Travelling with $10,000 or more in cash: the CBSA rule explained

What does the Canadian rule say?

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, anyone importing currency or monetary instruments into Canada or exporting them from Canada worth C$10,000 or more must report it without delay to the Canada Border Services Agency (CBSA). The rule is set out in CBSA Memorandum D19-14-1.

Two essential points:

• It's not a limit. You can travel with more than $10,000; you just have to report it.

• It's a total. Everything adds up: Canadian dollars, foreign currency, coins, travellers' cheques, money orders, bank drafts and other bearer instruments, converted to Canadian dollars.

Example: do I have to report?

How do you report?

At the border crossing or airport, you fill out the CBSA reporting form, sign it and hand it to an officer. NEXUS members must also report in person to an officer when carrying $10,000 or more. If the money belongs to someone else or is sent by courier, other forms apply.

What happens if I don't report?

Officers can search the person, their luggage and their vehicle. If unreported funds are found, the CBSA can seize them and impose penalties. Courts have confirmed that a person can be convicted of failing to report even without intending to commit fraud.

And at your destination?

Each country has its own rule, often similar:

• United States: you must report amounts of more than US$10,000 when entering or leaving (U.S. Customs and Border Protection).

• Mexico: you must declare more than US$10,000 or the equivalent on arrival and departure (travel.gc.ca).

• European Union: declare €10,000 or more when entering or leaving the EU.

Buying a large amount of currency before you go

When you buy a large amount in cash, a FINTRAC-registered exchange office must also keep certain records: it verifies your identity from $3,000 and records cash transactions of $10,000 or more. It's a legal obligation, not a suspicion. Read which ID to bring.

For a large amount, reserve online: we prepare the amount ahead of time at the branch of your choice.

Frequently asked questions

Does a family travelling together have to add up its money?

Ask the CBSA officer when you cross. When in doubt, report: reporting carries no fee or tax.

Does reporting cost anything?

No. The report is for monitoring purposes; it doesn't create any tax on the amount reported.

This article is general information, not legal advice. Check the rules in effect before you leave.