Terrorist financing and money laundering are both international problems. The Government of Canada introduced the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to help fight these criminal acts.
So how much money can you take to Canada? You are not restricted in how much money you bring with you in or out of Canada, but you will have to report to a border services officer if the amounts of money or foreign currency you bring in/ out of Canada are equal to or more than CAN $10,000.
This will help assist the government to investigate and prosecute any offenses dealing with money laundering, respond to any threats posed by an organized crime and follow through with international commitments to fight transitional crimes. There are very strict rules and procedures that you have to follow when bringing currency to Canada.
If you leave or enter Canada and are carrying $10,000 or more either in Canadian money or any foreign currency, you will need to fill out Form E677, which is a Cross- Border Currency or Monetary Instruments Report- Individual. Foreign currency also includes any combination of domestic and foreign bank notes, coins, and securities like stocks, traveller's checks and bonds.
If the money you are reporting is not yours, you will need you will need to fill out Form E677, Cross- Border Currency or Monetary Instruments Report- General. After you complete the form, you will need to sign it and give it to one of the border services officers in an open CBSA office nearby.
If you are sending $10,000 or more in Canadian money or any foreign currency equivalent into Canada through mail, you are required to complete Form E667 and include the money with it as well.
You will then also need to complete a Universal Postal Convention label and have it attached to the item being mailed.
If you are sending $10,000 or more Canadian money or any foreign currency equivalent from Canada through mail, you will need to complete Form E667 and include it with the item being mailed, and also submit a copy of the form to a CBSA near you at the same time or before you even mail the package.
If you are bringing $10,000 or more in Canadian money or any foreign currency equivalent by courier, the courier will need to have the person that is in charge of conveyance fill out Form E668, Cross- Border Currency or Monetary Instruments Report made by Person in charge of conveyance and attach that form to Form E667. The E667 is the form that you are in charge of completing; both forms will then be submitted to a CBSA office.
Now you know how much money can you take to Canada. Currency and any monetary instruments of a value of or greater than CAN $10,000, or foreign currency that is equal to the Canadian currency that were not reported will possibly be subjected to seizure and the assessment of forfeiture or penalties (which ranges from $250 to 5,000 in penalties).
The forms that are completed will be sent to the Financial Transactions and Reports Analysis Centre of Canada, also known as FINTRAC, located in Ottawa for analysis and assessment.
The information that is provided in the forms are subject to the general provisions of the Privacy Act and is collected under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
For more advice and tips on how much money can I take to Canada please contact our office. We will tell you how much currency you can bring to any country you require. We can also help you with filling out the forms, explain the bringing money to Canada rules and restrictions.
What's the money limit / maximum amount you can carry with you without reporting it? - When crossing the border you can have with you any amount of money that do not exceeds $10000 and you do not have to declare it.