How Much Money Can You Bring When Immigrating to Canada?

How much money can you bring when immigrating to Canada?” is a common question among those preparing for a new life in the land of maple leaves. Understanding this regulation helps you plan your living expenses while staying compliant with Canadian law. In this article, Phan Immigration will walk you through the specific amount of money you are allowed to bring upon entry to Canada, along with the required declaration rules you need to know.

How Much Money Can You Bring When Immigrating to Canada?

According to Canadian government regulations, you are allowed to bring up to CAD 10,000 (approximately VND 177,340,000) into the country without having to declare it. This amount may include:

• Cash (in Canadian dollars or foreign currency)
• Stocks
• Bonds
• Traveler’s cheques
• Cheques, money orders, and bank drafts (payable to individuals or organizations, without certification)

Note: The CAD 10,000 limit applies only to cash and cash-equivalent instruments that you carry in your hand luggage or checked baggage. On the other hand, Canada places no specific limit on the amount of money you hold in bank accounts or in other asset forms.

The Canada Border Services Agency (CBSA) requires declaration above this amount in order to:

• Prevent international money laundering and block illegal funds from entering Canada
• Combat terrorist financing by restricting the flow of untracked money within the country
• Maintain national financial stability by regulating large cash movements that could disrupt the economy
• Comply with standards set by the Financial Action Task Force (FATF) for anti-money laundering (AML) and counter-terrorist financing (CTF)

How to Bring More Than the Allowed Amount When Immigrating to Canada

According to Section 12(1) of the Cross-Border Currency and Monetary Instruments Reporting Regulations issued by the Canadian government, immigrants carrying CAD 10,000 or more must declare the funds to customs before entering Canada.

This includes cash and non-cash monetary instruments. Cash is calculated in Canadian dollars or the equivalent in foreign currency, based on the Bank of Canada’s exchange rate at the time of entry.

Non-cash monetary instruments include:

• Cheques
• Bank drafts
• Traveler’s cheques
• Money orders
• Securities (stocks, mortgage bonds, credit bonds, treasury bills)

Important: The Canada Border Services Agency (CBSA) has the authority to seize funds if there is any suspicion that the money comes from unclear sources or is related to criminal activity. Additionally, any funds sent to Canada through delivery or transfer services must also be declared if they amount to CAD 10,000 or more.

How to Report Your Funds

Under subsections 4(3), 3.1, and 8 of the regulation, declarations involving cross-border currency and monetary instruments must be submitted in writing and include accurate information such as the amount, asset type, ownership details, and the declarant’s confirmation.

To declare, you must complete and submit Form E677 – Cross-Border Currency or Monetary Instruments Report – Individual. This form must be filled out accurately and presented to customs upon arrival.

If you are carrying money on behalf of someone else, use Form E667 – Cross-Border Currency or Monetary Instruments Report – General instead.

Currency Declaration Options at Canadian International Airports

Option 1: Upon arrival at Canadian airports, you can declare your information at self-service kiosks or eGates (for travelers aged 16 and older).
Note: Kiosks and eGates are not available for travelers who do not hold Canadian permanent resident cards.

If your destination airport does not have a kiosk or eGate, you will be provided with a declaration card either on the flight or at the airport. Fill out the card and submit it to a customs officer.

Steps for using a kiosk:

1. Select your preferred language.
2. Scan your permanent resident card.
3. Take a photo.
4. Scan your fingerprints.
5. Answer the declaration questions and confirm your responses.
6. Bring the printed receipt to a border services officer.

Airports with kiosks include:

• Vancouver International Airport (YVR)
• Calgary International Airport (YYC)
• Edmonton International Airport (YEG)
• Winnipeg Richardson International Airport (YWG)
• Toronto Pearson International Airport (YYZ) – Terminals 1 and 3
• Billy Bishop Toronto City Airport (YTZ)
• Ottawa International Airport (YOW)
• Montréal-Trudeau International Airport (YUL)
• Québec City Jean Lesage International Airport (YQB)
• Halifax Stanfield International Airport (YHZ)

Airport with eGates:

• Toronto Pearson International Airport – Terminal 1

Option 2: Declare the Amount of Money on the E311 Declaration Card

When completing the E311 Declaration Card, you must carefully review all information to ensure its accuracy.

If the Canada Border Services Agency (CBSA) detects any omissions or irregularities, they have the authority to seize your assets, impose fines, or even pursue criminal charges against you.

Option 3: Submit an Early Declaration via the Advance Declaration Form on the ArriveCAN App

To give travelers more time to complete and review their declaration before departure, the Canada Border Services Agency (CBSA) provides the ArriveCAN app, which allows you to submit information easily through electronic devices.

Steps to declare using the ArriveCAN app:

1. Download the ArriveCAN app (requires iOS 13 or later, or Android OS 6 or later), or visit the ArriveCAN website and create an account.
2. Log in and fill in the required information.
3. Verify your Canadian Permanent Resident card.
4. Declare your immigration and customs information.
5. Confirm your declaration within 72 hours before your flight.
6. Check your confirmation email after submitting.
7. Upon arrival, scan your documents at a kiosk or eGate
8. Review and edit your declaration if needed.
9. Present the final declaration to a customs officer.

Airports that support this method include:

• Vancouver International Airport (YVR)
• Toronto Pearson International Airport (YYZ – Terminals 1 and 3)
• Montréal-Trudeau International Airport (YUL)
• Winnipeg James Armstrong Richardson International Airport (YWG)
• Halifax Stanfield International Airport (YHZ)
• Québec City Jean Lesage International Airport (YQB)
• Calgary International Airport (YYC)
• Ottawa International Airport (YOW)
• Edmonton International Airport (YEG)
• Billy Bishop Toronto City Airport (YTZ)

Note: Declarations submitted via the app or website are valid for 72 hours from the time of submission. If your flight is delayed or rescheduled, you will need to submit a new declaration. Using ArriveCAN allows for faster edits and better protection of your personal information.

Option 4: Declare in person with a customs officer at the port of entry, bringing all required documents including your passport, permanent resident card, and Form E677.

Consequences of Carrying or Declaring the Wrong Amount of Money in Canada

Under Canadian law, declaring currency before entering the country is a required measure to detect and prevent money laundering and terrorist financing. Therefore, if you bring CAD 10,000 or more without declaring it, you may face the following penalties:

• Fines: Your funds may be temporarily seized, and you could be fined between 5% and 50% of the total amount you are carrying.
• Asset seizure: The Canada Border Services Agency (CBSA) has full authority to permanently confiscate your funds. In such cases, you will need to file an appeal, which involves a complex administrative process.
• Imprisonment: In serious cases, failure to truthfully and fully declare your assets may result in up to 5 years of imprisonment.
• Negative impact on your immigration record: A declaration violation may be recorded in your passport and lead to additional investigations, affecting your credibility.

In short, currency declaration is a mandatory requirement under Canadian law. As a permanent resident or prospective immigrant, you must strictly comply with this regulation to ensure a smooth and lawful entry into Canada. Violations can create a criminal record, delay immigration processes, and seriously affect your future residency status.

FAQ: Common Questions About the Amount of Money You Can Bring When Immigrating to Canada

What are the available methods for transferring money internationally when immigrating to Canada?

If you prefer not to carry cash on your flight to Canada, here are four safe ways to transfer money:

Bank Transfers via Vietnamese Banks:
You can choose a bank that offers SWIFT GO services and visit a branch to complete the required transfer forms. The main advantages of this method are security, speed, and no transfer limits. However, you must have bank accounts in both Vietnam and Canada to use this service.

• Money Transfer via Intermediaries: Western Union, MoneyGram

Through reputable intermediaries like Western Union or MoneyGram, you can transfer money quickly with transparent and clearly stated fees. This method also allows you to send cash directly to the recipient, to their bank account, or to an e-wallet within just 2–4 business days.

How to proceed:

1. Visit the nearest Western Union or MoneyGram branch.
2. Fill out the required information and pay the transfer fee.
3. Keep the receipt, save the reference number, and send it to the recipient so they can track the transfer.

• Money Transfer via VISA / Mastercard / JCB

To use this method, your bank must support international money transfers and be linked with a bank in Canada. Additionally, both the sender and recipient must use the same card type (e.g., VISA, Mastercard, or JCB).

Steps to transfer money:

1. Register for a VISA, Mastercard, or JCB card if you don’t already have one.
2. Sign up for international money transfer services.
3. Log in to your bank’s Internet Banking platform, go to the international transfer section, and enter the recipient’s information, transfer purpose, etc.
4. Review the details and confirm the transaction.
5. Save the electronic receipt.

Note: Regardless of the method you choose, make sure to:

• Understand the fees and transfer limits of each option.
• Follow your bank or intermediary’s regulations.
• Provide complete and accurate recipient details.
• Keep all receipts for verification and reference.

• Money Transfer via Remittance Service Companies

In Vietnam, international service providers such as OFX, Remitly, WorldRemit, or Xoom (a PayPal service) can help you transfer money to Canada.

These companies offer the advantage of automatically calculating the amount the recipient will receive based on the exchange rate at the time of transfer, along with the applicable sender fees.

Additionally, they allow you to send large sums through various methods, such as Interac e-Transfer, direct bank deposits, or unlimited cash pickups, often at discounted rates.
Note: You must convert Vietnamese Dong (VND) to foreign currency before sending.

Steps to send money via service companies:

1. Register and verify your account.
2. Select the currency to be received.
3. Fill in the sender and recipient information.
4. Follow the instructions to complete the transfer order.

How to Exchange Vietnamese Dong to Canadian Dollars When Immigrating

You can choose to exchange money either in Vietnam or in Canada, depending on your needs. In Vietnam, legal currency exchange locations include:

• Banks, non-bank credit institutions, and foreign bank branches operating legally in Vietnam
• Authorized exchange agents designated and published by Vietnamese banks
• Tourist accommodations rated 3 stars or higher by competent government authorities
• International border gates (land, air, and sea)
• Licensed casinos for foreigners
• Airline and travel agency offices, both international and domestic, approved for foreign exchange transactions

If you choose to exchange money in Canada, here are your main options:

1. Canadian Banks

Major banks such as TD Bank, Scotiabank Canada, and RBC Royal Bank offer foreign exchange services.
Steps typically include:

• Registering for an online account
• Selecting the amount to exchange
• Providing debit card information
• Choosing a pickup location
• Receiving the exchanged funds

Advantages: Safe, transparent transactions and reasonable fees.

2. Canada Post

Canada Post (Canapost) allows you to exchange money online in six steps:

• Register an account
• Verify your identity
• Choose the amount, currency, and denomination
• Choose delivery or in-bank pickup
• Make payment
• Provide your permanent resident card to receive funds

3. Currency Exchange Counters at Airports or Hotels

All international airports and most major hotels have exchange counters. However, this option should only be used in urgent situations due to significantly higher exchange rates and service fees.

To convert Vietnamese Dong into Canadian Dollars effectively, check the current exchange rate to understand the conversion margin and choose the right time for your transaction. This helps maximize value and avoid unnecessary losses.

You should prioritize exchanging money at reputable banks or licensed financial institutions to avoid counterfeit currency or hidden fees.

Required documents include:

• Valid Citizen ID card (CCCD) or passport
• Canadian residence permit
• Proof of immigration status issued by the Canadian government
• Proof of financial ownership

Important: Avoid black market currency exchange—even if the rates seem better—because it is illegal and may result in imprisonment or deportation.

Additionally, some currencies may be restricted or banned in Canada for political, economic, or social reasons. Keep up to date with the list of prohibited currencies to ensure you are not left without usable funds.

Can You Bring Gold, Silver, and Precious Stones When Immigrating to Canada?

According to the Canadian Government’s regulations, you are allowed to bring jewelry made of gold, silver, gemstones, pearls, or mixed materials in varying proportions.
However, you must declare these items on your goods checklist before arriving at the airport, including the following details:

• Insurance certificate
• Purchase receipt
• Photos of the jewelry

Depending on the type, characteristics, and metal content, gold, silver, and gemstone items may be duty-free or subject to taxation under Chapter 71 of the 2024 Canadian Customs Tariff. Applicable duties range from 5% to 8.5%.

Additionally, inherited gemstone jewelry is exempt from taxation.

How Much Money Should You Prepare for the First 6 Months After Immigrating to Canada?

The amount of money required to settle in Canada for the first 6 months depends on several factors, including the number of family members, the city you choose to live in, and your family’s standard of living. These funds are intended to cover essential living expenses such as housing, heating, food, clothing, health insurance, and transportation.

In addition to these estimated expenses, you will also be subject to:

• Deductions such as income tax, pension contributions, employment insurance, and any other government-authorized withholdings.
• Sales taxes, which vary by province: GST, PST, or HST depending on where you reside.
• Health care costs in the first 3 months, as new residents are typically not eligible for public health insurance immediately. This means you may need to cover medical treatment and prescriptions out-of-pocket.

Are There Any Restrictions When Sending Money Abroad After Immigrating to Canada?

Once you become a permanent resident or Canadian citizen, you have the right to send money overseas, including to Vietnam. These transactions must be carried out through a licensed financial institution or money transfer business that is authorized by the Canadian government and connected to a registered institution in the recipient’s country.

You may send:

• Cash
• Bank transfers
• Credit card, debit card, or prepaid card payments

If the total amount to be sent is CAD 10,000 or more, you are required to report the transaction to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

Keep in mind that fees may vary depending on the money transfer provider and the province. Also, the recipient’s local fees may not be included in the sender’s charges, so it’s important to research and choose the most cost-effective option.

Phan Immigration has just walked you through everything you need to know about how much money you can bring when immigrating to Canada. We hope this guide has helped you clearly understand Canada’s customs regulations and prepare thoroughly for your family’s upcoming journey. If you have any questions about the immigration process, feel free to contact Phan Immigration for expert advice from our experienced team.