From the Canada Government site
http://settlement.org/ontario/immigration-citizenship/landing-and-leaving/landing-in-canada/how-do-i-bring-money-into-canada-proof-of-funds/
How do I bring money into Canada (proof of funds)?
You can bring money into Canada in different forms. When you arrive, you must tell a border official if you are carrying more than C$10,000.
If you bring more than C$10,000 (or the equivalent in another currency) into Canada, you must declare the amount when you arrive. You must fill out form Cross-Border Currency or Monetary Instruments Report - Individual (E677) [PDF].
If you do not declare it, you may need to pay a fine or face other penalties. You are not taxed on the money you bring with you when you land.
You can bring money into Canada in the form of:
Cash
Securities in bearer form (for example, stocks, bonds, debentures, treasury bills)
Negotiable instruments in bearer form (for example, bank drafts, cheques, travellers' cheques, money orders)
Transfer of funds between your bank and a Canadian bank
Speak with your financial institution before you come to Canada about currency laws and regulations in Canada and in the country you are leaving. There may be restrictions on the amount of money you can take out of the country.
If you are coming from a country that has currency restrictions, you may have up to 3 years to import goods purchased with this money in your former country. However, you must show CBSA proof that you faced restrictions.
For More Information
Canada Border Services (CBSA) - CBSA is responsible for border services (port-of-entry services), customs and enforcement of some immigration laws in Canada.
Settling in Canada - Information for newcomers about importing money and goods into Canada. From the Canada Border Services Agency (CBSA).
Banks Operating in Canada - Information about Canadian banks and foreign banks with offices in Canada. From the Canadian Bankers Association.
Citizenship and Immigration Canada (CIC) - CIC is responsible for Canadian immigration and citizenship. Get information on CIC policy, programs and services, application kits, and more.
