The Canada Border Services Agency (CBSA) expects Canadians returning to Canada to report cash, travelers cheques, personal cheques, money orders, bank drafts, promissory notes, stocks, bonds, debentures, treasury bills, and other monetary instruments that combined exceed $10,000.
Example 1: If a lawyer receives payment from a client in the United States (the bill was over $10,000) and returns to Canada with a cheque, the lawyer should report the cheque to the CBSA and will be sent to the secondary inspection area. In the secondary inspection area, the traveler will be required to fill out a form.
Example 2: If Grandma gives you a personal cheque for $10,000, you should report the cheque to the CBSA and will be sent to the secondary inspection area. In the secondary inspection area, the traveler will be required to fill out a form.
Example #3: If you won at the poker table in Las Vegas and have over $10,000 in cash or a money order or draft, you should report the cheque to the CBSA and will be sent to the secondary inspection area. In the secondary inspection area, the traveler will be required to fill out a form.
If you do not report currency or monetary instruments that exceed $10,000, your cash or monetary instrument may be seized (any forfieted by you) and you may be fined $250 or more.
If you look closely at the E311 Form “Declaration Card” there is a box to check if you have currency or monetary instruments that exceed $10,000 (when all such items in your possession are added together). However, individuals who cross the border by car do not receive this form to complete. All Canadian residents should be aware of D-Memorandum D-19-19-1 “Cross-Border Currency and Monetary Instruments Reporting”. It is scarier than most horror movie scripts.
Similarly, if you have over $10,000 in currency or monetary instruments when leaving Canada, you should report it to the CBSA before leaving Canada.