Dear David Ingram,
I have just found your website and wish that I had known of
your existence years ago!!
I am a Canadian citizen living in the states (Hawaii) x 9
years with a green card. I have just sold my rental property in
London, Ontario and have filed all neccessary forms and made
payment to CCRS for taxes etc. I am also working with my US
accountant in terms of US tax implications (I have reported this
property on my US tax returns).
I have gone through your archives etc in order to find an
answer to my question and have not seen this issue addressed.
What is the best {ie) least expensive but, of course, legal} way
to bring my money from Canada to the US. We are talking about
$70,000 CDN. Is there a bank in Canada that also has branches or
affiliation with banks in the US? I have a TD/Canada Trust
account in London and have seen them advertise US banking
services on their website but they seem to have suspended this
option (no one answers the 1-800 number).
Any information you provide would be very helpful,
Thank-you,
----------------------------------------------------
david ingram replies:
The easiest and safest way is to have "any" Canadian bank
transfer the money electronically to your Hawaii bank.
In addition, or instead of, you could have any major money or
foreign exchange dealer transfer the money and likely end up with
1/4 to 1% more than you would get from a bank.
I have no suggestions for London, Ontario.
If you were in the Vancouver area, I would recommend Michael
Levy's "Collectibles Currency Exchange" - (604) 535-0222 with no
reservations whatsoever.
When you transfer the money electronically, the Canadian agent
will do the proper reporting to the Canadian Government's FINTRAC
and the American Bank will file their appropriate document with
the Department of the Treasury. I am referring of course to the
international transmittal or transportation of amounts over
$10,000.
-------------------------------
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 10 PM 7 days a week Vancouver (LA)
time - (please do not fax or phone outside of those hours as
this is a home office)
email to taxman at centa.com
www.centa.com 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 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. If you forward this
message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
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This from "ask an income tax and immigration expert" from
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