what happens if you declare more then 10K USD arriving to Canada?

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rigid151

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Feb 13, 2011
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It's 10K CAD or more that has to be declared.

If declared nothing happens unless you have a known history of moving large amounts of cash (more for laundering reasons).

If not declared, and they find it on you, you will have to pay a fine.
 
D

DeadFish

fonz_eh
May 3, 2013
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nottyboi said:
Anyone done this? What happens?
Click to expand...
Nothing really, if the money is legit. They will ask you to provide proof of the funds and where the monies come from (AML).
you won't get taxed or anything.
They will record your transaction and let you be on your way, if all the paperwork is in order.
question really would be, why are you bringing in so much cash (assuming you are not immigrating to Canada)?
Source:
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http://settlement.org/ontario/immig...-do-i-bring-money-into-canada-proof-of-funds/
 
B

Butler1000

Well-known member
Oct 31, 2011
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Yup. Let's say you win in Vegas. You should report the win as its tax free here.
 
S

saxon

Well-known member
Dec 2, 2009
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Don't try it going into the states, they have some strange laws that actually allow them to confiscate the money and you have to prove its clean.
 
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kherg007

Well-known member
May 3, 2014
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That law is to allow them to confiscate if you can't prove its yours legally...and to confiscate it if it is yours legally, but you didn't declare it. If you are a drug smuggler w that much cash and you don't declare it then they have game, set, match on legally taking it because you failed to declare it on your form. Simple. Don't have to prove you're a drug dealer this way. That's why you get those silly questions on customs forms because it is easier to prove you lied when you have a pound of fruit in your bag and you put on your customs form no fruit. Makes it simple to confiscate, fine, or imprison.
 
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nottyboi

Well-known member
May 14, 2008
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DeadFish said:
Nothing really, if the money is legit. They will ask you to provide proof of the funds and where the monies come from (AML).
you won't get taxed or anything.
They will record your transaction and let you be on your way, if all the paperwork is in order.
question really would be, why are you bringing in so much cash (assuming you are not immigrating to Canada)?

http://settlement.org/ontario/immig...-do-i-bring-money-into-canada-proof-of-funds/
Click to expand...
well because I can buy USD at a 8% discount where I am now.
 
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nottyboi

Well-known member
May 14, 2008
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spaman said:
how is that possible
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I have an idea why its that way but I can buy USD in the local currency from a lic. exchange for 8.9% below the official rate. It costs me about 2% prem to buy the local currency via ATM so I net 6.9%. The discount on Euros is 14% but I do not have a Euro account in Canada and don't have any plans to go there in the near future so I cannot really exploit it. :(
 
F

fuji

Banned
Jan 31, 2005
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nottyboi said:
I have an idea why its that way but I can buy USD in the local currency from a lic. exchange for 8.9% below the official rate. It costs me about 2% prem to buy the local currency via ATM so I net 6.9%. The discount on Euros is 14% but I do not have a Euro account in Canada and don't have any plans to go there in the near future so I cannot really exploit it. :(
Click to expand...
If you keep your ATM receipts and the currency exchange slips proving the money is yours legally at the border shouldn't be a problem.
 
S

sundin1001

New member
Jan 2, 2006
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No issue I have taken large amounts between Canada and the US, just declare it and everything will be fine, they will ask you what your occupation is and you fill out a form
 
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