Whether you are immigrating to Canada for better job opportunities or simply looking for a better life, it makes sense to take money with you. But is there a limit on how much you can take?
Many countries have laws regarding how much money you can have with you when leaving or entering them. For this reason, Emiratis with the Canadian dream often wonder how much money they can have with them when migrating from the UAE to Canada. Here we’ll answer all your questions.
How Much Money Can You Have with You When Exiting The UAE?
Like many countries of the world, the UAE has a robust system to combat money laundering and suspicious financial activities. For this reason, it has laws requiring people leaving the country to declare cash or financial instruments exceeding 100,000 AED (approximately $37,225).
How Much Money Can You Have with You When Entering Canada?
Canada also has laws covering how much money you can have with you when leaving or entering its borders.
You can carry any amount of money with you when entering Canada. However, you are required to declare any cash or monetary instruments you have valued at $10,000 or more.
Monetary instruments include stocks, bonds, bank drafts, cheques, traveller’s cheques, etc. You can report finances above $10,000 at an airport arrival kiosk, eGate, or by using the CBSA Declaration Card.
Failure to declare finances in excess of $10,000 when entering Canada is illegal and comes with several penalties. The CBSA has the authority to seize all your money until you pay a fine. There’s also the possibility of going to prison.
Why Do You Need to Report Money When Crossing the Border?
The requirement to report relatively large sums when crossing borders is mainly to help countries fight money laundering and transnational crimes.
In the case of Canada, the regulation exists to help the government of Canada to
- Detect and deter money laundering and terrorist financing activities
- Facilitate the investigation and prosecution of money laundering and terrorist financing offences
- Respond to threats of organized crime
- Fulfill international commitments to fight cross-border crimes
How Much Money Do You Need When Immigrating To Canada?
When immigrating to Canada, you are required to show proof of funds, which is evidence of having settlement funds (the amount of money you need to settle in Canada).
The amount you need to have as settlement funds when immigrating from Abu Dhabi to Canada depends on the size of your family, as follows:
|Size of family||Funds required (in Canadian dollars)|
|For each additional family member||$3,586|
Note that to calculate the size of your family, you must include your spouse/partner and dependent children, even if they are not coming with you to Canada.
What Is Accepted as Proof of Funds
The settlement funds must be readily available to you to pay the cost of living for yourself and your family. So, you can’t use the equity on real property as proof of funds.
If your spouse/ partner is immigrating with you, you’ll be able to count money under their name as part of your settlement fund, but you must prove that you have access to the money.
A letter from banks or financial institutions where you have your money is enough to show that you have settlement funds. The letter must:
- Be printed on the letterhead of the bank or financial institution
- Include your name and contact information
- List all outstanding debts (such as loans and credit card debts)
When listing current accounts or investment accounts, the letter must include the account number, the date the account was opened, the current balance of the account, and the average balance for the past 6 months.
Who Does Not Need Proof of Funds
Interestingly, not every UAE to Canada immigrant needs to have evidence of settlement funds. Those excluded from this are:
- People immigrating under the Canadian Class Experience (CEC) economic program
- People applying under the FSWP (Federal Skilled Worker Program) or FSTP (Federal Skilled Trade Program) who have a valid job offer
The CEC program candidates do not need to show that they have enough money to support themselves because they’ll already be in Canada, and probably be already working and earning
FSWP and FSTP candidates with valid job offers do not need settlement funds because they’ll start working and earning money immediately after they arrive in Canada.
There is no limit on how much you can have with you when exiting the UAE, and there’s also no limit on how much you can have with you when entering Canada.
So, you can take any amount with you when immigrating from the UAE to Canada as long as it’s reported correctly.
You probably want to go with as much money as you can as that will make moving and settling in Canada easier. The Express Entry programs require as much as $13,300 as settlement funds for a single person.
However, you must alert the authorities in UAE when exiting the country with more than 100,000 AED. You’re also required to tell the border officer if you’re entering Canada with more than CAD$10,000.
When immigrating from the UAE to Canada, you need funds to support yourself and your family. The more money you can take with you, the easier it’ll be to find a house and settle down in Canada.
Thankfully, you can take as much money with you as you can, as there’s no restriction on how much you can take with you to Canada. However, you must inform the border officer if you have an amount exceeding $10,000.
If you’re ready to make the move. take the assessment form on our website to find out what immigration program will be best for you.