Updated Checked by the Tax-Services.ca editorial team How we check
The reporting thresholds for large transactions in Canada mostly sit at $10,000. A bank, casino, money service business or other reporting entity must send FINTRAC a report when it receives $10,000 or more in cash in one transaction. You don’t file anything yourself, and a report doesn’t mean you did anything wrong.
Which transactions are reported at $10,000?
FINTRAC, Canada’s financial intelligence unit, gets several kinds of report. Four of them use a $10,000 line. The rules sit on the business that handles the money, not on the customer.
| Report | Trigger | Deadline |
|---|---|---|
| Large cash transaction | $10,000 or more in cash received | 15 calendar days |
| Large virtual currency transaction | $10,000 or more received | 5 working days |
| Electronic funds transfer | $10,000 CAD or more, international only | 5 business days |
| Casino disbursement | $10,000 or more paid out | Not confirmed here |
| Suspicious transaction | Reasonable grounds to suspect, not a set amount | Not covered here |
Cash means coins and banknotes. Cheques, money orders and virtual currency don’t count as cash for the cash report. Cash received from other financial entities or public bodies doesn’t need one either. For a sense of scale, $10,000 in toonies would be 5,000 coins, so in practice the cash that trips this line is mostly banknotes.
What is the 24-hour rule?
Splitting a payment doesn’t dodge the line. If a business receives two or more cash amounts that add up to $10,000 or more within a consecutive 24-hour window, and it knows they come from the same person or are for the same beneficiary, it must report them together.
The 24 hours that make up the period must be consecutive. The period cannot exceed 24 hours.
Reporting transactions to FINTRAC: The 24-hour rule, FINTRAC, fintrac-canafe.canada.ca
Here’s a plain example. You pay $9,000 in cash to a business in the morning and $2,000 in the afternoon. Each amount is under the line, but the total is $11,000, so the business reports it. The same rule works for international transfers and virtual currency, and FINTRAC’s guidance says amounts of any size count toward the total, whether they are at, below or above $10,000.
Foreign cash is converted to Canadian dollars at the Bank of Canada exchange rate at the time of the transaction. So a payment of US$8,000 could cross the line, depending on the rate that day.
Does a report mean you’re in trouble?
No. FINTRAC says the presence of a report doesn’t point to wrongdoing, and large cash transactions and transfers are reported routinely, whatever the reason behind them.
Suspicious transaction reports are different. They rest on a business’s reasonable grounds to suspect money laundering, terrorist financing or sanctions evasion, and there’s no dollar amount that triggers them. The amount alone isn’t the test.
What if the teller mentions it? Say you sell a used truck for $12,000 in cash and take the money to your bank. The bank reports the deposit, and you may be asked a few questions about where the cash came from. That’s routine, not an accusation. Answering plainly and keeping the bill of sale is all it takes.
When does this touch your own money?
Most often, when you buy or sell a home, because that’s when big sums move at once. Work out what you’ll need with the down payment calculator. For the rest of the cash on closing day, the closing costs calculator lists land transfer tax, legal fees and other costs.
On a $900,000 purchase in Ontario with a $90,000 down payment, that calculator shows $34,809 of closing costs, so $124,809 in total. If you’re selling, the home sale proceeds calculator shows what should arrive in your account.
How can you prepare for a large cash payment?
If you know a big cash payment is coming, a little planning makes the visit to the bank or business easier. Ask the business ahead of time what identification it will want, since reporting entities have to confirm who you are. Bring a document that explains the money, such as a bill of sale, a signed agreement or a withdrawal slip from your own account.
Add up all the cash you plan to hand over within one day. Say you pay $6,000 in the morning and $4,500 later on for the same purchase. The total is $10,500, so the business reports it under the 24-hour rule, and nothing about that is unusual. Where the payment can be made by cheque, bank draft or transfer instead, those methods leave a clear paper trail and do not count as cash for the cash report.
What records help if the bank asks about your cash?
A bank may ask where a large amount of cash came from. Having a short folder of paperwork lets you answer in a minute. Useful items are the bill of sale or invoice, a receipt that shows the payer and the date, and statements that show the money leaving another account of yours. For a gift or a loan from family, a short signed note with the amount and the date is sensible to keep.
Keep these records with your tax papers, since they can also support the figures on your return. If you run a business, the FINTRAC guidance linked above explains what your own records must contain, and it is the right place to check your obligations.
Is a ban on large cash payments coming?
Not yet, as far as we could confirm. Legal commentary describes a federal bill, Bill C-2, as proposing to stop businesses from accepting cash payments of $10,000 or more. When we opened the Parliament of Canada page for that bill in November 2026, it showed the bill at second reading in the House of Commons with no royal assent, so it was not law. We could not confirm the exact wording or exceptions, so check the bill page before you rely on any of this.
Nothing in that proposal changes what FINTRAC asks reporting entities to do today. The $10,000 large cash transaction report, the 24-hour rule and the 15 calendar day deadline still apply, and a business must keep a copy of the report for at least five years. Large virtual currency receipts of $10,000 or more are reported within 5 working days. If you plan a large purchase, paying by bank draft or transfer is simpler anyway. Our down payment calculator helps you plan the amounts.
What mistakes should you avoid?
Don’t split cash payments to stay under $10,000. The 24-hour rule is built for exactly that, and we couldn’t confirm how else the law treats the practice, so leave it alone.
Also, don’t assume $10,000 is the limit for what you can carry, deposit or spend. It’s the level where a business reports. Cross-border cash and goods have their own rules, and they aren’t covered here.
And if you run a business, this page is a summary, not your compliance program. FINTRAC’s guidance says what your report must contain and how to file it, and that’s where you should start.
Official page on this topic: FINTRAC: Reporting large cash transactions.
What this page is based on
Thresholds, deadlines and the five year record period come from FINTRAC’s pages on large cash transactions, the 24-hour rule and large virtual currency transactions. We read them in November 2026. The status of Bill C-2 comes from the Parliament of Canada bill page as we saw it in November 2026. Closing costs use the 2026 data behind our calculators. This site has no link with FINTRAC or any government body.
Frequently asked questions
What is the large cash transaction threshold in Canada?
The threshold is $10,000 or more in cash received in a single transaction. The business that received it, such as a bank, casino or money service business, reports it to FINTRAC within 15 calendar days. Foreign cash is converted at the Bank of Canada rate at the time, so US$8,000 can cross the line depending on the day.
What is the 24-hour rule?
If a business receives two or more cash amounts totalling $10,000 or more within a consecutive 24-hour window, and it knows they come from the same person or are for the same beneficiary, it reports them together. Paying $9,000 in the morning and $2,000 in the afternoon is $11,000, so it is reported.
Do I have to report a large cash deposit myself?
No. The reporting duty falls on the bank or business that receives the cash, not on you. You may be asked for identification and where the money came from, so keep a bill of sale or other record. That is routine and does not mean you are suspected of anything.
Does a report mean I did something wrong?
No. FINTRAC says a report does not indicate wrongdoing, and large cash transactions and transfers are reported routinely. Suspicious transaction reports are different, because they rest on reasonable grounds to suspect money laundering or terrorist financing and have no dollar trigger. The amount alone is not the test.
Do domestic transfers get reported at $10,000?
No. Electronic funds transfer reporting covers international transfers of $10,000 or more, with a 5 business day deadline. Domestic transfers are outside that report. Large virtual currency transactions of $10,000 or more are a separate report, due within 5 working days after the day the amount is received.
All family and benefits calculators
- How Canadian income tax works: brackets and credits
How federal and provincial Canadian income tax stack up, what marginal and average rates mean, and how credits and deductions change your bill