Clearit.ca's Blog on Customs Brokerage and News Updates
Hit it big at the poker tables out of town? This post is for you. Here’s what to expect crossing the border with cash.
One major problem facing Canada and the rest of the world today is money laundering and terrorist financing. Since 9/11, Canada has introduced even stricter measures to counter the insurgency of this practice; including the Proceeds of crime and terrorist financing act. This piece of legislation does not restrict the flow of currency across our borders, but rather makes the declaration of amounts equal or greater than $10,000.00 mandatory -including bills, coins, bonds, travelers cheques, etc.
How do i declare an amount over $10,000?
In person: Form E677 and present it to closest CBSA office
By Mail: If sending amounts equal or greater than $10,000 by mail, you MUST include a completed E677 form as well as a Universal Postal Convention Label and attach it to the item being mailed.
Failure to report
Failure to report Amounts equal or greater to $10,000.00 CAD may be sugject to seizure and penalties ranging from $250.00 – $5,000.00