currency requirements

[expatboarder]

Hi

Is the currency requirement only $10,000 CAD that we are allowed to bring in?

What about landing I heard that we can bring in more currency?

If so how much is the duty and tariff on currency in excess of 10,000?

Thanks

boarder

[pinklady]

You can bring in more than 10,000 you just have to declare it.
I don't know what the duty would be.

Wouldn't it be easier to wire transfer that amount of money rather than carry it?

[computergeek]

The currency restrictions relate to reporting.  There is no "duty" on currency or negotiable instruments.

See http://www.cbsa-asfc.gc.ca/publications/dm-md/d19/d19-14-1-eng.pdf for example.

And the FAQ on this topic is at http://www.cbsa-asfc.gc.ca/security-securite/cbcr-dmte/faq-1-eng.html.

Note specifically question 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.

This is about anti-money laundering.