01-05-2011, 12:14 PM
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#1
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Franchise Player
Join Date: Feb 2002
Location: Silicon Valley
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Transfering >$10k from USA to Canada bank
Ok so I've contacted a few tax accountants so far (and been forwarded around with no real answer yet) and the banks aren't open to advising me on this, so I'll try here.
Anyone know if there is any tax associated with wiring >$10,000 USD from a Canada bank account to a USA bank account?
(I know that when you carry $10k in cash/cheque/etc into the USA, you have to report it or something)
Thanks in advance
__________________
"With a coach and a player, sometimes there's just so much respect there that it's boils over"
-Taylor Hall
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01-05-2011, 12:30 PM
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#2
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Franchise Player
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i did this recently (i guess not so recent - 3 years ago) there were no tax implications
Quote:
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If you or a legal personality transfers currency through normal banking procedures, which does not involve the physical transportation of currency, the sender or recipient is not required to report it to CBP. The bank will report this information to the Internal Revenue Service.
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https://help.cbp.gov/app/answers/det...41/kw/%2410000
Last edited by Canada 02; 01-05-2011 at 12:34 PM.
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01-05-2011, 12:36 PM
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#3
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Lifetime Suspension
Join Date: Mar 2010
Location: Easter back on in Vancouver
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[insert Nigerian prince joke here]
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01-05-2011, 12:47 PM
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#4
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Crash and Bang Winger
Join Date: Jan 2008
Location: Passing mediocrity, approaching perfection
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Our US and Canadian companies regularly wire/transfer money back and forth. I would assume the banks record the transactions to IRS/FINTRAC, etc, should be no problem. The tax authorities in each country would be the most interested in the source of the $10K.
Cheers.
__________________
Something is wrong with our oxygen supply.....
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01-05-2011, 12:49 PM
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#5
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Franchise Player
Join Date: Feb 2002
Location: Silicon Valley
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Quote:
Originally Posted by sixpacked
Our US and Canadian companies regularly wire/transfer money back and forth. I would assume the banks record the transactions to IRS/FINTRAC, etc, should be no problem. The tax authorities in each country would be the most interested in the source of the $10K.
Cheers.
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Cool. Its just me to me, my BMO Investorline account to my eTrade account.
__________________
"With a coach and a player, sometimes there's just so much respect there that it's boils over"
-Taylor Hall
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01-05-2011, 12:50 PM
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#6
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Crash and Bang Winger
Join Date: Jan 2008
Location: Passing mediocrity, approaching perfection
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Quote:
Originally Posted by Phanuthier
Cool. Its just me to me, my BMO Investorline account to my eTrade account.
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Should be no problem then.
Cheers.
__________________
Something is wrong with our oxygen supply.....
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The Following User Says Thank You to sixpacked For This Useful Post:
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01-05-2011, 03:47 PM
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#7
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Powerplay Quarterback
Join Date: Apr 2006
Location: Mahogany, aka halfway to Lethbridge
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No tax consequences at all as many have said. It's not about taxes at all, it's about terrorist financing and money-laundering. It's merely a reporting system to track where money goes, not part of the taxation scheme per se. (at least in Canada)
__________________
onetwo and threefour... Together no more. The end of an era. Let's rebuild...
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01-05-2011, 04:46 PM
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#8
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Franchise Player
Join Date: Mar 2007
Location: Income Tax Central
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Yeah. No Tax consequences. What they said.
__________________
The Beatings Shall Continue Until Morale Improves!
This Post Has Been Distilled for the Eradication of Seemingly Incurable Sadness.
The World Ends when you're dead. Until then, you've got more punishment in store. - Flames Fans
If you thought this season would have a happy ending, you haven't been paying attention.
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01-05-2011, 05:44 PM
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#9
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First Line Centre
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Does anyone know if this applies to other countries, like Brazil? I'm going to be wiring between accounts I have internationally that sum and wanted to know if there is anything I should know. I talked to my Canadian branch and they just said you pay the exchange rate, a $40 or so fee and wait a few days
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Resident beer snob
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01-05-2011, 10:19 PM
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#10
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First Line Centre
Join Date: Aug 2009
Location: Calgary
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^^^ Who is on your avatar and do you have a larger picture? I have to strain my eyes every time you post.
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01-05-2011, 11:34 PM
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#11
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Fearmongerer
Join Date: Oct 2001
Location: Wondering when # became hashtag and not a number sign.
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No tax consequences but be aware that anything over 10K is an automatic red flag for homeland security, DEA and those types. It may warrant a visit or phone call from them at the very least.
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01-06-2011, 12:56 AM
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#12
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Franchise Player
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Quote:
Originally Posted by transplant99
It may warrant a visit or phone call from them at the very least.
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Serious over a one time $10k transfer?
__________________
Quote:
Originally Posted by henriksedin33
Not at all, as I've said, I would rather start with LA over any of the other WC playoff teams. Bunch of underachievers who look good on paper but don't even deserve to be in the playoffs.
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01-06-2011, 02:42 AM
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#13
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Franchise Player
Join Date: Feb 2002
Location: Silicon Valley
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Quote:
Originally Posted by transplant99
No tax consequences but be aware that anything over 10K is an automatic red flag for homeland security, DEA and those types. It may warrant a visit or phone call from them at the very least.
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Yeah no worries, I did a internet transfer so it wasn't like I was trying to be hide anything.
__________________
"With a coach and a player, sometimes there's just so much respect there that it's boils over"
-Taylor Hall
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01-07-2011, 04:36 PM
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#14
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First Line Centre
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Quote:
Originally Posted by stampsx2
^^^ Who is on your avatar and do you have a larger picture? I have to strain my eyes every time you post.
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LOL. She's Peruvian actress Karen Dejo. If you google her, it'll come up as one of the 1st images. While she has beauty in spades, she lacks completely in brains. If you research her on imdb, you'll see why
__________________
Resident beer snob
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