bring money from canada to the us

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yukklesNew Member
Topic author
Posts: 1
Joined: 13 Mar 2009

bring money from canada to the us

Post Fri Mar 13, 2009 9:52 am

been living in the US for years now but left money in canada and did the annual "REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS". does anyone know if there are any problems (tax, otherwise) if i wire all or parts of this money to a US bank account?
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RebaModerator
Posts: 2561
Joined: 16 Jul 2004
Location: North Carolina

Re: bring money from canada to the us

Post Fri Mar 13, 2009 4:32 pm

If it's in amounts not larger than $10,000 at a time, I don't think it's a problem.

Wire transfers can be pretty costly though. There are lower cost options, like PayPal transfers and there's also some service called Custom House I think (google it). I've never used it, but I know a few folks who do use it and swear by their good service.
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fiestagirlCanuckAbroad Regular
Posts: 36
Topics: 1
Joined: 23 Aug 2008

Re: bring money from canada to the us

Post Fri Mar 13, 2009 9:51 pm

I use www.xe.com it's a place located in british columbia where you can transfer funds from canada to the u.s. I transfer money from my american account to my canadian account each month to pay my student loans.
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StevenCanuckAbroad VIP
Posts: 3635
Topics: 2
Joined: 28 Sep 2007
Location: Calgary

Re: bring money from canada to the us

Post Sun Mar 15, 2009 4:39 pm

yukkles wrote:been living in the US for years now but left money in canada and did the annual "REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS". does anyone know if there are any problems (tax, otherwise) if i wire all or parts of this money to a US bank account?


No. The bank does all the Customs paperwork for you. If it's denominated in Canadian dollars and you need to convert it, then banks usually charge crap rates, try Custom House as someone mentioned above.

Once your assets are in the US you don't need to file the FBAR form anymore.
Steve.
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