Taking money out of Canada.
Apr 3rd 2014, 4:15 am
#1
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Taking money out of Canada.
My wife wants to take $10,000 in Canadian currency out of the country, do we have to declare this ?
Reading the CBSA website, it says you only have to declare $10,000 or more in foreign currency.
Just want to be sure.
Thanks, Neil
Reading the CBSA website, it says you only have to declare $10,000 or more in foreign currency.
Just want to be sure.
Thanks, Neil
Apr 3rd 2014, 4:38 am
#2
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Re: Taking money out of Canada.
http://www.cbsa-asfc.gc.ca/publicati...f5052-eng.html
The information is sent to FINTRAC, as it is if you send that same 'more than $10,000' from your bank account to a foreign account.
If you had less than $10,000 each....
The information is sent to FINTRAC, as it is if you send that same 'more than $10,000' from your bank account to a foreign account.
If you had less than $10,000 each....
Last edited by withabix; Apr 3rd 2014 at 4:41 am.
Apr 3rd 2014, 5:30 am
#3
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Re: Taking money out of Canada.
Thanks for reply, so if there's 2 of us it would only be counted as $5000 each ?
Apr 3rd 2014, 9:24 am
#5
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Re: Taking money out of Canada.
We will be ok doing that.
Thank you.
Thank you.
Apr 3rd 2014, 1:11 pm
#6
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Re: Taking money out of Canada.
That link only seems to talk about needing to report if it's a foreign currency, not if it's Canadian Dollars you're moving, is that right?
So, if you were to send the money in CAD, it wouldn't be an issue?
So, if you were to send the money in CAD, it wouldn't be an issue?
Apr 3rd 2014, 2:44 pm
#7
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Re: Taking money out of Canada.
Google 'taking money out of Canada' and this is what you get
http://www.cbsa-asfc.gc.ca/publicati...f5052-eng.html
The other issue is if you have to report money at the point of entry to another country.
Not sure why folks make such a big deal of this if the funds are from legitimate sources. There is not a limit to what you can take, it just has to be reported. If the funds are not proceeds of crime this is merely a formality. If one reports then finds they don't need to, the money won't be confiscated or you get arrested if you have done nothing wrong.
Banks etc. handling funds sent or incoming from overseas report the transaction on your behalf.
http://www.cbsa-asfc.gc.ca/publicati...f5052-eng.html
The other issue is if you have to report money at the point of entry to another country.
Not sure why folks make such a big deal of this if the funds are from legitimate sources. There is not a limit to what you can take, it just has to be reported. If the funds are not proceeds of crime this is merely a formality. If one reports then finds they don't need to, the money won't be confiscated or you get arrested if you have done nothing wrong.
Banks etc. handling funds sent or incoming from overseas report the transaction on your behalf.
Apr 3rd 2014, 2:59 pm
#8
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Re: Taking money out of Canada.
Not bothered about reporting, if you have nothing to hide why would it matter? Just trying to get it straight in my head 
Apr 3rd 2014, 4:23 pm
#9
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Re: Taking money out of Canada.
Google 'taking money out of Canada' and this is what you get
http://www.cbsa-asfc.gc.ca/publicati...f5052-eng.html
The other issue is if you have to report money at the point of entry to another country.
Not sure why folks make such a big deal of this if the funds are from legitimate sources. There is not a limit to what you can take, it just has to be reported. If the funds are not proceeds of crime this is merely a formality. If one reports then finds they don't need to, the money won't be confiscated or you get arrested if you have done nothing wrong.
Banks etc. handling funds sent or incoming from overseas report the transaction on your behalf.
http://www.cbsa-asfc.gc.ca/publicati...f5052-eng.html
The other issue is if you have to report money at the point of entry to another country.
Not sure why folks make such a big deal of this if the funds are from legitimate sources. There is not a limit to what you can take, it just has to be reported. If the funds are not proceeds of crime this is merely a formality. If one reports then finds they don't need to, the money won't be confiscated or you get arrested if you have done nothing wrong.
Banks etc. handling funds sent or incoming from overseas report the transaction on your behalf.
If taking it into the UK would it be subject to any kind of taxation or anything?
Apr 3rd 2014, 4:37 pm
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Apr 3rd 2014, 9:14 pm
#11
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Re: Taking money out of Canada.
I am not worried about it, everything's above board, it's just that we don't want to get the airport 2 hrs before flying, only to find out we have to fill out 1001 forms & answer 1001 questions while the plane takes off.
If I know beforehand then I can leave earlier.
If I know beforehand then I can leave earlier.
Apr 3rd 2014, 9:53 pm
#12
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Re: Taking money out of Canada.
Why are you taking so much in hard currency? Cant you transfer the funds?
Apr 4th 2014, 12:09 am
#14
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Re: Taking money out of Canada.
We wire smaller amounts every month but we get a crappy exchange rate & charges as well.
A bankers draft will take time to clear, we need access to the money on our first day there.
A bankers draft will take time to clear, we need access to the money on our first day there.
Apr 4th 2014, 1:02 am
#15
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Re: Taking money out of Canada.
It might be a good idea to find out the relative exchange rate, cash v cheque.
My bank told me that nowadays handling a lot of cash is a pain, not only to count, but they often have to return it to the country of issue.
So it can be a worse exchange rate for cash.
My bank told me that nowadays handling a lot of cash is a pain, not only to count, but they often have to return it to the country of issue.
So it can be a worse exchange rate for cash.