Sent: Monday, November 08, 2004 10:47 AM
To: taxman at centa.com
Subject: MONEY FROM U.S. TO CANADA
Ask a cross-border International real estate rental
mutual funds immigration non-resident income tax
expert - David Ingram 's CEN-TA Services in North
Vancouver BC Canada on It's Your Money CKBD AM600 Fred
Snyder's Radio Show
THANKS FOR RECEIVING THIS E-MAIL. GOT YOUR E-MAIL ABOUT
THE HOSPITAL. GLAD TO HERE THAT YOU ARE O.K.. ABOUT A
MONTH OR SO I ASK YOU THIS SAME QUESTION. I CLOSED OUT
A BANK ACCOUNT IN MAY OF THIS YEAR IN THE US FOR 69000
AND BROUGHT IT TO CANADA IN A BANK DRAFT. YOU SAID I
SHOULD HAVE STOP AT THE US BORDER AND DROP OF A FORM
105 AND IN CANADIAN BORDER A FORM 667 . I WASN'T
AWARE OF THIS AT THE TIME. UNTIL YOU HAD THIS MONTHS
AFTER ON YOUR WEBSITE. IS IT TOO LATE TO DO THIS NOW
OR DO I HAVE TO DO SOMETHING ELSE.. THANKS AND KEEP
WELL
===================================
I believe that your bank Draft was a negotiable
instrument and should have been reported.
Fill the forms in now and mail them to the respective
governments.
You need to fill out (as you have noted) Form 105 for
the US and Form 667 for Canada.
Remember that the penalty for not reporting it to the
US when you took the negotiable instrument out of the
US is: Confiscation of the money PLUS a fine of up to
$500,000 PLUS up to 5 years in jail.
Canada is not nearly as serious but bad enough.
At this point, the US bank will have or should have
filled out form 104 when you took the money out of the
account and the money order or draft comes back cashed
out of the country.
The Canadian Bank should have reported the foreign
draft when deposited or cashed on Canadian form E677.
Therefore, if you come to their attention, the
transaction has been documented and you are in trouble.
You can print out the forms below with this question
answered Sept 1, 2004. as you will note, I used an
older question to answer that one because the old forms
had actually expired the day before.
==========
What forms do I have to fill out if I am transporting
more than $10,000 across the Canadian Border
==============================
david ingram replies: The forms are E677 and E667 for
Canada and as of September 1, 2004 )today) 104 and 105
for the US if you are bringing the money out of the US
into Canada..
The US bank will report the deposit or withdrawal to
the US FINCEN on form 4789 (which is still valid until
August 31, 2004) or more likely the new form 104 which
you can find at:
http://www.irs.gov/pub/irs-pdf/ffc104.pdf
When you then move the money to Canada by money order
or check, the bank or financial institution will report
it again.
The US penalties for failure to fill in these simple
forms is up to $500,000 PLUS 5 years in jail.
If you remove more than $10,000 at any one time, the
bank will report those transactions as well.
If you decide to carry the cash or transport it out of
the USA as a cashier's cheque, you have to file form
105 (old form 4790). You can find the form at:
http://www.irs.gov/pub/irs-pdf/ffc105.pdf
Canada has moved its forms in the last few days and i
had a devil of a time trying to find them. You can
find both E677 and E667 below.
http://www.cbsa-asfc.gc.ca/E/pbg/cf/e677/e677-fill-02b.
pdf
E667 is filled out by yourself and E677 is filled out
by the financial institution.
http://www.cbsa-asfc.gc.ca/E/pbg/cf/e667/e667-fill-02b.
pdf
Answers to this and other similar questions can be
obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred
Snyder of Cartier Partners and I will be hosting an
INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to
listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - Long distance
calls to 1-866-778-0600.
Old shows are archived at the site.
This from ask an income tax immigration planning and
bankruptcy expert consultant guru or preparer from
www.centa.com or www.jurock.com or www.featureweb.com.
Canadian David Ingram deals daily with tax returns
dealing with expatriate:
multi jurisdictional cross and trans border expatriate
gambling refunds for the United States, Canada Mexico
Great Britain the United Kingdom, Kuwait, Dubai, Saudi
Arabia, South Africa, Thailand, Indonesia, Egypt,
Antarctica, Japan, China, New Zealand, France,
Germany, Spain, Italy, Russia, Georgia, Brazil, Peru,
Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida,
Montana, Morocco, Israel, Iraq, Iran, India, Pakistan,
Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba,
Bahamas, Bermuda, Barbados, St Vincent, Grenada,,
Virgin Islands, US, UK, GB, American and Canadian and
Mexican and any of the 43 states with state tax
returns, etc.
income tax wizard wizzard guru advisor advisors experts
specialist specialists consultants taxmen taxman tax
woman planner planning
preparer of Alaska, Alabama, Arkansas, Arizona,
California Denver Colorado, Connecticut,
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Northwest and Nunavit Territories,
Mount Vernon, Eumenclaw, Coos Bay
and Dallas Houston Rockwall Garland
Texas Taxman and Tax Guru and wizzard
wizard -
David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa
Specialists
US / Canada Real Estate Specialists
4466 Prospect Road (Personal residence by appointment
only please)
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321 Fax (604) 980- 0325
davidingram at shaw.ca www.david-ingram.com
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 & the author and any and all non-contractual
duties are expressly denied. All readers should obtain
formal advice from a competent financial, or real
estate planner or advisor & appropriately qualified
legal practitioner, tax or immigration specialist in
connection with personal or business affairs such as at
www.centa.com. If y
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