Canadian Citizen w/ US green card cashing money order in US - US FINCEN forms 104 and 105 - Canada FINTRAC forms E667 and E677 -
On 11/05/2010 2:35 PM, XXXXX wrote:
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My_question_is: Both
question: I am a Canadian Citizen but I am currently working in the US (
I have my green card).
Canada relatives are going to lend me money for downpayment on a house that I want to buy in the US.
I will be getting $50,000 US probably via money order.
Do I have to report to Canada and/or US regarding this transfer of money from Canada to US? Is it easier if I tell my aunt to e-wire the money from her Canadian bank to my US one instead?
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david ingram replies
If the money is in cash and you are going to drive it across the border or FedEx it, you must file Canadian Form E677 and hand it in as you leave the country and you must hand in US form 105 as you enter the US to avoid the strong possibility of the seizure of the money and fines of up to $500,0000 plus incarceration of up to 5 years.
If your aunt transfers it electronically, you do not need to anything because the Canadian Bank will file form E667 and the US bank will file form 104 for you.
In general a Money order or other monetary instrument that needs to be endorsed does NOT need to be reported by you. The banks will look after the reporting.
see forms at:
Your US report
http://www.fincen.gov/forms/files/fin105_cmir.pdf
The bank's US report
http://www.fincen.gov/forms/files/fin104_ctr.pdf
Your Canadian report
http://cbsa-asfc.gc.ca/publications/forms-formulaires/e677.pdf
The Canadian bank's report
http://cbsa-asfc.gc.ca/publications/forms-formulaires/e667.pdf
The bank's Canadian Report
http://cbsa-asfc.gc.ca/publications/forms-formulaires/e667.pdf
Your Canadian report
http://cbsa-asfc.gc.ca/publications/forms-formulaires/e677.pdf
Please also note that we prepare Canadian, US, Australian, UK and New Zealand returns on a mail in, email, fax, snail mail or couriered basis. At any time, our clients are in 40 countries or more. They have every occupation from nuclear Submarine captains to FedEx pilots to Major Bank officers to Politicians, Diplomats and border patrol officers. My favourite, however, is a penguin catcher in Antarctica among others there..
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