Canadian with USA real estate receives insurance settlement

[alexanderltd]

I have dual citizenship and maintain residence in both countries and have bank accounts in both countries. A property I own in USA suffered extensive damage and I'd like to take most of the settlement amount and deposit it (US Check from insurance Co. ) directly into my Canadian bank account because of the shaky / getting shakier US dollar. The IRS doesnt look at insurance settlements made for property damaged or destroyed as income. What would the Canadian govt say if a 1/4 mill was deposited in my Canadian bank account from a US bank?
Anything I need to watch out for? Should I mail the check to my Canadian Bank to eliminate crossing the border with an instrument exceeding $10,000.00.
HELP !!!
Alex

[agnelson]

Transfers done thru the US/Cdn bakning system are automatically fed thru the proper reporting requirements.

If the check is made out to you and is not yet endorsed by you, it is not in the category that would require reporting.

Nothing for you to do.

[alexanderltd]

Thanks for getting back to me so quickly.
I am still a bit confused. You said
" If the check is made out to you and is not yet endorsed by you, it is not in the category that would require reporting." For me to deposit it into the bank in Canada dont I have to endorse it? OR should I just fed x it to the bank without a signature and instead "for deposit only act # 123456789"?
Is that what you mean by nothing for you to do?? Thank you again.Alex

[agnelson]

Simply do not sign it until entering Canada. You'd be crazy to endorse it anytime before standing in front of teller.

Yes, you can send it "for deposit only". As I said, these are cheques that are going thru the banking system. Thus, the banks take care of any reporting required.

[alexanderltd]

Thanks agnelson! Its the reporting I'm leary about. Since its a sizable chunk of change:

A) how do I find out if there's any possible tax ramifications on income from a US loss brought into Canada and

B) since its going from USA dollars into a Canadian account I believe the Canadian dollar (with the way the economy is going) would be a better way to keep it instead of US dollars in a Canadian account. That said ...is it cheaper to go thru some of the recommended currency converters on this site or let it run through the bank system at possibly a much higher exchange rate.
Appreciate any advice
Thanks
Alex

[agnelson]

There is no harm in reporting, but as I said, you are not required, the bank will do it for you.

For such a large sum, I would not convert with bank -- that is gravey for them. USe a currecy service like customhouse or xe