QUESTION:
I saw your recent email answer about reporting moneies transferred between Canada and US. I am in almost a similar situation. However, if I still have a Canadian bank account (which I report on the TDF form), would I need to report a one time transfer of over $15K if I just wrote a check from my Canadian account and deposited into my US account? And if I do need to report it what form and where would I report this transfer to?
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david ingram replies:
I have had 4 enquiries by email and one by phone today about this topic. It seems that everyone is loading up on cash to go down tot he US to buy a car with the great sale prices there.
In your case, if you just write a cheque, the Canadian bank will fillout Canadian FINTRAC form E667 and the US bank will fill out form FINCEN104 and you do not need to do anything.
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CEN-TA Cross Border Services - Tax, Visas, Immigration
http://www.centa.com/article.php/20071003004032955