Bringing Money Into Canada: What Newcomers Must Declare

Arriving in Canada with your savings is completely legal — but if you are carrying a large amount, you must declare it at the border. Getting this right takes minutes; getting it wrong can mean fines or having your money seized. Here is exactly how it works, plus how to bring your belongings as a newcomer settling in Canada.

The CAD $10,000 rule

There is no limit on how much money you can bring into (or take out of) Canada, and it is not illegal to carry a large sum. However, whether you are entering or leaving, you must declare any amount of CAN$10,000 or more that you are carrying. This threshold includes Canadian dollars, foreign currency, or any combination of the two.

Importantly, declaring is not a tax. You will not be charged anything for declaring your own money — the requirement exists under Canada's anti-money-laundering law (the Proceeds of Crime (Money Laundering) and Terrorist Financing Act), administered by the Canada Border Services Agency (CBSA).

What counts toward the $10,000

It is not just cash. "Monetary instruments" also count, including:

• Cash (Canadian or foreign currency)
• Cheques and traveller's cheques
• Money orders and bank drafts
• Stocks, bonds and similar securities

If the total value of everything you are carrying reaches CAN$10,000 or more, it must be declared.

How to declare your money

When you arrive, you can report it on your declaration (for example, Form E311, the CBSA Declaration Card, if one is given to you), at a Primary Inspection Kiosk or Automated Border Clearance kiosk, or verbally to a border services officer. If you are mailing or shipping CAN$10,000 or more, it must be reported too. When in doubt, tell the officer — there is no penalty for honestly declaring your own funds.

What happens if you don't declare

Failing to declare currency of CAN$10,000 or more can lead to the money being seized, and penalties currently range from 5% to 50% of the value, depending on the circumstances. Non-declared funds suspected of being proceeds of crime may not be returned. It is never worth the risk — declaring is free and simple.

Bringing your personal belongings as a settler

If you are moving to Canada to live for the first time (establishing residence for a year or more), you can usually import your personal and household goods duty- and tax-free as "settlers' effects" — provided you owned, possessed and used them abroad before arriving. To make this smooth:

• Before you travel, prepare two copies of a list of everything you are bringing, with values and (where relevant) make, model and serial numbers.
• Split the list into two parts: goods accompanying you now, and "goods to follow" later.
• Give the list to the border officer at your first point of entry — even if you have nothing with you yet. Items you declare as "to follow" can come later duty-free; items not listed on arrival may be taxed.

The officer completes Form BSF186 (Personal Effects Accounting Document) and gives you a copy — keep it, as you'll need it to claim your shipped goods when they arrive.

Moving large sums the smart way

Carrying lots of cash is risky. Many newcomers instead open a Canadian bank account and transfer funds, or move money before arriving. Always compare the total cost of a transfer (fees plus the exchange-rate markup) before sending. See our guides on opening a bank account and the cheapest ways to send money.