• 2019/10/10 12:45
• 留学霸
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A client has reported that when he and his spouse entered Canada, they were questioned because they had a total of CAD 10,000 but did not report properly. As a result, they stayed in the customs office for 3 hours. In order to avoid similar troubles, it is recommended that you pay attention to the relevant regulations when entering and leaving Canada.

According to the website of CBSA:

“If you have currency or monetary instruments equal to or greater than CAD 10,000 (or the equivalent in a foreign currency) in your possession when arriving in or departing from Canada, you must report to the CBSA. Monetary instruments include items such as stocks, bonds, bank drafts, cheques, and travellers' cheques.

“This regulation applies to currency and monetary instruments you have on your person, in your baggage and/or in your vehicle.

“When you arrive in Canada with CAD 10,000 or more in your possession, you must report it on the CBSA Declaration Card (if one was provided to you), or in the verbal declaration made to a BSO.

“When you leave Canada by air with CAD 10,000 or more in your possession, you must report to the CBSA office within the airport, before clearing security or, if leaving by land or boat, report your intent to export to the CBSA at one of our offices.”

Note that the CBSA Declaration Card states that all travellers must be identified. A maximum of four people living at the same address can be listed on a single card. It is important to note here that if all travellers living at the same address own or carry currency and/or currency instruments totaling CAD 10,000 or more, they must declare it.

（Source: CBSA，CBSA Declaration Card）

We recommend that that when you enter and leave Canada, if you live at the same address, you must not bring in more than CAD 10,000 or you must declare (the declaration does not mean that you need to pay taxes).

1. Can I bring more than CAD 10,000 to Canada? Only cash?

CBSA emphasizes that the total value of money more than CAD 10,000 (including currency, monetary instrument, etc.) must be reported truthfully.

2. Why do I need to declare if I have to more than CAD 10,000 for entry and exit?

This kind of declaration policy is not to make it difficult for passengers or immigrants, but to combat financial and terrorist crimes, thus preventing criminals from laundering or financing in this way.

3. If I do not declare, what will happen?

If the amount is not reported, CBSA has the right to confiscate it and impose a fine of CAD 250-5,000.

4. Do I need to pay taxes if the amount exceeds tax?

Usually, students who bring more than CAD 10,000 for tuition or living expenses do not need to pay taxes. Unless it is your overseas income after immigration, you need to explain it on the tax bill for the coming year.

For further info, please read: https://www.cbsa-asfc.gc.ca/travel-voyage/ttd-vdd-eng.html