How much money can you bring to Canada without declaring? This has been one of the most asked questions among immigrants who are willing to travel to Canada for a better standard of living, a better life and a better future.
Canada is a safe abode for every human. The Canadian government have ensured that policies are in place to aid travelers going out and coming into the country. Foreigners arriving in Canada are welcomed in a friendly manner while those who try to enter illegally are made to face the music.
Living in Canada just like the other part of the world demand financial stability. Any one aiming to live in Canada must be financial stable and should not be a liability to their loved ones, their neighborhood, community or the government.
To ensure stability in these situation, Canadian government have their policies on the finances of any foreigners arriving in their country, either on a live and work reason or any other reason. Without any further ado, lets me walk you through everything you need to know about how much money you can bring to Canada without declaring.
How Money Works In Canada: Understanding Canada Currency
Just like the rest of the world, money in Canada is used as a medium of exchange for good and services. Canadian money is referred to as the Canadian dollar ($) and is ranked among the most respected currency in the world due to its value.
In Canada, both coins and paper money are used, a move that ensure money is moved with ease. Canada is one of the most credit-card-friendly countries in the world with more and more people using either credit cards or debit cards, which is much more convenient than carrying around cash and worrying about change.
Let’s talk more about the Canadian Dollar
The history of the Canadian dollar dates back to the 1830s when Canadian dollar banknotes were first issued by the chartered banks. However, 1870 was the year Canadian dollar was made official.
In 1867, the new unified Canadian government gained exclusive constitutional power over currency, and in 1870 it used this power to pass the Dominion Notes Act (now known as the Currency Act) which made the Canadian Dollar ($) the official currency of Canada. A Canadian dollar is made up of 100 Canadian cents (₵).
The Canadian dollar was initially tied to value of the British pound, and then the price of gold, however since 1931 the Canadian dollar has been a so-called “free-floating” currency with a value determined by the international marketplace. Unsurprisingly, the Canadian dollar is usually measured in comparison to the American dollar.
In addition, the Canadian dollar is managed by the national bank in Canada. The Bank of Canada, that has the power to both print and buy currency in order to help control the currency’s value.
According to the International Monetary Fund, the Canadian dollar is one of the world’s seven reserve currencies known for its stability and reliability even in times of economic uncertainty.
Having understand how money works in Canada, lets take a closer look at h the question, how much money can you bring to Canada without declaring?
How much money can you bring to Canada without declaring?
As an immigrant travelling to Canada for a better life, you are entitled to have some certain amount of money that proves you won’t be dependent on your neighbors, community or the government for the basic things you should be able to afford.
As part of the application process, you will need to prove to the Canadian government that you have enough monitory funds to support yourself and any accompanying family members when you arrive in Canada. This is because the government will not provide any financial support for new immigrants and therefore, they need to be sure that you arrive with enough money to establish yourself in Canada.
You will be asked to provide a proof of fund. At the time of your application, you must show that you have at least the required amount in order for your application to be processed.
Requirements you must fulfill before your fund can be accepted:
- The money has to belong to you and cannot be borrowed from another person.
- The money must be readily available in transferable currency for settlement in Canada.
- You can take any amount above the required funds with you to Canada, you have access to the money.
Type of funds you can use as proof of funds before entering Canada
Savings
Undoubtedly the most popular, savings are used as a proof of fund before arriving in Canada. If you have savings which match or exceed the required amount then you can simply supply a copy of your bank statement showing the funds in your account.
You should be able to show the funds in your account for a minimum of three months and if the funds have recently been transferred you will need to show where they came from. Its important you are able to convince authorities that you that you are not just sending a statement just after being paid and that all the funds will disappear from the account the following week.
Shares, Bonds etc:
Though not one hundred percent supported, you can also think of shares, bond and other investments as a source to proof of funds. However, since they are these are volatile accounts and you could still lose your money, you will need to cash-in the money from the shares, bonds e.t.c and deposit them in a suitable bank account and send the statements as above.
Real Estate
Another means foreigners tend to prove their financial capability is through Real Estate. Often regarded as the most widely used proof of funds, millions of people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.
This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.
From this, we can establish that the funds below are declared upon arriving in Canada, so how much cash can you bring to Canada without declaring?
How much money can you bring to Canada without declaring?
The good news is that you are allowed to bring in any amount of money into Canada. For starters, there is no limit as to how much money you can bring across the border into Canada.
However, bringing CA$10,000 or more (or any other foreign currency equivalent to that) should be declared/reported to customs officials at the border. Also, the same applies to what the Canada Border Services Agency (CBSA) calls “monetary instruments,” including but not limited to stocks, bonds, bank drafts, cheques, and travelers’ cheques.
Note that this requirement is mandatory for all visitors despite their country of origin.
How to Declare Cash That are More Than CA$10,000
The question how much money can you bring to Canada without declaring has been figured out in this article. However, bringing CA$10,000 or more should be declared/reported to customs officials at the border. How will you report such money?
To declare you excess money upon arriving in Canada, fill a Cross-Border Currency or Monetary Instruments Report (Individual Form E677) if the money belongs to you.
However, If the money belongs to someone else, you should fill a Form E667 Cross-Border Currency or Monetary Instruments Report. Once filled and signed, submit to the customs officials for review.
You might also be asked to fill the Canada Border Services Agency (CBSA) Form E311. This form will see you declare how long you plan to stay in Canada and the value of goods possessed.
The completed forms are handed to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for extensive assessment and analysis. If you fail to declare your cash, what is the penalty
Penalty for failing to declare cash that are more than CA$10,000
As earlier stated, you are allowed to bring in any amount of money into Canada. There is no limit as to how much money you can bring across the border into Canada. However, cash more than CA$10,000 must be reported to the authorities.
Failure to report cash that is CA$10,000 or more is an offence. If you fail to report the value of money and monetary instruments possessed, the CBSA has the authority to seize all your cash and possessions.
You may get your money back after paying a penalty of between CA$250 and CA$5,000. However, if CBSA suspects the cash is from the proceeds of crime or for funding terrorist activities, they will hold it.
If you believe your money has been held back without enough evidence, you will have to file for a review to prompt an investigation. An investigation will be carried out for this cause.
Importance of Declaring Your Money to The Officials
The safety of Canada residents is not taken lightly, they must be protected. To protect Canadians from any cross-border crimes, you must be honest with the officials.
Below are some of the reasons why you should declare your cash to the customs officials:
- To detect and deter money laundering and terrorist financing activities
- To facilitate the investigation and prosecution of related offences
- For response purposes to threats posed by organized crime
- To fulfil international commitments to combat transnational crime
Frequently Asked Question
What is the currency in Canada?
Canadian money is referred to as the Canadian dollar ($). In Canada, both coins and paper money are used.
How Much Cash Can You Take Out of Canada?
You are entitled to take any amount of money out of Canada. However, you should declare to the customs officials if you possess cash or monetary instruments worth CA$10,000 or more, or foreign currency of the equivalent.
How much money can you bring to Canada without declaring?
You are allowed to bring in any amount of money into Canada. There is no limit as to how much money you can bring across the border into Canada. However, bringing CA$10,000 or more (or any other foreign currency equivalent to that) should be declared/reported to customs officials at the border.
How strong is the Canadian dollar?
The Canadian dollar is usually measured in comparison to the American dollar. If the exchange rate between the U.S. and Canada is at 0.82 CAD/USD, the American dollar would be considered weak and the Canadian dollar strong.
Who is in charge of the Canadian Dollar?
The Bank of Canada (BoC) is in charge of the production and distribution of banknotes to different banks across Canada.
Currently, banknotes are officially issued in denominations of 5 CAD, 10 CAD, 20 CAD, 50 CAD, and 100 CAD. Six denominations of currency circulate as coins – 5 cents, 10 cents, 25 cents, 50 cents, 1 CAD, and 2 CAD – in Canada.
Conclusion
How much money can you bring to Canada without declaring? In this article, we’ve come to realize that you can bring in any amount to Canada. However, on arrival, cash more than CA$10,000 must be reported to the authorities.
Failure to report cash that is CA$10,000 or more is an offence. If you fail to report the value of money and monetary instruments possessed, the CBSA has the authority to seize all your cash and possessions.
You will get back your money after paying some fine. Understand that you might not get back the fund if it is link to proceeds of crime or for funding terrorist activities. For safety and convenience purposes, you can travel with little cash and use a credit card, debit card, or travelers’ cheques.
Having several options acts as security if one option fails. You are assured of a wonderful atmosphere in Canada as the country is known or its friendly citizens, good infrastructures and good policies.
