A Professional Corporation

Legal Updates and Commentary

Legal Rantings and Musings





Sending Money Cross Border

When you wish to send money from Canada to the United States either by wire transfer or mail, and the amount exceeds $10,000.00 you must report that exchange, or else face the consequence of the Customs and Border officials in the United States seizing the funds and potentially never releasing the money. 

I recently read an article on CBC's website that illustrated the plight of a Canadian who was trustee to a will and was trying to disburse inheritance funds from a will from Ontario to the United States.   TD Bank had informed him that he could obtain several money orders totaling several hundred thousand dollars and mail them via registered mail across the border to an ailing relative who required the funds for lifesaving cancer therapy.  Customs officials seized the funds and have held it hostage, refusing to release it for the past year citing that it is against the rules, and the transfer should have been reported to authorities because it exceeds the $10,000 cap. 

TD Bank on their end refuse to cancel the instruments, leaving this family waiting for answers that may never come, with a large sum of money up in the air. 

If you need to transfer large sums of money, do it the right away.  Inform the authorities, i.e. the IRS of the incoming funds (this happens automatically as it is reported by the banks directly, when a wire transfer is done at a teller), or risk losing the money to Uncle Ben.