Key takeaways
- Declare cash and similar instruments worth CAD 10,000 or more when you enter Canada
- Compare bank wires with transfer services on the exchange rate, not just the fee
- Keep proof of where your money came from; Canadian banks will ask
- Check your home country’s limits on sending money abroad
- Bringing savings isn’t taxable income, but income they earn after you arrive is
Bringing cash across the border
You must report currency and monetary instruments worth CAD 10,000 or more, in total, when you arrive. It isn’t illegal to carry it, but failing to report can mean seizure and penalties. Carrying large amounts of cash is risky; a transfer is usually safer.
Bank wire or transfer service?
- Bank wire: familiar and suitable for large amounts, but often expensive once the exchange rate is included
- Transfer services: usually better rates for the same amount; check limits for large transfers
- Split large amounts over time to reduce exchange-rate risk
Use our compare tool to see how much the rate matters.
Proof of source of funds
Canadian banks must know where large deposits come from. Keep statements, sale agreements for property or vehicles, and documents for gifts or inheritances. Having them ready avoids holds on your account.
Tip: Open your Canadian account first and ask your bank what documents it needs before you send a large transfer.
Home-country limits
- India: after becoming a non-resident, repatriation from NRO accounts is capped per financial year; NRE balances are freely repatriable
- China: individuals face an annual foreign-exchange purchase quota, commonly USD 50,000
- Nigeria: access to foreign currency can be limited, so plan conversions early
Rules change; ask your home bank before you move.
Taxes
Moving savings you already had isn’t income in Canada. Interest, dividends or rent your assets earn after you become a resident must be reported on your Canadian return. If you hold significant property abroad, you may need to file an extra form in later years.
General information, not financial or tax advice. Check with your banks and a qualified professional for large transfers.
