How do I move money from Hong Kong or China to Canada for a down payment?
Move the money early, through a provider that gives you the most Canadian dollars after fees and exchange-rate markups, and keep a clear paper trail. Lenders usually want to see at least 90 days of history for your down payment. From mainland China, individuals have a yearly foreign exchange quota of US$50,000 equivalent.
Compare what you receive
Banks often add an exchange-rate markup of a few percent on top of their wire fee. On a large down payment that can cost thousands of dollars, so compare the amount that arrives in Canada, not just the fee. Our live comparison shows current prices from banks and transfer companies.
Keep a paper trail
Lenders must confirm where a down payment came from. Keep statements from the sending account and the receiving Canadian account, ideally covering at least 90 days. If family is helping, they will usually need to sign a gift letter. Transfers of $10,000 or more are reported to FINTRAC by your bank or transfer company; this is routine and legal.
Moving money out of mainland China
Individuals in mainland China can convert up to US$50,000 equivalent of foreign currency each year under SAFE's rules. Splitting a transfer across relatives to get around the quota is not allowed and can lead to frozen accounts. Plan large transfers well ahead, and check current rules with your bank.
Can a down payment be a gift from my parents abroad?
Many lenders accept gifts from immediate family, including from abroad, with a signed gift letter and proof that the money is in your account. Check your lender's rules early.
Do I pay tax on money I bring to Canada?
Moving your own savings into Canada is generally not taxed as income. Income those savings earn after you become a resident may be taxable; ask a tax professional about your situation.
Official sources
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