Minnesota said:
Dear Qoarx and others
I landing next week at toronto Airport and carrying cash around CAD 18,000 so that I can deposit after opening account. could you please guide me if it is permissible to carry big cash or there is a limit on to it?? I read COPR and found a blank line, which has to be filled in presence of an immigration officer at POE at airport that how much amount one is carrying??? kindly guide me from scratch. will I have o pay any tax or other administrative fee if carrying amount more than limit???
Kindly reply at earliest as I am flying next week to toronto
Minnesota
Hi!
First check with your departure country how much they allow you to carry without declaration. In most parts of the world they allow upto $10,000 without declaration. More than that you need to declare it.
Regarding Canada you can bring any amount of cash in Canada you like (there is no tax or fees to pay on this money). You will only need to declare it. There are 2 steps.
1) First you will get this landing card on flight or at airport
http://www.cbsa.gc.ca/publications/forms-formulaires/e311-eng.pdf
When filling this card tick yes "you are bringing into Canada $10,000 or more"
2) You will also need to fill The form E677. You can fill it in advance. It is found below but make sure you sign it in the presence of CBSA border officer.
http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/e677.pdf
I am also quoting the reply from CBSA regarding this matter.
The Canada Border Services Agency (CBSA) appreciates your interest in ensuring that you meet the cross-border currency reporting requirements upon your arrival in Canada. As you may be aware, the CBSA is responsible for the administration and enforcement of Part II of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Part II requires the reporting of currency or monetary instruments in the actual possession of a person arriving in or departing from Canada. Each traveller is responsible for his or her own declaration.
There are no restrictions on the amount of currency or monetary instruments that you can bring into or take out of Canada, nor is it illegal to do so. However, you have to report to the CBSA amounts equal to or greater than CAN$10,000 or the equivalent in foreign currency. It is very important that currency and monetary instruments be declared properly. If the funds you are bringing into Canada belong to you, then you and you alone are responsible for their declaration. You should not delegate funds to family members simply to avoid paperwork. Misrepresentation and false declarations are serious CBSA offenses.
If you require further information on the CBSA's Cross Border Currency Reporting Program, please visit our Web site at www.cbsa-asfc.gc.ca/security-securite/cbcr-dmte/menu-eng.html
You can fill out the necessary document, Form E677 – Cross-Border Currency Reporting, in advance, ensuring that you sign it only in the presence of a CBSA border officer. Form E677 may be found here: http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/e677.pdf
We suggest that you contact the Border Information Service (BIS) should you require further clarification. You can access the BIS line free of charge throughout Canada by calling 1-800-461-9999. From outside Canada, you can access the BIS line by calling 204-983-3500 or 506-636-5064 (long-distance charges apply). If you call during regular business hours (8:00 a.m. to 4:00 p.m. local time, Monday to Friday, except holidays), you can speak to an agent by pressing “0” at any time.
We trust that this information is useful to you and thank you for contacting CBSA.
Thanks
