Frequently Asked Questions

General

1. Why do I have to report cross-border movements of money?
   
   This is part of an overall government initiative to fight crime by taking away the profits of criminals and the funds of terrorists. The proceeds of criminal activities, in the form of cash, are often moved from the country where they were generated to another country to be laundered. Similarly, funds for use by terrorists are often collected in one country and then channelled to another. The reporting requirements are put in place to counter the cross-border flow of crime-related money.
   
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2. Do I need to report Canadian money only?
   
   All currency and monetary instruments must be reported if they total $10,000 or greater in Canadian dollars or its equivalent.
   
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3. How and where do I file a report?
   
   Reporting generally occurs at the place of importation/ exportation or at a Customs office that is open for business.
   
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4. How can a NEXUS member report currency and monetary instruments?
   
   NEXUS members must report in person to a Canada Border Services Agency (CBSA) Customs officer when importing or exporting currency and monetary instruments of a value equal to or greater than CAN$10,000.
   
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5. How do I report if I'm crossing the border in a remote location?
   
   Limited provisions exist to allow for reporting from remote locations. Where permitted, reporting may be done by radio or telephone. The Customs officer could then request that the importer or exporter present themselves at a specified place for examination of the currency or monetary instruments.
   
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6. Is there a limit on the amount of money I can bring in or take out of Canada?
   
   No. The requirements simply state that you must file a report if the amount meets or exceeds the value of CAN$10,000.
   
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7. Must I report money that I mail and how do I do so?
   
   Money that is mailed and that exceeds the threshold must be reported to the CBSA. For imports into Canada, a Customs Declaration Form (CN23) must be completed and a cross-border currency report must be placed inside the mailed item. For exports, a report must be placed inside the envelope or package and a second report must be sent to the CBSA. Additional postal requirements may exist when importing or exporting currency or monetary instruments by mail. Please contact Canada Post for further information.
   
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8. Are there situations where I need not report?
   
   Persons transiting Canada by commercial passenger conveyance need not report provided they remain in the conveyance or remain under CBSA control while transferring to another conveyance.
   
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9. What happens if I fail to report?
   
   The CBSA has the authority to seize unreported amounts that exceed the reporting threshold. The currency and monetary instruments may be returned upon payment of a penalty. The CBSA need not return the currency and monetary instruments where it is suspected to be proceeds of crime or funds for the use of financing terrorist activities. Penalties range from $250 to $5000 depending on the circumstances and may include forfeiture.
   
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10. How do I report exports of cash or monetary instruments?
    
    At airports, reports can be made at any Customs office. At land border locations, you must stop at the nearest Customs office that is open to complete a report, subject to exception for remote locations and certain private aircraft and vessels.
    
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11. What information do I need to provide?
    
    Generally the information needed relates to the name and address of persons involved as well as information related to the currency or monetary instruments being reported and details on the location of import or export.
    
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12. Do I need to report electronic transactions (e.g. wire transfers) to the CBSA?
    
    Only physical movements of currency and monetary instruments need to be reported to Customs.
    
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13. If I need to report the importation of currency or monetary instruments to a foreign Customs service, do I still need to report their export to the CBSA's Customs officials?
    
    Yes, even though other countries, such as the United States have put in place similar reporting requirements, Canada does not have any information sharing arrangements in place with other countries with respect to currency movements.
    
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14. Who is considered the person in charge of a conveyance? How does that person report the currency or monetary instruments being transported?
    
    Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the person in charge of a conveyance is responsible to report currency and monetary instruments when transporting them.
    
    
    • By vehicle
      In general, the person in charge of a conveyance operated by a commercial carrier is the driver of the vehicle. That person has to complete Form E668, Cross-Border Currency or Monetary Instruments Report Made by Person in Charge of Conveyance. However, a person (e.g., logistics officer) travelling with the driver of a vehicle transporting currency or monetary instruments and responsible for the currency or monetary instruments is considered the person in charge of the conveyance. That person has to complete Form E668.
    • By plane
      A courier transporting currency or monetary instrument on a commercial passenger flight is not considered to be in charge of a conveyance for reporting purposes. That person does not have to complete Form E668. However, that person will have to present a completed Form E667, Cross-Border Currency or Monetary Instruments Report - General, that includes the courier's personal information and is signed by the courier's client.
    • Other
      A person transporting currency or monetary instruments cross-border for a commercial carrier by any other mode is considered to be in charge of a conveyance and has to complete Form E668.
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