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v88
Joined: 28 Feb 2010
Location: here
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 Posted: Wed May 08, 2013 6:23 am Post subject: Sending money to Canada |
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Just wondering how folks send money home. I have usually just sent money from my Korean bank to my Canadian bank. But I haven't sent money home in years and I will be sending more than usual this time... a lot more.
I will also be getting some money deposited into my account here after I have left. Just wondering how folks have managed using international ATMs out side of Korea to access funds in Korea. |
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loose_ends
Joined: 23 Jul 2007
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| Posted: Wed May 08, 2013 5:29 pm Post subject: Re: Sending money to Canada |
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| v88 wrote: |
Just wondering how folks send money home. I have usually just sent money from my Korean bank to my Canadian bank. But I haven't sent money home in years and I will be sending more than usual this time... a lot more.
I will also be getting some money deposited into my account here after I have left. Just wondering how folks have managed using international ATMs out side of Korea to access funds in Korea. |
Send 9 mill to your own bank. 9 mill to your mother. 9 mill to your father. Have a Korean friend send up to 9 mill to ur bank. And travel with 9 mill. If you have more than that I dunno.
This shouldnt raise any red flags. |
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loose_ends
Joined: 23 Jul 2007
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| Posted: Wed May 08, 2013 5:31 pm Post subject: Re: Sending money to Canada |
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| loose_ends wrote: |
| v88 wrote: |
Just wondering how folks send money home. I have usually just sent money from my Korean bank to my Canadian bank. But I haven't sent money home in years and I will be sending more than usual this time... a lot more.
I will also be getting some money deposited into my account here after I have left. Just wondering how folks have managed using international ATMs out side of Korea to access funds in Korea. |
Send 9 mill to your own bank. 9 mill to your mother. 9 mill to your father. Have a Korean friend send up to 9 mill to ur bank. And travel with 9 mill. If you have more than that I dunno.
This shouldnt raise any red flags. |
I should say 9 thousand cdn instead of 9 million. Exchange rates aren't what they used to be. |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Wed May 08, 2013 6:07 pm Post subject: |
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| Just stuff it all in a suitcase. I know a guy who did that once. No problem. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed May 08, 2013 8:06 pm Post subject: |
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Just wire it home.
Up to US$50,000 and all you have to do is show your tax receipt (get it from your local tax office) to show it was legitimate income and taxes were paid (or show proof of inbound remittances).
Sending money home AFTER you have left... set up a remittance account and internet banking. Transfer the money to your remittance account and send it. Cheap as chips and easy as pie.
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loose_ends
Joined: 23 Jul 2007
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| Posted: Thu May 09, 2013 6:39 am Post subject: |
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| ttompatz wrote: |
Just wire it home.
Up to US$50,000 and all you have to do is show your tax receipt (get it from your local tax office) to show it was legitimate income and taxes were paid (or show proof of inbound remittances).
Sending money home AFTER you have left... set up a remittance account and internet banking. Transfer the money to your remittance account and send it. Cheap as chips and easy as pie.
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Assuming all money was made on paper. And assuming your employers have been doing your taxes properly. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu May 09, 2013 2:57 pm Post subject: |
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| loose_ends wrote: |
| ttompatz wrote: |
Just wire it home.
Up to US$50,000 and all you have to do is show your tax receipt (get it from your local tax office) to show it was legitimate income and taxes were paid (or show proof of inbound remittances).
Sending money home AFTER you have left... set up a remittance account and internet banking. Transfer the money to your remittance account and send it. Cheap as chips and easy as pie.
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Assuming all money was made on paper. And assuming your employers have been doing your taxes properly. |
 So then you need to ask how to launder money (turn illegally obtained funds into clean cash).
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v88
Joined: 28 Feb 2010
Location: here
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| Posted: Sat May 11, 2013 6:53 am Post subject: |
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| ttompatz wrote: |
Just wire it home.
Up to US$50,000 and all you have to do is show your tax receipt (get it from your local tax office) to show it was legitimate income and taxes were paid (or show proof of inbound remittances).
Sending money home AFTER you have left... set up a remittance account and internet banking. Transfer the money to your remittance account and send it. Cheap as chips and easy as pie.
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Only 50,000? I have a wee bit more than that. I figured since Korea and Canada have tax agreements (I pay tax here but not in Canada...and vice versa for the wife) I could send it all at once. I was told I could legally send every penny I have to Canada and not pay any taxes on it as I have been a non resident.
I will be setting up a remittance account and internet banking. Thanks for that. I wasn't savvy to the remittance account. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat May 11, 2013 8:14 am Post subject: |
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| v88 wrote: |
| ttompatz wrote: |
Just wire it home.
Up to US$50,000 and all you have to do is show your tax receipt (get it from your local tax office) to show it was legitimate income and taxes were paid (or show proof of inbound remittances).
Sending money home AFTER you have left... set up a remittance account and internet banking. Transfer the money to your remittance account and send it. Cheap as chips and easy as pie.
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Only 50,000? I have a wee bit more than that. I figured since Korea and Canada have tax agreements (I pay tax here but not in Canada...and vice versa for the wife) I could send it all at once. I was told I could legally send every penny I have to Canada and not pay any taxes on it as I have been a non resident.
I will be setting up a remittance account and internet banking. Thanks for that. I wasn't savvy to the remittance account. |
Over US$50k and there is more paperwork.
If it was earned in Korea then you would have (or should have) paid Korean taxes on it.
It is not taxable by the CRA on entry to Canada.
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