What happens if you travel with more than 10,000?

If you are leaving Canada with more than $10,000 (or its equivalent in foreign currency), the Canada Border Services Agency (CBSA) requires you to declare the amount upon exit. Here’s what you need to know:

Declaration Requirement: Under Canadian law, travelers carrying over $10,000 in currency or monetary instruments, such as checks, money orders, or bonds, must report it to the CBSA. This applies to both Canadian and foreign currencies.

How to Declare: You must complete a Cross-Border Currency or Monetary Instruments Report (Form E677) when leaving Canada. This form should be submitted at the airport, border crossing, or port of exit.

Penalties for Non-Declaration: If you fail to declare amounts exceeding $10,000, you could face penalties. The CBSA has the authority to seize the undeclared funds, and you may be subject to fines or even criminal charges if the funds are suspected of being linked to illegal activities, like money laundering or terrorism financing.

Questions and Investigation: After making your declaration, customs officials may ask questions regarding the source and purpose of the funds. Depending on the situation, further investigation may be conducted to verify the legality of the money.

Currency Exchange: This rule applies to both Canadian and foreign currencies. If the combined total of currencies you carry exceeds $10,000, it must still be declared.

In conclusion, as long as you declare any amount over $10,000 when leaving Canada, there should be no issues. However, failing to declare it may result in fines, confiscation, or more serious legal consequences. Always ensure you comply with the regulations when traveling with large sums of money.

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