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Steven and Alice

Declaring monies and assets at POE

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As our CAD drops we are thinking of holding onto our CAD until it recovers a bit (forecast says 2016). For those who are in the same situation as ours and should POE sometime in the summer, how are you handling your CAD?

Are you exchanging straight up and take bank draft with you at POE? I know there are things to follow but I dont think there's monies to follow. If we dont declare the whole amount (that would eventually be in US) at POE then would we get tax on it when we transfer it later? I mean if we take a few hundreds here and there (like EI deposit) its not noticeable but what if it's a large sum?

We dont know if it is feasible but we are thinking if we can take out in CAD and deposit in CAD in US. Still looking at a bank that deals with CAD.


Our IR-1 Timeline

05/15/2013: Mailed I-130 to Phoenix Lockbox

05/20/2013: I-130 delivered

05/21/2013: NOA1 Priority Date

05/24/2013: Cheque Cashed and received text with MSC number (Initial Review)

06/03/2013: Received Hardcopy NOA1

12/12/2013: Transferred to another office

12/13/2013: Transferred to local office

01/16/2014: NOA2 EMail Notice

01/29/2014: Transferred to NVC

03/16/2014: Notice from NVC

12/16/2014: Paid AOS Fee and submitted DS-261

01/05/2015: Called NVC and DS-261 was incomplete, gave information and wait for IV bill to be generated

01/06/2015: Paid IV Fee

01/16/2015: Submit DS-260 and emailed documents for both AOS and IV

02/18/2015: 2 False checklists received

02/20/2015: Received Confirmation/60 DAY EMAIL

03/14/2015: Received approval letter from NVC (dated Mar 10) regarding "Request for Earlier Priority Date".. which we never did such a thing

03/27/2015: Day 70 - 6.30-7.30 PM EST .... infamous 3n/as appeared!!!!!! CC confirmed by rep at 9:20 PM EST!!

04/22/2015: Received interview letter (email)

04/25/2015: In transit

04/30/2015: Medical

05/14/2015: Interview..APPROVED... ceac said ISSUED!!

05/21/2015: Visa in hand

07/23/2015: POE at YYZ

08/31/2015: Applied for SSN at local office

09/11/2015: Rec'd SSN and GC

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We're in the same boat. The exchange rate between USD and SEK is ridiculous and we would loose thousands of dollars if we transfer the money now.

I have previously transferred money from my Swedish account to my US account and you don't pay tax on it. There's a small fee involved, think it's $16, regardless of how much you transfer. I'd do a bank transfer once the CAD to USD is at a better rate. That way you don't have to carry it with you and declare it at POE and stuff. Plus it's safer.

Sweden has a double tax agreement with the US, I would think Canada has the same, and it means that you can't be taxed on your money twice. So if you've paid tax on it in Canada, you won't pay again in the US.


Met online October 2010


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USCIS Stage


September 8th 2014 - Filed I-130 with Nebraska Service Center


September 16th 2014 - NOA1 received


March 2nd 2015 - NOA2 received :dancing:



NVC Stage


March 28th 2015 - Choice of agent complete & AOS fee paid


April 17th 2015 - IV fee paid


May 1st 2015 - Sent in IV application


May 12th 2015 - Sent in AOS and IV documents


May 18th 2015 - Scan Date


June 18th 2015 - Checklist received


June 22nd 2015 - Checklist response sent to NVC


June 25th 2015 - Put for Supervisor Review


Sept 15th 2015 - Request help from Texas US Senator Cornyn and his team


Sept 23rd 2015 - Our case is moved from supervisor review to NVC's team for dealing with Senator requests


Nov 4th 2015 - CASE COMPLETE!!!! :dancing:



Embassy Stage


Dec 16th 2015 - Medical exam


Dec 21st 2015 - Interview


Dec 21st 2015 - 221(g) issued at interview for updated forms


Jan 13th 2016 - Mailed our reply to the 221(g) to the US Embassy, received and CEAC updated the next morning


Jan 20th 2016 - Embassy require more in-depth info on asset for i-864


Feb 1st 2016 - Sent more in-depth info on assets as requested. Received the next morning


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In the US


April 5th 2016 - POE Newark. No questions asked.


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We use TD cross border banking which is convenient. We plan to leave CAD in Canada until absolutely needed or CAD achieves parity (or close to).

Another friend of ours just bought a house in Florida and reported a good experience with Knightsbridge for the best rate when transferring larger sums of money. He also has TD, but said the rates with Knightsbridge were much better. I plan to investigate.

Not sure what tax you would be accessed for? And don't forget, as an American filing for Canadian income there is rather large exemption on foreign income earned. About $90K. Hope this helps.

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Hi,

Take a look at the historic exchange rate between the U.S. dollar and other currencies. The U.S. has been weakening the dollar for the last 7-8 years. After historic high versus the dollar, the U.S. dollar is strengthening while other currencies are weakening. This is going back to the norm. It's going back to $1.60 CAD to $1 USD. Listen to the economists.

To qualify for the Foreign Earned Income Exclusion, the tax payer has to reside abroad. A US resident does not qualify for the FEIE.

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Okay. I'm just concern if we leave our CAD in Canada then transfer when we buy a place in US. There would be tax consequences. I didnt think it would be okay to move monies across without consequences though? I mean if that's the case then why do we need to declare items to follow? We can move any many as we choose like with our monies, right?


Our IR-1 Timeline

05/15/2013: Mailed I-130 to Phoenix Lockbox

05/20/2013: I-130 delivered

05/21/2013: NOA1 Priority Date

05/24/2013: Cheque Cashed and received text with MSC number (Initial Review)

06/03/2013: Received Hardcopy NOA1

12/12/2013: Transferred to another office

12/13/2013: Transferred to local office

01/16/2014: NOA2 EMail Notice

01/29/2014: Transferred to NVC

03/16/2014: Notice from NVC

12/16/2014: Paid AOS Fee and submitted DS-261

01/05/2015: Called NVC and DS-261 was incomplete, gave information and wait for IV bill to be generated

01/06/2015: Paid IV Fee

01/16/2015: Submit DS-260 and emailed documents for both AOS and IV

02/18/2015: 2 False checklists received

02/20/2015: Received Confirmation/60 DAY EMAIL

03/14/2015: Received approval letter from NVC (dated Mar 10) regarding "Request for Earlier Priority Date".. which we never did such a thing

03/27/2015: Day 70 - 6.30-7.30 PM EST .... infamous 3n/as appeared!!!!!! CC confirmed by rep at 9:20 PM EST!!

04/22/2015: Received interview letter (email)

04/25/2015: In transit

04/30/2015: Medical

05/14/2015: Interview..APPROVED... ceac said ISSUED!!

05/21/2015: Visa in hand

07/23/2015: POE at YYZ

08/31/2015: Applied for SSN at local office

09/11/2015: Rec'd SSN and GC

FP1Km4.png

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We use TD cross border banking which is convenient. We plan to leave CAD in Canada until absolutely needed or CAD achieves parity (or close to).

Another friend of ours just bought a house in Florida and reported a good experience with Knightsbridge for the best rate when transferring larger sums of money. He also has TD, but said the rates with Knightsbridge were much better. I plan to investigate.

Not sure what tax you would be accessed for? And don't forget, as an American filing for Canadian income there is rather large exemption on foreign income earned. About $90K. Hope this helps.

I wish there are Canadian banks in the west coast. TD has some branches in east coast I believe. I am really hoping CAD will get stronger in 2016 as gas price goes back up. My friends told me we will almost always get better rates at third party and not at financial institutes. I will investigate about Knightsbridge too.

Is your friend Canadian? or American? Or Canadian living in US now?

I guess the transfer is not income earned and after tax so there wont be any tax implications? I know the government would know if its a larger transfer (e.g. over 5k or 10k).


Our IR-1 Timeline

05/15/2013: Mailed I-130 to Phoenix Lockbox

05/20/2013: I-130 delivered

05/21/2013: NOA1 Priority Date

05/24/2013: Cheque Cashed and received text with MSC number (Initial Review)

06/03/2013: Received Hardcopy NOA1

12/12/2013: Transferred to another office

12/13/2013: Transferred to local office

01/16/2014: NOA2 EMail Notice

01/29/2014: Transferred to NVC

03/16/2014: Notice from NVC

12/16/2014: Paid AOS Fee and submitted DS-261

01/05/2015: Called NVC and DS-261 was incomplete, gave information and wait for IV bill to be generated

01/06/2015: Paid IV Fee

01/16/2015: Submit DS-260 and emailed documents for both AOS and IV

02/18/2015: 2 False checklists received

02/20/2015: Received Confirmation/60 DAY EMAIL

03/14/2015: Received approval letter from NVC (dated Mar 10) regarding "Request for Earlier Priority Date".. which we never did such a thing

03/27/2015: Day 70 - 6.30-7.30 PM EST .... infamous 3n/as appeared!!!!!! CC confirmed by rep at 9:20 PM EST!!

04/22/2015: Received interview letter (email)

04/25/2015: In transit

04/30/2015: Medical

05/14/2015: Interview..APPROVED... ceac said ISSUED!!

05/21/2015: Visa in hand

07/23/2015: POE at YYZ

08/31/2015: Applied for SSN at local office

09/11/2015: Rec'd SSN and GC

FP1Km4.png

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Okay. I'm just concern if we leave our CAD in Canada then transfer when we buy a place in US. There would be tax consequences. I didnt think it would be okay to move monies across without consequences though? I mean if that's the case then why do we need to declare items to follow? We can move any many as we choose like with our monies, right?

You can move the money. There is no taxes on the US side.

The U.S. requires its residents to report bank accounts with more than $10,000 USD on an annual basis.

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I EFT'd a large sum of $$$ from Canada, no taxes paid on it, but when one transfers over anything over $10,000 the US govt is notified, I think there was a form, but pretty sure Custom House (now western union) took care of that


Canadians Visiting the USA while undergoing the visa process, my free advice:

1) Always tell the TRUTH. never lie to the POE officer

2) Be confident in ur replies

3) keep ur response short and to the point, don't tell ur life story!!

4) look the POE officer in the eye when speaking to them. They are looking for people lieing and have been trained to find them!

5) Pack light! No job resumes with you

6) Bring ties to Canada (letter from employer when ur expected back at work, lease, etc etc)

7) Always be polite, being rude isn't going to get ya anywhere, and could make things worse!!

8) Have a plan in case u do get denied (be polite) It wont harm ur visa application if ur denied,that is if ur polite and didn't lie! Refer to #1

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Okay thank you all!!!


Our IR-1 Timeline

05/15/2013: Mailed I-130 to Phoenix Lockbox

05/20/2013: I-130 delivered

05/21/2013: NOA1 Priority Date

05/24/2013: Cheque Cashed and received text with MSC number (Initial Review)

06/03/2013: Received Hardcopy NOA1

12/12/2013: Transferred to another office

12/13/2013: Transferred to local office

01/16/2014: NOA2 EMail Notice

01/29/2014: Transferred to NVC

03/16/2014: Notice from NVC

12/16/2014: Paid AOS Fee and submitted DS-261

01/05/2015: Called NVC and DS-261 was incomplete, gave information and wait for IV bill to be generated

01/06/2015: Paid IV Fee

01/16/2015: Submit DS-260 and emailed documents for both AOS and IV

02/18/2015: 2 False checklists received

02/20/2015: Received Confirmation/60 DAY EMAIL

03/14/2015: Received approval letter from NVC (dated Mar 10) regarding "Request for Earlier Priority Date".. which we never did such a thing

03/27/2015: Day 70 - 6.30-7.30 PM EST .... infamous 3n/as appeared!!!!!! CC confirmed by rep at 9:20 PM EST!!

04/22/2015: Received interview letter (email)

04/25/2015: In transit

04/30/2015: Medical

05/14/2015: Interview..APPROVED... ceac said ISSUED!!

05/21/2015: Visa in hand

07/23/2015: POE at YYZ

08/31/2015: Applied for SSN at local office

09/11/2015: Rec'd SSN and GC

FP1Km4.png

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If you keep ur RRSPs back in canada...you have to notify the IRS yearly on IRS tax form 8891....and I believe you have to notify the Canadian bank that holds them...I recall them sending me paperwork to fill out


Canadians Visiting the USA while undergoing the visa process, my free advice:

1) Always tell the TRUTH. never lie to the POE officer

2) Be confident in ur replies

3) keep ur response short and to the point, don't tell ur life story!!

4) look the POE officer in the eye when speaking to them. They are looking for people lieing and have been trained to find them!

5) Pack light! No job resumes with you

6) Bring ties to Canada (letter from employer when ur expected back at work, lease, etc etc)

7) Always be polite, being rude isn't going to get ya anywhere, and could make things worse!!

8) Have a plan in case u do get denied (be polite) It wont harm ur visa application if ur denied,that is if ur polite and didn't lie! Refer to #1

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As our CAD drops we are thinking of holding onto our CAD until it recovers a bit (forecast says 2016). For those who are in the same situation as ours and should POE sometime in the summer, how are you handling your CAD?

Are you exchanging straight up and take bank draft with you at POE? I know there are things to follow but I dont think there's monies to follow. If we dont declare the whole amount (that would eventually be in US) at POE then would we get tax on it when we transfer it later? I mean if we take a few hundreds here and there (like EI deposit) its not noticeable but what if it's a large sum?

We dont know if it is feasible but we are thinking if we can take out in CAD and deposit in CAD in US. Still looking at a bank that deals with CAD.

With expected fed rate increase starting possibly this year

USD is expected to strengthen further.

They are forecasting USD to be 1:1 with even Euro.

And many countries are actually trying to devalue their money

to improve the profit line on their export biz.

If I was you...I would move most of it to USD, but keep some

in CAD and use it when you travel there.


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I think this thread is even more relevant now, as CAD has crashed further.

If we convert our CAD savings to USD, we take a huge hit.

It seems the only solution is leave the CAD savings in Canada, and hope we don't need the money in the U.S. in 2016 or 2017.

I called some banks in the U.S. and it seems no U.S. Bank offers CAD accounts.

So let's say you immigrate to the U.S. on January 1, 2016 (say exchange rate is $1usd=.70cad, 30% lower), then in 2018 exchange rate is 1:1, you convert you $100k in savings to USD and transfer to your U.S. BANK. Will you have to pay a capital gains tax off the $30000 increase in value since the day of your green card activation?

Pretty bad situation if that's the case :(

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I would go ask that in the Serbinski tax forums....you'll geta straight answer there.


Wiz(USC) and Udella(Cdn & USC!)

Naturalization

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******************

Removal of Conditions

12/1/09 - received at VSC

12/2/09 - NOA's for self and daughter

01/12/10 - Biometrics completed

03/15/10 - 10 Green Card Received - self and daughter

******************

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RBC and TD both have Canadian and US accounts.

As for the other question, I don't know.


You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.  - Dr. Seuss

 

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