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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.
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.
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.
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.
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.
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 we haven’t covered them.
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.
Where the numbers come from
Thresholds, deadlines and the 24-hour rule come from FINTRAC’s own guidance pages on large cash, virtual currency and electronic funds transfer reporting, plus its page for individuals. Closing costs use the 2026 data behind our calculators. We have no link with FINTRAC or any government body.
Frequently asked questions
What is the large cash transaction threshold in Canada?
$10,000 or more in cash received in a single transaction, reported to FINTRAC by the business that received it.
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 knows they are linked, it reports them together.
Do I have to report a large cash deposit myself?
No. The reporting duty falls on the bank or business, not on you.
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.
Do domestic transfers get reported at $10,000?
Electronic funds transfer reporting covers international transfers only. Domestic transfers are outside that report.
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Information only. This page is general information, not tax, legal or accounting advice. Tax-Services.ca is an independent publisher: we don't prepare or file tax returns or offer tax services, and we have no connection with the CRA, Revenu Québec, any government or any company named on this page. Check the figures that matter with an official source or a qualified professional.