Frequently Asked Questions

• General
• Forms
• Monetary instruments

General

1. Why do I have to report cross-border movements of money?
2. Do I need to report Canadian money only?
3. How and where do I file a report?
4. How can a NEXUS member report currency and monetary instruments?
5. How do I report if I'm crossing the border in a remote location?
6. Is there a limit on the amount of money I can bring in or take out of Canada?
7. Must I report money that I mail and how do I do so?
8. Are there situations where I need not report?
9. What happens if I fail to report?
10. How do I report exports of cash or monetary instruments?
11. What information do I need to provide?
12. Do I need to report electronic transactions (e.g. wire transfers) to the CBSA?
13. If I need to report the importation of currency or monetary instruments to a foreign Customs service, do I still need to report their export to the CBSA's Customs officials?
14. Who is considered the person in charge of a conveyance? How does that person report the currency or monetary instruments being transported?

Forms

1. There are three forms to report importation or exportation of currency and monetary instruments. What are they?
2. I am shipping or transporting currency or monetary instruments on behalf of my client. How do I complete Form E667?
3. I am physically transporting currency or monetary instruments that belong to me. Do I have to complete a form?
4. I am shipping or transporting currency or monetary instruments on behalf of an entity. Do I have to complete a form?
5. I am shipping or transporting currency or monetary instruments on behalf of another person. Do I have to complete a form?
6. I am a courier that imports currency and monetary instruments regularly. Do I have to complete a form?

Monetary instruments

1. What are monetary instruments?
2. When are monetary instruments in bearer form?
3. Do I have to report cheques?
4. Do I have to report incomplete cheques and money orders?
5. Do I have to report shares?
6. I am shipping monetary instruments that are not endorsed but have a power of attorney enclosed. Do I have to report them?

General

1. Why do I have to report cross-border movements of money?

This is part of an overall government initiative to fight crime by taking away the profits of criminals and the funds of terrorists. The proceeds of criminal activities, in the form of cash, are often moved from the country where they were generated to another country to be laundered. Similarly, funds for use by terrorists are often collected in one country and then channelled to another. The reporting requirements are put in place to counter the cross-border flow of crime-related money.

2. Do I need to report Canadian money only?

All currency and monetary instruments must be reported if they total $10,000 or greater in Canadian dollars or its equivalent.

3. How and where do I file a report?

Reporting generally occurs at the place of importation/ exportation or at a Customs office that is open for business.

4. How can a NEXUS member report currency and monetary instruments?

NEXUS members must report in person to a Canada Border Services Agency (CBSA) Customs officer when importing or exporting currency and monetary instruments of a value equal to or greater than CAN$10,000.

5. How do I report if I'm crossing the border in a remote location?

Limited provisions exist to allow for reporting from remote locations. Where permitted, reporting may be done by radio or telephone. The Customs officer could then request that the importer or exporter present themselves at a specified place for examination of the currency or monetary instruments.

6. Is there a limit on the amount of money I can bring in or take out of Canada?

No. The requirements simply state that you must file a report if the amount meets or exceeds the value of CAN$10,000.

7. Must I report money that I mail and how do I do so?

Money that is mailed and that exceeds the threshold must be reported to the CBSA. For imports into Canada, a Customs Declaration Form (CN23) must be completed and a cross-border currency report must be placed inside the mailed item. For exports, a report must be placed inside the envelope or package and a second report must be sent to the CBSA. Additional postal requirements may exist when importing or exporting currency or monetary instruments by mail. Please contact Canada Post for further information.

8. Are there situations where I need not report?

Persons transiting Canada by commercial passenger conveyance need not report provided they remain in the conveyance or remain under CBSA control while transferring to another conveyance.

9. What happens if I fail to report?

The CBSA has the authority to seize unreported amounts that exceed the reporting threshold. The currency and monetary instruments may be returned upon payment of a penalty. The CBSA need not return the currency and monetary instruments where it is suspected to be proceeds of crime or funds for the use of financing terrorist activities. Penalties range from $250 to $5000 depending on the circumstances and may include forfeiture.

10. How do I report exports of cash or monetary instruments?

At airports, reports can be made at any Customs office. At land border locations, you must stop at the nearest Customs office that is open to complete a report, subject to exception for remote locations and certain private aircraft and vessels.

11. What information do I need to provide?

Generally the information needed relates to the name and address of persons involved as well as information related to the currency or monetary instruments being reported and details on the location of import or export.

12. Do I need to report electronic transactions (e.g. wire transfers) to the CBSA?

Only physical movements of currency and monetary instruments need to be reported to Customs.

13. If I need to report the importation of currency or monetary instruments to a foreign Customs service, do I still need to report their export to the CBSA's Customs officials?

Yes, even though other countries, such as the United States have put in place similar reporting requirements, Canada does not have any information sharing arrangements in place with other countries with respect to currency movements.

14.Who is considered the person in charge of a conveyance? How does that person report the currency or monetary instruments being transported?

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the person in charge of a conveyance is responsible to report currency and monetary instruments when transporting them.

Forms

1. There are three forms to report importation or exportation of currency and monetary instruments. What are they?

• Form E677, Cross-Border Currency or Money Instruments Report - Individual, reports situations where the importer or exporter physically carries the currency or monetary instruments across the border.
• Form E667, Cross-Border Currency or Money Instruments Report - General, reports all other situations such as when mailing, shipping by courier, or transporting on someone else's behalf.
• Form E668, Cross-Border Currency or Money Instruments Report Made by Person in Charge of Conveyance, consolidates all currency and monetary instruments transported by the person in charge of a conveyance. The importer or exporter also has to complete Form E667.

2. I am shipping or transporting currency or monetary instruments on behalf of my client. How do I complete Form E667?

Your client is the importer or exporter. Enter your client's information in part A or part B, as applicable. Enter the information about the person who will ship or transport the currency or monetary instruments in part D.

3. I am physically transporting currency or monetary instruments that belong to me. Do I have to complete a form?

Yes. You have to complete Form E677 as follows:

• Part A - Enter your name, date of birth, permanent address, phone number, and citizenship as well as the type of identification you will use, its number, and where it was issued.
• Part B - Enter the names of the city and country the currency or monetary instruments depart from as well as the city and country where they are going (destination).
• Part C - Enter the information about the currency or monetary instruments you are importing or exporting. For currency and coins, indicate the type of currency (e.g., U.S. dollars or coins, euro banknotes or coins), the amount in that currency, the conversion rate, and the amount in Canadian dollars. For other monetary instruments, in the "Country and name of currency" box, indicate the type (e.g., traveller's cheques, bonds), the issuer (name of financial institution), and the serial or identifying number. Enter the amount in that currency, the exchange rate, and the amount in Canadian dollars.

4. I am shipping or transporting currency or monetary instruments on behalf of an entity. Do I have to complete a form?

Yes. You have to complete Form E667 as follows:

• Part B - Enter the information about the entity on whose behalf you are shipping or transporting the currency or monetary instruments.
• Part C - Enter the information about the importation or exportation.
• Part D - Enter the information about the person who will ship or transport the currency or monetary instruments.
• Part E - Enter the information about the currency or monetary instruments being imported or exported.

5. I am shipping or transporting currency or monetary instruments on behalf of another person. Do I have to complete a form?

Yes. You have to complete Form E667 as follows:

• Part A - Enter the information about the person on whose behalf you are transporting or shipping the currency or monetary instruments.
• Part C - Enter the information about the importation or exportation.
• Part D - Enter the information about the person who will ship or transport the currency or monetary instruments.
• Part E - Enter the information about the currency or monetary instruments being imported or exported.

6. I am a courier that imports currency and monetary instruments regularly. Do I have to complete a form?

Yes. You have to complete Form E668 as follows:

• Part A - Enter the information about the person in charge of the conveyance.
• Part B - Enter the name of the importer or exporter and total value for each shipment of currency or monetary instruments. Form E668 consolidates all the currency and monetary instruments that are transported.

Monetary instruments

1. What are monetary instruments?

Monetary instruments are stocks, bonds, treasury bills, bank drafts, promissory notes, and money orders, in bearer form or in such other form that title passes on delivery. They also include unsigned traveller's cheques and endorsed cheques.

2. When are monetary instruments in bearer form?

Monetary instruments are in bearer form when they are blank (when the owner's name does not appear on the instruments) or when they are "payable to the bearer." This means that anybody can bring the monetary instruments to a financial institution to cash them.

3. Do I have to report cheques?

You have to report endorsed cheques. You do not have to report cheques with a restrictive endorsement (e.g., "to be deposited in account no. 123").

4. Do I have to report incomplete cheques and money orders?

Report cheques and money orders if they bear an amount and are signed but have no payee. In all other cases, you do not have to report them.

5. Do I have to report shares?

You have to report shares that are endorsed without restriction.

6. I am shipping monetary instruments that are not endorsed but have a power of attorney enclosed. Do I have to report them?

No. A power of attorney does not make the monetary instruments negotiable.