How to send money to Canada in 2026: to an account, to a relative, a large sum

Canada has no currency control and no gift tax: money arrives by bank transfer with no limit on the sum, the bank reports a transfer from 10,000 Canadian dollars to the financial intelligence unit, and foreigners can buy homes in large cities from 1 January 2027.

In 2026 money can be sent to Canada by bank transfer to an account at a Canadian bank or through a money transfer service. Canada has no currency control and no tax on your own money or on gifts, and the bank reports every international transfer from 10,000 Canadian dollars ($7,100), including one made up of several payments within 24 hours, to the financial intelligence centre, while the money is credited as usual. The transfer is sent from a bank that works with Canadian banks, and foreigners can buy homes in large cities from 1 January 2027.

US dollar amounts are at the Bank of Canada rate of 7 October 2026, 1.4257 Canadian dollars per US dollar, rounded up. The rules were checked on 8 October 2026.

Sending money to Canada today: which routes are open

The electronic transfers by email address or phone number that Canadians are used to work only between Canadian accounts. Money from abroad first arrives by bank transfer or through a transfer service, and only then can it be sent on within the country.

How to send money to a private person in Canada

To send money to a person in Canada, they need an account at a Canadian bank: the bank will not credit a transfer to a name that does not match the account holder, and until there is an account the money is better kept with the sender. Canadian account details are built differently from European ones: the sender needs the 3-digit financial institution number, the 5-digit branch number, the 7-12-digit account number, the bank's international code, and the recipient's name and address exactly as recorded at the bank.

If the money is sent by parents or other relatives, the recipient in Canada pays no tax: gifts and inheritances are not taxed here. Only what the money earns later is taxed, for example a resident's deposit interest. But a Canadian bank that receives a large transfer from another person will ask who the sender is, how you are related and where their money came from. A manager will tell you which documents to prepare so the transfer does not get stuck in the check.

A transfer to a Canadian account: the right to a basic account

In Canada, opening a personal account is a right, not a favour from the bank. A bank, a federal credit union or a foreign bank branch must open an account for a person who has proved their identity, even if they have no job and no money for a first deposit. Canadian citizenship is not required, and an account can be opened even by someone who lives in another country, although this often takes a visit to a branch.

Identity is proved with original documents. Two documents from a reliable source work: one with the name and address, the other with the name and date of birth, for example a passport and proof of address. The second option is one document with the name and date of birth plus confirmation of identity by a bank client in good standing. Deposits at banks that are members of the state insurance system are protected up to 100,000 Canadian dollars ($71,000) per client in each category: personal deposits, joint accounts and tax-free savings accounts separately.

A large sum and buying a home in Canada

The main reason for large transfers to Canada is moving there and buying a home. Foreigners can buy houses and flats in buildings of up to 3 units in large urban areas from 1 January 2027; until that date they are bought by citizens and permanent residents of Canada, some foreigners with a work permit and those moving for good. Outside large urban areas this rule does not apply. So money for a flat is sent for the date of the deal, and until then it is kept in your own Canadian account or a deposit insured up to 100,000 Canadian dollars ($71,000).

Money for a purchase is sent by bank transfer to your own Canadian account or to the trust account of the lawyer handling the deal: the seller is usually not paid directly from abroad. How prices and the deal work is in the article on buying a flat in Canada, and routes for moving in the article on how to get Canadian residence.

Taxes when moving to Canada with money

On the day a person becomes a Canadian tax resident, their property abroad, such as shares, stakes in companies and real estate, is treated as bought at market value on that date. Canada does not tax the gain before the move, so the valuation of property on the date of entry is worth backing with documents: it will be needed when the assets are sold. People usually become resident from the date of the move if they have a home, a spouse or children in Canada.

The money in accounts is not itself taxed after the move; interest, dividends and gains are taxed, and from all over the world. So a large sum is easier to send before it starts earning income in another country, and the sale of valuable property is planned around the date of entry. Study at a Canadian college or university is paid by bank transfer against the institution's invoice, with the student number in the payment purpose.

How much can be sent to Canada without a bank report

• Up to $7,100 (under 10,000 Canadian dollars). A regular check: the bank checks the recipient's name and may ask for the purpose. Splitting the sum to avoid the report is pointless and risky: the bank adds up one person's transfers over 24 hours, and splitting itself becomes grounds for a suspicious transaction report.
• From $7,100 to $71,000 (10,000-100,000 Canadian dollars). The bank reports the transfer to the financial intelligence centre. The transfer itself is credited as usual, and for a large sum documents on the source of the money are prepared: a property sale contract, a salary certificate, a statement on closing a deposit.
• From $71,000 (100,000 Canadian dollars). Both the bank check and the tax side matter here. A Canadian resident who still has property abroad worth more than 100,000 Canadian dollars files a separate report on it with the tax authority every year. So the decision on what to send to Canada and what to leave abroad is made before the move.

How to gather documents on the source of the money is in the article on proof of source of funds, and a resident's taxes on the taxes in Canada page. Sending a large sum for your move? Discuss the plan with a manager before sending, and all lawful ways to move capital are collected on the capital relocation page.

Money from Canada to other countries: the rules for sending it out

Your own money leaves Canada freely: the bank checks a large outgoing transfer the same way as an incoming one and reports it to financial intelligence from 10,000 Canadian dollars. The Canadian bank will ask for the payment purpose and how you are related to the recipient. The recipient's bank is checked before each large transfer, so the payment arrives the first time.

A manager will check a route for your sum and bank before the first payment, so the transfer goes straight along a working route.

Sending money to other countries in the Americas and Asia

• How to send money to the United States
• How to send money to Mexico
• How to send money to the Bahamas
• How to send money to Paraguay
• How to send money to Kazakhstan
• How to send money to Bermuda

All lawful ways to move capital, documents for the bank and costs step by step are on the capital relocation page.

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