Anytime you cross the border, you must declare any currency or monetary instruments you have valued at Can$10,000 or more. This amount includes Canadian or foreign currency or a combination of both. Monetary instruments include, but are not limited to, stocks, bonds, bank drafts, cheques and traveller's cheques. There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so.
Does this apply to you?
This applies to all travellers, couriers and if you are carrying money on behalf of someone else.
When you arrive in Canada with Can$10,000 or more in your possession, you must report it on the CBSA Declaration Card (if one was provided to you), or in the verbal declaration made to a border services officer.
When departing Canada by air with Can$10,000 or more in your possession, you must report to the CBSA office within the airport, before clearing security. Prior to departing by land, boat, or rail, report to the CBSA office nearest your location.
Reporting in person
If you are entering or leaving Canada, you have to complete Cross-Border Currency or Monetary Instruments Report – Individual (Form E677). If the currency or monetary instruments you are reporting are not your own, you will be required to complete Cross-Border Currency or Monetary Instruments Report – General (Form E667). Hand the form to a border services officer at the nearest CBSA office that is open at the time you are travelling.
Reporting by mail
If you are sending currency or monetary instruments to or from Canada by mail, attach a Canada Post Customs Declaration form (CN23), which is available at your nearest postal office, to the parcel and include a completed Form E667 currency report inside your package. When exporting currency and monetary instruments, you must also submit a copy of the completed Form E667 to the nearest CBSA office. This can be submitted at the same time as or before mailing the package.
Additional postal requirements may exist. Contact Canada Post for more information.
Reporting by courier
If you are sending currency or monetary instruments to or from Canada by courier, the person in charge of the conveyance or the courier must complete Cross-Border Currency or Monetary Instruments Report made by Person in charge of conveyance (Form E668), and attach it to the Cross-Border Currency or Monetary Instruments Report – General (Form E667), which you, the importer or exporter, must complete and provide to the courier. Both forms must be submitted to a CBSA office.
Failure to report
The CBSA has the authority to seize all currency and monetary instruments if the entire value is not reported. They may be returned after a penalty is paid. Penalties range from Can$250 to Can$5,000. The CBSA will not return the funds if it is suspected they are the proceeds of crime or funds for financing terrorist activities. You can choose to file a review for items that have been seized.
What happens to the information provided to the CBSA?
The completed forms are sent to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for assessment and analysis. The information provided on the currency reporting forms is subject to the Privacy Act and is collected under the authority of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
Why do I need to report currency when crossing the border?
To help fight money laundering and terrorist financing, the Government of Canada introduced the PCMLTFA in 2001.
The CBSA is responsible for administering and enforcing Part 2 of the PCMLTFA to help the Government of Canada to:
- Detect and deter money laundering and terrorist financing activities;
- Facilitate the investigation and prosecution of related offences;
- Respond to the threat posed by organized crime; and
- Fulfill international commitments to fight transnational crime.
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