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Noureli
Joined: 14 Oct 2005
Location: Nowhere but Here
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 Posted: Tue May 23, 2006 10:49 pm Post subject: Canadian Customs and Money |
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| When the Korean banks write in the back of the passport concerning money sent back home is this verfied by Canadian Customs and what kind of questions come after . Thanks guys. |
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poker player
Joined: 27 Sep 2004
Location: On the river
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| Posted: Tue May 23, 2006 11:27 pm Post subject: Re: Canadian Customs and Money |
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| Noureli wrote: |
| When the Korean banks write in the back of the passport concerning money sent back home is this verfied by Canadian Customs and what kind of questions come after . Thanks guys. |
Yeah I worried about that as well but with me it was only when I changed money, never when I sent it. What happened was that I had been changing a few hundred here and there and nothing was ever entered into my passport but then when I changed about 2500, they wrote it in the passport. However I have been back to canada 3x since that happened and never once have they looked at that page. Needless to say, i went back to my original method of just changing a few hundred.
The best way to transfer $ back home without worrying about a paper trail is to give an ATM card to someone you really trust back home and have them do withdrawls. Having said that, I understand that not all Korean banks allow withdrawls by foreigners outside of Korea.
But you're right to worry about them doing something about it, if they see it ie reporting it to the tax nazis which could be awkward if you aren't declaring Korean income on your Canadian income tax. They used to be part of the same ministry but now they are separate. I have heard that they report to EI who catch people who are collecting unemployment benefits and looking for a job. EI calls you and says "Well you won't be getting benefits for the 3 weeks you were in the UK or wherever and obviously not job hunting"
Big Brother is alive and well in Canada. |
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inspector gadget
Joined: 11 Apr 2003
Location: jeollanam-do in the boonies
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| Posted: Tue May 23, 2006 11:39 pm Post subject: |
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I am pretty certain that they stamp the amount of money sent in your passport to ensure that you are not sending more than you are supposed to earn while here in korea.
My first year I sent back 9500 cdn then another 9500 and when I went to the bank for another transfer they said they needed proof of my salary from my boss. The boss sent it and then there was no problem, I wired off another 3500 and took a few thousand home in cash.
I too was a little nervous about them writing it in my passport but as it turns out nobody at customs in Canada even looked at the back page of my passport.
Now Canada and SK do have a tax treaty so the feds could ask for your file here in korea and investigate what you were up to here, all the more reason to declare your income earned here unless you are certain that you would be deemed a non resident. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Wed May 24, 2006 5:07 am Post subject: |
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| inspector gadget wrote: |
Now Canada and SK do have a tax treaty so the feds could ask for your file here in korea and investigate what you were up to here, all the more reason to declare your income earned here unless you are certain that you would be deemed a non resident. |
I'm not so sure a tax treaty deals with nations transmitting information about their national's income back and forth. For the most part, a tax treaty just stipulates both nations agree not to double tax the incomes of each other's nationals. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed May 24, 2006 5:37 am Post subject: Re: Canadian Customs and Money |
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| Noureli wrote: |
| When the Korean banks write in the back of the passport concerning money sent back home is this verfied by Canadian Customs and what kind of questions come after . Thanks guys. |
The stamps in your passport have no meaning back in Canada. Canada customs does not look and does not care. Canada does not check with the tax department here. There is NO sharing of information.
There IS a reciprocal treatment tax and social benefit treaty between the two countries (Canada and Korea) and that is why Canadians pay tax on Korean income and get their pension money refunded when they leave Korea.
The stamps in your passport are a throwback to the days before the IMF bailout when KOREA had restrictions AND LIMITS on foreign currency transactions.
There are still SOME foreign currency transaction limits on foreign nationals who do NOT have a residence visa. This means TOURISTS not E2 visa holders. They ARE limited to $10,000 OR the amount that they converted to won after their arrival in Korea. If they want to convert more money then they must show the receipt showing the purchase of won exceeding $10,000.
Don't sweat it. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Wed May 24, 2006 6:29 am Post subject: Re: Canadian Customs and Money |
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| Noureli wrote: |
| When the Korean banks write in the back of the passport concerning money sent back home is this verfied by Canadian Customs and what kind of questions come after . Thanks guys. |
In 5 years of being here not one bank has ever written anything in my passport. If they ever attempt to I state clearly that the passport is not mine and that it belongs to the Government of Canada. If they want to write anything in it they must get permission from the embassy.
There is no reason for any bank or private enterprise to write anything in your passport. It is for official puposes only. |
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braunshade
Joined: 19 Apr 2006
Location: Somewhere better!
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| Posted: Wed May 24, 2006 8:27 am Post subject: |
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| thats a good reply! ill remember that when I am at the bank next time! |
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white tiger
Joined: 28 Jan 2003
Location: Seoul
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| Posted: Wed May 24, 2006 11:27 pm Post subject: |
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In 5 years of being here not one bank has ever written anything in my passport. If they ever attempt to I state clearly that the passport is not mine and that it belongs to the Government of Canada. If they want to write anything in it they must get permission from the embassy.
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that's fantastic advice. to which they reply, "sorry, we can't do your transaction for you."
I'm guessing that perhaps you're dealing with the same bank for a long time, and they recognize you, and don't want to enforce a new policy. i had no problems my first couple of years, but in the last, it is consistent. CHB banking, btw. Perhaps i'm being too lenient, and need to put my foot down, but the resistance i have put up in this case hits a wall :P |
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