khattak007 said:
I am planning to land in July and have few queries regarding this
1. How can i take settlement funds to Canada? I mean we are two persons and i'll be carrying around 17, 000 CAD, the questions is "Can i carry this much of amount?" What are the rules and regulation at Islamabad airport and in Canada upon landing??
2. And what if i take this amount in form of banker's draft?? Will that create any issue or limit is only on cash?
Any experienced brother, please guide!
Hi Khattak007,
You can. You can even bring greater amount if you want in cash. you just need to declare them at the borders when landing and to have the proof from the bank you cashed the money from. Something like an official receipt that you cashed this amount from your account for example with your name and date on it.
For reference type the following line in google search. I cant post links.
bsf5052: Crossing the border with $10,000 or more?
I quoted the following from the website.
Crossing the border with $10,000 or more?
Money laundering and terrorist financing are international problems. Money laundering in Canada alone is estimated to be in the billions of dollars. To help fight these criminal activities, the Government of Canada has introduced the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Under the legislation, there are no restrictions on the amount of money that you can bring into or take out of Canada, nor is it illegal to do so. However, you now have to report to a border services officer amounts equal to or greater than CAN$10,000, or its equivalent in a foreign currency that you are bringing into or taking out of Canada.
This reporting requirement will assist the government in its efforts to:
investigate and prosecute offences related to money laundering and terrorist financing;
respond to the threat posed by organized crime; and
fulfill international commitments to fight transnational crime.
Reporting requirements
How to report
In person at a Canada Border Services Agency (CBSA) office
If you are entering or leaving Canada and are carrying $10,000 or more, or its equivalent in a foreign currency including any combination of coins, domestic or foreign bank notes, and securities, such as travellers cheques, stocks and bonds, you have to complete Form E677, Cross-Border Currency or Monetary Instruments Report – Individual. If the currency or monetary instruments that you are reporting are not your own, you will be required to complete Form E667, Cross-Border Currency or Monetary Instruments Report – General. You must complete the reporting form, sign it, and hand it to a border services officer at the nearest CBSA office that is open at the time you are travelling.
Regards,
