Bringing Money to Canada FAQ: 25 Newcomer Questions

Key takeaways

There is no limit on how much money you can bring to Canada
Carrying CAD 10,000 or more in cash or monetary instruments: declare it to CBSA. Money you wire is not declared at the border
Banks report international transfers and cash deposits of CAD 10,000 or more to FINTRAC; this is routine
Savings you bring are not taxed as income; what they earn after you become a resident is
Keep proof of where your money came from: banks, IRCC and lenders can all ask

Limits and the border

1. Is there a limit on how much money I can bring to Canada?

No. CBSA says "there are no restrictions on the amount of money you can bring into or take out of Canada." You must report large amounts you carry.

2. When do I have to declare money at the border?

When you carry currency or monetary instruments worth CAD 10,000 or more in total, entering or leaving Canada. Foreign cash counts at its Canadian-dollar value. Full rules: how to declare money at the border.

3. What counts toward the CAD 10,000?

Cash in any currency, plus monetary instruments such as bank drafts, cheques, travellers' cheques, money orders, stocks and bonds. See what counts as monetary instruments.

4. Do I declare money I send by wire?

No. Money in a bank account or sent by transfer is not carried across the border. Your bank reports large transfers instead (question 8).

5. What happens if I do not declare?

CBSA can seize the money. CBSA says penalties "range from 5% to 50%" of the seized funds. Money suspected to be from crime or for terrorist financing is not returned.

Moving the money

6. What are the main ways to move my savings?

The common options are a bank wire, a money transfer service, a bank draft, or carrying cash. Many newcomers send money to a Canadian bank account in their own name. Compare the exchange rate as well as the fee. See bank wire vs transfer service vs draft vs cash.

7. Can I send money before I arrive?

Yes, if you open a Canadian account before you arrive. Several banks offer this. See open an account before you arrive.

8. Will my transfer be reported to the government?

If it is CAD 10,000 or more, yes. Banks report international electronic funds transfers of CAD 10,000 or more to FINTRAC within 5 business days. Two or more transfers within 24 hours that add up to CAD 10,000 count too. Since January 2015, banks also report them to the CRA.

9. Does a report mean I did something wrong?

No. It is a routine record. It does not freeze your money, and you do not file anything. Do not split transfers to stay under CAD 10,000. The 24-hour rule covers it, and splitting can look suspicious.

10. My home country limits money leaving. What applies?

It depends on the country. For example, residents of India can send up to USD 250,000 per financial year under the Reserve Bank of India's Liberalised Remittance Scheme. Country guides: India, China, the Philippines.

Questions from your Canadian bank

11. Why is my bank asking where my money came from?

Anti-money laundering law requires banks to know their clients and monitor accounts. A question is not an accusation. Read why your bank asks where your money came from.

12. What documents do banks usually want?

Typically bank statements, pay slips, tax returns, sale deeds, gift letters or inheritance papers. The list is not set by law; each bank decides.

13. Is there a list of what triggers a review?

No full list is public. FINTRAC says a transaction "may not appear suspicious in and of itself." Banks look at all the facts.

14. Are cash deposits treated differently?

Yes. Banks report cash of CAD 10,000 or more received in one deposit, or in several deposits within 24 hours by or for the same person, to FINTRAC within 15 calendar days.

15. How long can a bank hold a foreign cheque?

FCAC says banks "often hold foreign cheques for 30 days." Canadian-dollar cheques from Canadian banks have shorter maximum holds.

Proof of funds for immigration

16. How much do I need for Express Entry?

CAD 15,263 for one person, from IRCC's table updated July 7, 2025 (still current on October 10, 2026). Some applicants are exempt. See Express Entry proof of funds.

17. How much do students need?

CAD 23,448 a year for one student outside Quebec, plus tuition and travel, for applications from September 1, 2026. See study permit proof of funds.

18. Can I borrow money for Express Entry proof of funds?

No. IRCC says you cannot borrow the money from another person. Equity in property does not count either.

19. Is proof of funds the same as source of funds?

No. Proof shows you have enough money. Source shows how you got it. See source of funds vs proof of funds.

Gifts, homes and tax

20. Is money I bring to Canada taxed?

Savings you already had are not income. Interest, dividends and other income they earn after you become a resident are taxable.

21. Is a gift from family abroad taxable?

Usually not. The CRA lists "most gifts and inheritances" as not reported or taxed. Income earned on them is taxable. See is gifted money taxable.

22. Can family abroad help with a down payment?

Lenders accept gifts with a letter. OSFI says the letter should confirm "no recourse," and CMHC accepts a "non-repayable financial gift from a relative." See gift letters and down payments.

23. What is Form T1135?

A CRA form for people whose specified foreign property, such as foreign bank accounts and shares, costs more than CAD 100,000 in total at any time in the year. You do not file it for the year you first become a resident. Try the T1135 checker.

Crypto and scams

24. Is crypto reported too?

Yes, by businesses. FINTRAC lists a large virtual currency transaction report for virtual currency worth CAD 10,000 or more, including amounts that add up within 24 hours.

25. How do I avoid scams when moving money?

Use only your bank's or provider's official app or website. Be wary of anyone who offers to "hold" or move your money for a fee, or asks you to pay to unlock funds. See banking scams to avoid.

Common questions

Is there a limit on bringing money to Canada?

No. CBSA says there are no restrictions on the amount. You must declare cash and monetary instruments of CAD 10,000 or more that you carry.

Do I declare a bank transfer at the border?

No. Only money you physically carry or ship is declared. Banks report international transfers of CAD 10,000 or more to FINTRAC instead.

Is a gift from my parents taxable in Canada?

Usually not. The CRA lists most gifts and inheritances as not taxed. Income the money earns after you receive it is taxable.

Why does my bank want to know where my money came from?

Anti-money laundering law requires banks to know their clients and monitor accounts. Showing statements, sale papers or gift letters usually answers the question.

How much money do I need for Express Entry?

As of October 10, 2026, IRCC’s table (updated July 7, 2025) shows CAD 15,263 for one person, with more for each family member. Some applicants are exempt.

Sources

Checked against these sources on October 10, 2026. Spotted something out of date? Tell us.

Bringing money to Canada FAQ: 25 questions newcomers ask