Chapter 09 · Currency & payments
FINTRAC – cross-border reporting thresholds
FINTRAC reporting mandatory for transfers ≥ $10,000 CAD. Who reports, when, penalties.
Direct answer · 60-second summary
The 60-second version
FINTRAC – $10,000 CAD/USD reporting threshold: Any international electronic transfer ≥ $10,000 CAD must be reported to FINTRAC within 5 days. No tax, just AML/CTF report. Non-compliance = $500–$2,000 CAD fines.
Acronyms used in this guide
- CAD — Canadian Dollar
- USD — United States Dollar
- FINTRAC — Financial Transactions and Reports Analysis Centre of Canada
What is FINTRAC?
FINTRAC = Financial Transactions and Reports Analysis Centre of Canada. Federal agency responsible for combating money laundering and terrorist financing. EFT (Electronic Funds Transfer) reports are mandatory for cross-border transfers ≥ $10,000 CAD.
$10,000 CAD threshold – who reports?
- Your Canadian bank reports automatically any outbound wire ≥ $10,000 CAD
- You do nothing (bank handles it in background)
- Report includes: amount, currencies, purpose, date, your ID info
- FINTRAC receives report within 5 days of initiation or receipt
Example: $500,000 CAD real estate purchase
You wire $500,000 CAD via RBC to Florida Escrow account.
- RBC generates EFT report to FINTRAC
- Includes: $500,000 CAD, USD, "real estate purchase", dates, buyer address
- You receive RBC wire receipt (for your records)
- FINTRAC archives; no direct communication to you
Fiat currency vs physical cash
Electronic transfers (EFT): $10,000 CAD threshold (what you're likely doing)
Physical cash: $10,000 CAD threshold reported to Canada Border Services Agency (CBSA) when entering/leaving Canada. This is separate from FINTRAC.
For real estate purchase, you use EFT wires, so FINTRAC applies.
Non-compliance penalties
If bank fails to report (rare), or if you arrange third-party wire without reporting:
- Compliance notice: typically first warning
- Civil administrative penalty: $500–$2,000 CAD per violation
- Temporary account freeze under money-laundering inquiry (rare, only if founded suspicion)
For ordinary Canadians, this is a non-issue — your banks are compliant.
Every figure, rate, threshold, and deadline in this guide is drawn from a verifiable primary source listed at the bottom of the page. The article is updated whenever the underlying rules change, with a fresh review date stamped at the top.
Sources and references
Public sources verified as of the last review date (Bank of Canada, FINTRAC, IRS, Wise, Knightsbridge FX, Canadian banks).
Disclaimer
This guide is for educational purpose only. Figures, rates, thresholds, timelines and rules are drawn from public sources at the date shown and may change.
For any concrete decision on currency exchange or cross-border payments, consult a cross-border tax advisor, a tax attorney, or a licensed FX broker.