would flag it if the bank amount is over 10,000 since we are deciding to put it in CDs is that true?

Please see my previous post. Also, you only declare the amount over 10k if it is on your person at POE. Anything wired separately is not declared. During a wire transfer, the financial institutions involved in the transfer will verify that you and, residually, themselves are not involved in fraudulent activity. There is no need to be concerned with any transaction over 10k unless it is associated with criminal activity.

[luluyen 0]

thank you for ur reply but there's something I still don't get it.

If i only wire below 10,000 each transaction but the total amount that i transfer over time are still over 10,000 isn't it or they only care about each transaction?

and also when i am at POE i know they would ask if i am bringing monetary over 10,000 do i say no or yes as it doesn't count as i am bringing it with me since i already wired it to my fiance's account??

also my fiance told me that the bank would flag it if the bank amount is over 10,000 since we are deciding to put it in CDs is that true?

Please see my previous post. Also, you only declare the amount over 10k if it is on your person at POE. Anything wired separately is not declared. During a wire transfer, the financial institutions involved in the transfer will verify that you and, residually, themselves are not involved in fraudulent activity. There is no need to be concerned with any transaction over 10k unless it is associated with criminal activity.

ok thank you so much ^^

[Texanadian 10]

There is no particular reason why the border guards ask if you have more than $10,000 on you in regards to tax purposes. They just want to know to make sure you're not doing something mafia related. Example, anybody who has $50,000 in cash in their jacket, they want to know why. If you were going to buy a $50,000 car, they'd want to know what kind of car and who/where the purchase would take place.

Anybody immigrating with valid visas like we are should be just fine in regards to transferring money over. I would however just transfer the money over a max of $9,000 per time.

Edited November 29, 2007 by Texanadian

[Krikit 1,163]

I would however just transfer the money over a max of $9,000 per time.

That's completely unnecessary.

[Flames9_RN 358]

I was told by a cdn and a USA bank manager its best to transfer under $10,000. It raises flags of the FBI and the IRS! So thats what i did! Was it necessary who knows!! Customhouse doesn't charge any fees so it didn't cost me any extra.