Financial institutions are required to report transfer over $10,000. Failure to do so may result with penalties.
Although 99.99% of the transfer may be ok for whatever valid reasons. I have seen many cases where files were selected for tax audit because of money transfer over $10,000.
40 years ago my friend's daddy in HK gave her one month old son CDN$50,000. She was selected for audit. Eventually, her father 'companies' lawyer and auditor in HK had to provide written confirmation that her father owned various companies and worth over one billion HK dollar.
恩地BABY2024-11-20 23:11:24
我似碧咸2024-11-20 23:42:17
恩地BABY2024-11-20 23:47:15
CNTower2024-11-20 23:49:29
1. Canada Hong Kong Tax Treaty.
2. T1135 reporting requirements
3. Bank transfers between HK and Canadian Banks
Etc.