Fact Sheet

May 2012

Cross-border currency reporting

Organized crime, money laundering and terrorist financing are serious international problems. Canada has joined with other countries in committing to combat these problems. The Government of Canada introduced the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in 2001 to help detect and deter money laundering and terrorist financing activities as well as facilitate the investigation and prosecution of related offences. The Canada Border Services Agency (CBSA) is responsible for the administration and enforcement of Part 2 of the PCMLTFA which requires every person or entity to report to a CBSA officer the importation or exportation of currency or monetary instruments valued at CAN$10,000 or more.

CBSA officers have the responsibility to enforce the physical cross-border reporting obligation including the examination of baggage and conveyances, and to question and search individuals for unreported or falsely reported currency and monetary instruments. Officers can seize currency and monetary instruments if they are not reported and are greater than the reporting threshold. Seized non-reported currency and monetary instruments are forfeited with no terms of release when the officers suspect that the seized funds are proceeds of crime or funds for use in terrorist financing activities. In all other instances, the seized amount will be returned upon payment of a penalty ranging from $250 to $5,000.

Reporting requirements

There are no restrictions on the amount of currency or monetary instruments that may be imported to or exported from Canada, nor is it illegal to do so. However, persons and entities must report all imports and exports of currency and monetary instruments equal to or greater than CAN$10,000. These reports must be made in writing, signed, and submitted without delay at the CBSA office located at the place of importation or exportation or the nearest CBSA office that is open for business at that time.

The CBSA will send all completed reports to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for assessment and analysis. The use and disclosure of the information collected under this legislation are subject to the Privacy Act. All information collected on these reports will be safeguarded by FINTRAC.

Cross-border currency: How to report

In person at a CBSA office

If you are entering or leaving Canada and are carrying $10,000 or more including any combination of coins, domestic or foreign bank notes, and securities, such as travellers cheques, stocks and bonds, you have to complete Form E677 (PDF, 41 KB), Cross-Border Currency or Monetary Instruments Report – Individual. If the currency or monetary instruments that you are reporting are not your own, you will be required to complete Form E667 (PDF, 87 KB), Cross-Border Currency or Monetary Instruments Report – General.

By mail

If you send currency or monetary instruments to Canada through the mail, you must affix a Universal Postal Convention (UPC) declaration form to the outside of the mail item and include a completed Form E667 (PDF, 87 KB) currency report inside.

Additional postal requirements may exist when importing or exporting currency or monetary instruments by mail. Please contact Canada Post for further information.

By courier

If you are sending $10,000 or more to or from Canada by courier, the courier must have the person in charge of the conveyance complete Form E668 (PDF, 56 KB), Cross-Border Currency or Monetary Instruments Report – Made by Person in Charge of Conveyance and attach it to Form E667 (PDF, 87 KB), which you, the importer or exporter, will have completed. Both forms must be submitted to a CBSA customs office. If you need help completing the forms, see the instructions on the back of the forms, or contact the nearest CBSA customs office.

Failure to report

Currency and monetary instruments of a value equal to or greater than $10,000, which are not reported, may be subject to seizure and the assessment of penalties. Penalties range from $250 to $5,000 and may include forfeiture.

What happens with the information you give us?

The completed forms are sent to FINTRAC in Ottawa for assessment and analysis. The information provided on the currency reporting forms is subject to the general provisions of the Privacy Act and is collected under the authority of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Publications and Forms

Guides and brochures

• Crossing the border with $10,000 or more? BSF5052
• D Memoranda Cross-Border Currency And Monetary Instruments Reporting D19-14-1

Forms

• Cross-Border Currency or Monetary Instruments Report – General E667 (PDF, 87 KB)
• Cross-Border Currency or Monetary Instruments Report – Individual E677 (PDF, 41 KB)
• Cross-Border Currency or Monetary Instruments Report Made by Person in Charge of Conveyance E668 (PDF, 56 KB)