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Bringing Money from Canada
Demonicomelette
Posts: 29 Forumite
Ok, this is my first post, so be easy on me...
I'm not sure this is the right forum section for this, so if the admins feel the need to move it, no problem.
Anyhow, enough with the pleasantries.
My parents (back in Canada) have just remembered that I have a 9000 dollar investment (some sort of bond) that's just matured and is ready for cashing. Now, this will be cashed by them in Canada (and in $CND) , and obviously I need the money here in Britain. Now, I've got a couple questions. First off, what's the cheapest way to get the money over here, and in sterling? They will be cashing it into their Canadian bank account. Obviously, I want to avoid charges and get the best exchange possible. Should I just get them to send me a $CND cheque, and deposit it into my account (Balclays)? Or get a postal order, or what?
Secondly, I want to avoid paying tax on it on this end. Do I need to declare it as income? Will the bank rat on me if I deposit it all in one go? Should I maybe break it up and deposit it split between mine and my girlfriend's? Please don't lecture me on the legalities of it, as I have no moral problem skipping out on a little tax when the rich do so with much higher sums... Anyhow, the taxman will probably get it wrong anyhow!
Maybe I should set up a bogus trading company and open an offshore bank account, or buy bullion and hide it in Switzerland? Or is that going a bit far for 9000 bucks?
Anyhow, any advice would be appreciated!
-e
I'm not sure this is the right forum section for this, so if the admins feel the need to move it, no problem.
Anyhow, enough with the pleasantries.
My parents (back in Canada) have just remembered that I have a 9000 dollar investment (some sort of bond) that's just matured and is ready for cashing. Now, this will be cashed by them in Canada (and in $CND) , and obviously I need the money here in Britain. Now, I've got a couple questions. First off, what's the cheapest way to get the money over here, and in sterling? They will be cashing it into their Canadian bank account. Obviously, I want to avoid charges and get the best exchange possible. Should I just get them to send me a $CND cheque, and deposit it into my account (Balclays)? Or get a postal order, or what?
Secondly, I want to avoid paying tax on it on this end. Do I need to declare it as income? Will the bank rat on me if I deposit it all in one go? Should I maybe break it up and deposit it split between mine and my girlfriend's? Please don't lecture me on the legalities of it, as I have no moral problem skipping out on a little tax when the rich do so with much higher sums... Anyhow, the taxman will probably get it wrong anyhow!
Maybe I should set up a bogus trading company and open an offshore bank account, or buy bullion and hide it in Switzerland? Or is that going a bit far for 9000 bucks?
Anyhow, any advice would be appreciated!
-e
0
Comments
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Just ask your parents to do a bank transfer
As for tax avoidance big no no0 -
More likely if you weren't setting out to commit tax evasion.Demonicomelette wrote: »Ok, this is my first post, so be easy on me...
Yes that sounds a great idea. Or maybe something even more complicated involving the mob and money laundering.Maybe I should set up a bogus trading company and open an offshore bank account, or buy bullion and hide it in Switzerland?
Then again you could always check that the proper taxes have already been paid on it in Canada in which case the chances are the UK -Canada Double Taxation Treaties mean you may not have anything more to pay. Nah. Much too dull.0 -
The bank doesnt rat on you its up to you to decalre it and if you dont (i wouldnt either) then its fine.
Why cant they just send it to your UK account, there should only be a one off fee of around £20/30.
Alternatively theres companies who offer this kind of thing.0
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