Are there any limits on the amount of money immigrants can transfer?

The issue of restrictions on the amount of money that immigrants can transfer to Calgary is complex and multifaceted, as it depends on the individual's status in Canada, the purpose of the transfer, and the applicable regulatory framework. Canada does not impose direct restrictions on the amounts of money that can be transferred internationally, but it does have a detailed reporting and monitoring system to prevent money laundering and terrorist financing. Understanding these rules is critical for newcomers, as non-compliance can lead to serious financial and legal consequences.

General principles of Canadian money transfer legislation

No formal limits on money transfers. Canada does not impose any legal limits on the maximum amounts of international money transfers. This distinguishes Canada from some other countries that have clear daily, monthly, or annual limits on sending money abroad. As the Royal Bank of Canada notes, “there is no upper limit on how much money you can bring into Canada.”

However, the absence of formal limits does not mean that there is no regulatory oversight. The FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) system requires reporting of all international electronic funds transfers of $10,000 CAD or more. This rule applies to both outgoing and incoming transfers, regardless of whether they are made in a single transaction or in multiple transactions within a 24-hour period.

The 24-hour aggregation rule is particularly important to understand. If multiple transfers totaling $10,000 CAD or more are made within 24 hours and the financial institution knows that they are being made by or on behalf of the same person, those transactions must also be reported to FINTRAC.

Special considerations for different categories of immigrants

Permanent residents

Permanent residents of Canada have the same rights to international money transfers as Canadian citizens. They are subject to FINTRAC's standard reporting requirements for amounts over $10,000 CAD, but there are no additional restrictions related to their immigration status.

The foreign property reporting threshold is of particular importance for permanent residents. If the total value of the specified foreign property exceeds $100,000 CAD at any time during the year, the resident must file Form T1135 with the Canada Revenue Agency. This includes foreign bank accounts, stocks, bonds, and other financial assets.

Temporary residents

  • Students with valid study permits have access to international transfers without specific restrictions but must comply with standard reporting requirements. To maintain their student status, they must demonstrate sufficient financial resources: $20,635 CAD per year to cover living expenses (excluding tuition) for all provinces except Quebec.
  • Temporary workers with valid work permits also have no additional restrictions on money transfers beyond standard FINTRAC requirements. However, they must maintain sufficient financial resources to support themselves and their families during their stay in Canada.
  • Visitors with temporary visas must demonstrate sufficient financial resources to support their stay and return home. Although specific amounts vary depending on the length of the visit and circumstances, the general recommendation is a minimum of $10,000 CAD per year plus transportation costs.

Proof of funds requirements for different immigration programs

Express Entry system

Applicants for the Federal Skilled Worker (FSWP) and Federal Skilled Trades (FSTP) programs must demonstrate minimum funds for settlement. As of July 2025, the requirements are as follows:

Family size Minimum amount (CAD)
1 person $15,263
2 persons $19,001
3 persons $23,360
4 persons $28,362
5 persons $32,168
6 persons $36,280
7 persons $40,392

It is important to note that Canadian Experience Class (CEC) candidates or those who have a valid job offer and work permit are exempt from the proof of funds requirement.

Provincial Nominee Programs (PNP)

Provincial nomination programs have their own proof of funds requirements. Manitoba Immigration requires a minimum of $10,000 CAD plus $2,000 CAD for each accompanying family member. However, Express Entry candidates must meet the federal requirements outlined above.

Rural and Francophone Pilot Programs

The Rural Community Immigration Pilot (RCIP) and Francophone Community Immigration Pilot (FCIP) have increased funding requirements, which have increased significantly in 2025. As of July 2025:

Family size Minimum amount (CAD)
1 person $10,507
2 persons $13,080
3 persons $16,080
4 persons $19,524
5 persons $22,143

Banking restrictions and practical considerations

Daily limits of financial institutions

Although Canada does not set legislative limits, individual banks and financial institutions have their own restrictions on online transfers:

  • TD Bank: $6,500 per day for international transfers
  • Scotiabank: up to $10,000 per day
  • RBC: up to $50,000 per day for personal customers

These limits can be increased by visiting a bank branch or by special arrangement for large transfers.

Digital platforms

Specialized money transfer providers often have higher limits or no limits at all:

  • Wise: no limits for CAD transfers to bank accounts via bank transfer, up to $1.5 million CAD via online bill payment
  • OFX: no set maximum limit
  • Remitly: up to $15,000 CAD for fully verified accounts

Declaration requirements upon entry and exit

Physical transportation of cash

Canada requires the declaration of cash or money instruments in amounts of $10,000 CAD or more when entering or leaving the country. This includes:

  • Cash (Canadian and foreign banknotes and coins)

  • Traveler's checks

  • Money orders

  • Bank checks

  • Bonds and stocks

Penalties for non-declaration can range from 5% to 50% of the amount confiscated. CBSA has the right to confiscate all funds if the full amount has not been declared and will not return the funds if it suspects that they are proceeds from criminal activity.

Mail or courier

Cash amounts of $10,000 CAD or more sent to or from Canada by mail or courier must also be declared. This requires completing special forms and submitting copies to the nearest CBSA office.

Tax obligations and reporting

Gifts and inheritance

Canada has no gift tax, which means there are no limits on the amounts that can be received or sent as gifts. However, recipients must be prepared to prove the legal origin of the funds upon request from the tax authorities.

Foreign income

Canadian residents must report all foreign income on their tax returns, regardless of the amount. This includes income from employment, rentals, investments, and business activities abroad.

Verification and compliance procedures

Documentation of sources of funds

For large transfers, banks may require additional documentation confirming the legal origin of the funds. This may include:

  • Pay stubs

  • Real estate sale documents

  • Bank statements for several months

  • Inheritance documents

  • Business sale contracts

Know Your Customer (KYC) procedures

Financial institutions are required to conduct customer verification procedures, especially for new immigrants. This may include:

  • Verification of identity documents
  • Confirmation of residential address
  • Verification of sources of income
  • Money laundering risk assessment

Recommendations for immigrants in Calgary

Planning large transfers

  • Inform your bank in advance of any plans to make a large transfer. This will allow the bank to prepare the necessary documentation and avoid delays.

  • Keep detailed records of all large financial transactions, including the source of funds, the purpose of the transfers, and receipts of payment.

  • Consider splitting large amounts into several smaller transfers over a longer period to avoid additional scrutiny from regulators, but be aware of the 24-hour aggregation rule.

Choosing a service provider

  • Compare options between traditional banks and specialized money transfer providers.
  • Verify the licensing of all providers through FINTRAC to ensure they meet Canadian regulatory requirements.

Maintain compliance

  • Keep detailed records of all international financial transactions for tax reporting and possible requests from regulatory authorities.

  • Consult with tax advisors regarding foreign asset and income reporting obligations.

  • Be transparent with financial institutions about the nature and purpose of your transfers to avoid suspicion of illegal activity.

Immigrants in Calgary have access to virtually unlimited international money transfer options, but must comply with detailed reporting and documentation requirements. Understanding these rules and planning ahead can ensure a smooth transfer process without legal or financial complications. The key is to strike a balance between taking advantage of Canada's financial opportunities and fully complying with regulatory requirements.