Why did my bank say it will report my $15,000 cash deposit in Canada?
You walked in with an envelope of cash, and the teller said the bank has to report it. That can feel alarming. It is actually one of the most ordinary rules in Canadian banking, and knowing how it works takes the fear out of it.
What the rule says
FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada) requires banks and other reporting entities to file a Large Cash Transaction Report when they receive $10,000 or more in cash. Cash means bank notes and coins. Cheques and money orders do not count. The institution has to send the report within 15 calendar days and keep a copy for at least five years.
The 24-hour rule
Several smaller deposits can add up. If the bank receives two or more cash amounts totalling $10,000 or more within a consecutive 24 hours, and it knows they are from the same person or for the same beneficiary, that also gets reported.
| Example (illustrative) | Cash amount |
|---|---|
| Deposit at 10 a.m. | $4,000 |
| Deposit at 1 p.m., same person | $4,000 |
| Deposit at 8 a.m. next morning (within 24 hours) | $4,000 |
| Total in the 24-hour window | $12,000 |
| Reportable? ($12,000 is at least $10,000) | Yes |
Your single $15,000 deposit is reportable by itself. Splitting cash across days or branches does not make the rule go away when the pieces fall inside one 24-hour window.
Is a report a sign of suspicion?
No. FINTRAC describes the large cash report as being driven by the dollar amount and the aggregation rule. A different filing, the Suspicious Transaction Report, exists for cases where an institution has reasonable grounds to suspect money laundering or terrorist financing. A routine large cash report is a separate thing. A large report on its own does not mean your account will be closed, but see can my bank close my account? for what banks can and cannot do.
What to expect at the counter
Bring ID
The bank has to confirm who you are, so bring original ID. Our guide on what to bring to a bank lists what is usually accepted.
Be ready to say where the cash came from
The institution may need to record whether you are depositing for yourself or on behalf of someone else. A plain, honest answer, such as a sale, a gift or savings you held at home, is usually all that is needed. Keep any paperwork that backs it up.
Consider whether you need to carry cash at all
An e-Transfer or cheque avoids the whole question, and it leaves a clear record. If you see a deposit on your statement you do not recognise, check what to do about an unauthorized transaction.
The bottom line
A report on a $10,000 cash deposit is paperwork the bank has to file, much like a tax slip. You do not need to argue with the teller or change your plans. Bring ID, answer plainly and keep any records of where the cash came from. If something about the process feels off, ask the branch to explain which rule they are applying, and write down the answer.
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Sending $10,000 or more abroad is reported too; see international money transfer fees and the $10,000 rule.