Money Transfer
 

I've searched for any previous posts on this topic but not found any - so here goes.

Is there any practical limit on routine money transfers (UK to Canada) that keeps it all "under the wire" so to speak. Using that term makes it all sound suspicious I know but it really is all "legit". Both of us are retired and both have pension and investment income in both UK and Canada. Up to now we've kept our UK income in the UK and used it on visits and for birthday presents etc. (And yes we do pay Canadian Income Tax on it and declare it on T1135.) Now as we get older travel is less frequent so we thought we'd start transferring regular amounts from UK to Canada particularly since the exchange rate is favourable and looks to remain that way.

If we transfer $100 a month probably no one would even notice. On the other hand if we transfer $100,000 a month (haha!) I'd expect someone to start asking questions. So is there a de facto limit to keep under to keep life simple? $2000/month? $5000/month?

I did query my bank manager (Regional Manager, branch manage was useless) but he was very vague - sort of "We are of course aware of any transfer you make." and "Large transfers are always investigated." What constitutes 'large' (my query) - "Well it varies". Is there anyone else I can ask? "No". etc etc

Thanks for any general information or practical advice.

Re: Money Transfer
 

Hi



Any transaction of $10K or more is reported to FINTRAC or any amount, if it appears to be proceeds of crime or for the support of terrorism. Report is done by Canadian institution receiving funds.