This last question just gave me an idea for a new question:
What if I bring say $15 000 US into Canada but I do it at several trips and
every time I carry less then $10 000 (3000-5000)? Any forms to fill or
report? Thanks.
PxXXXX
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david ingram replies:
Both countries make the transportation of more than $10,000 in pieces a crime as well.
However, if you were sending a $1,000 a month to a savings plan or something, that would not matter.
The crime would be trying to assemble the more than $10,000 in the other country when you had the ability to send it all at once.
I.E. You have $25,000 in a bank in Seattle and send $5,000 every couple of days until it is all in Canada.
In that case, if your banks spotted what was going on, "they" would report you.
The bank will also report when several cheques arrive from different sources and they add up to significant amounts whether the source is from the US or not. This is to stop people from keeping their money in other people's accounts and assembling it when they need it.
All part of anti money laundering legislation.
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the original question and answer follows
What forms do I have to fill out if I am transporting more than $10,000 across the Canadian Border
==============================
david ingram replies: The forms are E677 and E667 for Canada and as of September 1, 2004 )today) 104 and 105 for the US if you are bringing the money out of the US into Canada..
The US bank will report the deposit or withdrawal to the US FINCEN on form 4789 (which is still valid until August 31, 2004) or more likely the new form 104 which you can find at: http://www.irs.gov/pub/irs-pdf/ffc104.pdf
When you then move the money to Canada by money order or check, the bank or financial institution will report it again.
The US penalties for failure to fill in these simple forms is up to $500,000 PLUS 5 years in jail.
If you remove more than $10,000 at any one time, the bank will report those transactions as well.
If you decide to carry the cash or transport it out of the USA as a cashier's cheque, you have to file form 105 (old form 4790). You can find the form at: http://www.irs.gov/pub/irs-pdf/ffc105.pdf
Canada has moved its forms in the last few days and i had a devil of a time trying to find them. You can find both E677 and E667 below.
http://www.cbsa-asfc.gc.ca/E/pbg/cf/e677/e677-fill-02b.pdf
E667 is filled out by yourself and E677 is filled out by the financial institution.
http://www.cbsa-asfc.gc.ca/E/pbg/cf/e667/e667-fill-02b.pdf
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