Crossing into Canada with large amounts of money, or taking large amounts of money out of Canada is perfectly legal, and there are no restrictions placed on it under Government legislature (by way of the Proceeds of Crime and Terrorist Financing Act).
However, if you are arriving in Canada to relocate, or coming back from a vacation, business trip, or other international business – if you are crossing back into Canada from another country for any reason – you must be aware that if you have equal to or more than CAN $10,000, it must be declared to a border officer.
The reason the Canadian government wants to be aware of large amounts of money leaving or crossing into Canada is so they can help to fight international crimes such as money laundering and terrorist financing. If you fail to declare more than CAN $10,000, it will be seized by the Canada Border Service Agency (CBSA), and pending an investigation you will be subject to forfeiture of the currency and/or fined from $250 to $5,000.
Photo Credit: Flickr, Beatrice Murch, cc
What is included when calculating “equal to or more than” CAN $10,000 when crossing into Canada?
- The equivalent to CAN $10,000 in foreign currency.
- Bank notes (foreign or domestic)
- Traveller’s cheques
Declaring in Person at a CBSA office:
- If you are declaring your own CAN $10,000, an E677 (Cross-boarder Currency or Monetary Instruments Report – Individual) must be filled out.
- If you are declaring CAN $10,000 that is not your own, an E667 (Cross-boarder Currency or Monetary Instruments Report – General) must be fill out.
- If you are sending CAN $10,000 or more by mail, you will need to complete an E667 (Cross-boarder Currency or Monetary Instruments Report – General), and put it in the package with the currency. A Universal Postal Convention label must also be filled out and attached to the package that is being mailed.
- You must also fill out an E667 and mail, or submit it in person at a CBSA office before, or at the time you mail the currency.
Sending Currency by Courier:
- If you are sending CAN $10,000 or more by courier, you must complete an E668 (Cross-boarder Currency or Monetary Instruments Report made by Person in Charge or Conveyance).
- You must also fill out an E667 and attach it to the E668. These forms will be submitted to a CBSA office.
If you have trouble filling out any of these forms, or have questions, refer to the instructions on the back side of the form, or click here to find the nearest CBSA office.
Planning on moving to Canada with money or belongings? Sign up for Settle-in.com and get full access to “The Guide.” Read the “Preparing & Moving” and “Formalities on Arrival” chapters for more information on this topic.