crypto?

[Gilberto DiPiento]

Hi, do they ask if you're bringing any crypto currencies when travelling to Canada?

 

[Gilberto DiPiento]

...

 

[Canada2020eh]

Hi, do they ask if you're bringing any crypto currencies when travelling to Canada?

I can't answer your question directly because I don't know, but you are required to declare any money or monetary instruments(Stocks, bonds etc) in excess of $10k CAD that you physically have with you. It isn't illegal to bring in more than $10k but it has to be declared. If you have more than $10k they will probably ask what it is. Crypto is not illegal so if they ask I would not think it is a problem.

 

[Gilberto DiPiento]

I can't answer your question directly because I don't know, but you are required to declare any money or monetary instruments(Stocks, bonds etc) in excess of $10k CAD that you physically have with you. It isn't illegal to bring in more than $10k but it has to be declared. If you have more than $10k they will probably ask what it is. Crypto is not illegal so if they ask I would not think it is a problem.

Thank you, I don't understand. Do I have to declare everything I own or what I'm bringing?
You said - declare bonds and stocks. Stocks are in digital form and I'm not phsysically bringing them. Just as crypto currencies or money in bank accounts.
If I have to declare that I own stocks, do I also have to declare how much money I have in my bank accounts and if I own a house in Spain?

 

[Gilberto DiPiento]

I hear thar people are being asked this question. What happens if you do own crypto currencies? Are they including them in a $10k CAD limit?

 

[Canada2020eh]

Thank you, I don't understand. Do I have to declare everything I own or what I'm bringing?
You said - declare bonds and stocks. Stocks are in digital form and I'm not phsysically bringing them. Just as crypto currencies or money in bank accounts.
If I have to declare that I own stocks, do I also have to declare how much money I have in my bank accounts and if I own a house in Spain?

Only what you are physically carrying with you. Not anything in a brokerage account, bank account or foreign property. The wording in the regulations of "monetary instruments" I think is a carry over from the days when people had actual stock certificates. The $10k limitation is for anti-money laundering purposes. You can read more about it here:

https://www.cbsa-asfc.gc.ca/travel-voyage/ttd-vdd-eng.html

As I mentioned crypto is treated the same way as stocks, bonds etc.

 

[Gilberto DiPiento]

Ok so I don't have to declare any stocks, bonds or crypto as long as I'm not carrying a physical certificate of it, right?
I hear that people are being asked this question so I just need to know if they ask for it and what to say if they do.....

 

[Canada2020eh]

Ok so I don't have to declare any stocks, bonds or crypto as long as I'm not carrying a physical certificate of it, right?
I hear that people are being asked this question so I just need to know if they ask for it and what to say if they do.....

You are correct and as I said in my 1st reply I don't know. Doing a search the only thing I found was another thread on this site. But in that discussion nobody had a real answer except that it is better to say yes than no, lying to CBSA can have serious consequences. Maybe they are just doing a survey?

https://www.canadavisa.com/canada-immigration-discussion-board/threads/cryptocurrency-declaration-at-port-of-entry.740369/

And this page:

https://www.canada.ca/en/financial-consumer-agency/services/payment/digital-currency.html

Digital currencies are not a legal tender
Digital currencies, such as Bitcoin or other cryptocurrencies, are not legal tender in Canada. Only the Canadian dollar is considered official currency in Canada.

With it saying Crypto is not legal tender, but it is not illegal to possess or trade etc., I still don't know if or how CBSA would use that info.

 

[Canada2020eh]

You can call CBSA and ask them about reporting Crypto at the POE when moving to Canada:

https://www.cbsa-asfc.gc.ca/contact/bis-sif-eng.html

 

[Gilberto DiPiento]

You can call CBSA and ask them about reporting Crypto at the POE when moving to Canada:

https://www.cbsa-asfc.gc.ca/contact/bis-sif-eng.html

Thank you, I appreciate that.

 

[Marzoboden]

When traveling to Canada, authorities may ask about bringing crypto or any currency over $10,000 CAD. Crypto is subject to reporting like other currencies. Declarations ensure compliance with anti-money laundering laws and prevent illicit activities.

 

[Marzoboden]

You are correct and as I said in my 1st reply I don't know. Doing a search the only thing I found was another thread on this site. But in that discussion nobody had a real answer except that it is better to say yes than no, lying to CBSA can have serious consequences. Maybe they are just doing a survey?

https://www.canadavisa.com/canada-immigration-discussion-board/threads/cryptocurrency-declaration-at-port-of-entry.740369/

And this page:

https://www.canada.ca/en/financial-consumer-agency/services/payment/digital-currency.html

Digital currencies are not a legal tender
Digital currencies, such as Bitcoin or other cryptocurrencies, are not legal tender in Canada. Only the Canadian dollar is considered official currency in Canada.

With it saying Crypto is not legal tender, but it is not illegal to possess or trade etc., I still don't know if or how CBSA would use that info.

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It's refreshing to see such a knowledgeable community engage in thoughtful analysis and share diverse perspectives on this cutting-edge topic.