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Tax guidelines and regulations for large money transfers into Canada

Find out if you and your recipient are required to file taxes.

While our friendly neighbor to the north won’t require any forms from your recipient, you may have to file with the IRS if you send more than $10,000 out of the US.

How Canada regulates large remittances

Canada does not regulate or tax most gifts of cash sent into the country. In short, citizens can receive as much cash as they’d like without triggering a gift or capital gains tax. Because of this, your recipient shouldn’t have to deal with cumbersome legal documents after they’ve accepted your remittance.

Exceptions come into play when that cash is in the form of property, company shares, designated stock or other securities. In that case, your gift may be subject to 50% capital gains tax, depending on the circumstances of your transfer.

What are the penalties in Canada if my recipient fails to file?

If your recipient doesn’t list the transfer on their income taxes, they could be charged with tax evasion in Canada. If they can prove that the failure to list the transfer was accidental, they’ll have to pay any taxes due, along with a penalty. If the failure to file was intentional, they can be criminally charged.

Do I have to report large transfers out of Singapore?

You personally won’t have to report any amount of money you transfer out of Singapore. The bank or money transfer company you use will do this for you. They are required to report any suspicious transfers or transfers over S$2,000 to MAS (Monetary Authority of Singapore).

How much money can I send to Canada?

As much as you want — there isn’t a legal limit on the amount you can send. But some transfer providers impose their own caps, so use a no-limit provider like XE if you’re planning a large transfer.

How will my recipient in Canada get the money?

Depending on the provider, your options for delivering money to your loved ones include bank-to-bank transfers, cash pickups and deposits to mobile wallets.

To pick up your transfer in person, your recipient may need to provide a picture ID or a confirmation number to receive your funds. If they own an account with a Canadian bank or money transfer company, they may not be required to provide this information each time you send money.

How to send money to Canada

Compare providers for your next large transfer to Canada

See how lower fees, stronger exchange rates and higher transfer limits can help you get more money to Canada.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 250 1 day SGD 0.00 0.929 CAD
9,291
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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SGD 2,000 1 day SGD 0.00 0.929 CAD
9,291
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
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SGD 1 Same day SGD 3.99 0.929 CAD
9,282
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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SGD 250 1 day SGD 0.00 0.929 CAD
9,291
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
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SGD 1 1 - 2 days SGD 60.00 0.933 CAD
9,272
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.928 CAD
9,275
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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SGD 1 1 day SGD 40.00 0.933 CAD
9,291
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
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SGD 200 2 days SGD 50.00 0.925 CAD
9,207
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details

Compare up to 4 providers

Bottom line

Canada’s lack of a gift tax makes it easy to transfer money to an acquaintance or loved one there. As with all international money transfers, be wary of potential fraud and only send money to people you know. Using a reputable provider can safeguard you from potential scams.

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