Regulations on Sending Money From Canada
There are no restrictions on how much money you can send from Canada to the United States, but amounts over ten thousand dollars are regulated, and must be documented and reported.
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Restrictions
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Canadian coin All amounts over ten thousand dollars either in currency or "monetary instruments" (securities, stocks and bonds) must be documented on an E667 form. Before or at the time you send the money, you must mail a copy of the E667 form to the nearest Canada Border Services Agency (CBSA) customs office.
Consequences
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Rubber banded wad of U.S. currency If you do not comply with the requirements, the CBSA reports that you could be subject to monetary penalties based on the type, frequency and severity of the infraction.
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Reasons
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Pile of Canadian bills The penalties are servere because the CSBA is trying to stop criminal activity like money laundering and terrorist financing. The CSBA estimates that billions of dollars have been laundered in Canada.
Penalty Free
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Canadian coin If you intend to send any amount under ten thousand dollars, you are not required to fill out any special forms and are not subject to any penalties.
Warning
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Do not send cash in the mail Canada Post does not recommend sending cash in the mail, and suggests using a money order. The Canada Post guarantees free replacement of lost or destroyed money orders.
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References
- Photo Credit Image by Flickr.com, courtesy of Andrew Magill Image by Flickr.com, courtesy of hobvias sudoneighm Image by Flickr.com, courtesy of デニス モジョ Image by Flickr.com, courtesy of Miss Izs Image by Flickr.com, courtesy of David Neubert
