A person or entity is not required to make a report under subsection 12(1) of the Act with respect to the importation of currency or monetary instruments that are mailed from a location outside Canada to a destination outside Canada but that transit through Canada in the course of post, on condition that they will not leave the course of post until after they have left Canada.

Exportation Reporting

 A report with respect to currency or monetary instruments transported by a person departing from Canada shall be submitted without delay by the person at the customs office located at the place of exportation or, if it is not open for business at the time of exportation, at the nearest customs office that is open for business at that time.

 A report required to be made by an exporter with respect to the exportation by mail of currency or monetary instruments shall be made by

  • (a) including an exportation report inside the mail item; and

  • (b) mailing or submitting, at or before the time when the currency or monetary instruments are mailed, a copy of the exportation report to the customs office that is located nearest to the point at which the item was mailed.

 A report made with respect to the exportation of currency or monetary instruments that have been retained under section 14 of the Act shall be submitted by the person or entity to whom the notice was given at the customs office indicated on the notice.

 A report with respect to the exportation of currency or monetary instruments, other than one referred to in sections 11 to 13, shall be submitted without delay at the customs office that is open for business at the time of exportation and that is nearest to the place of exportation.

EXCEPTION APPLICABLE TO THE BANK OF CANADA

 A person or entity is not required to make a report under subsection 12(1) of the Act with respect to the importation or exportation of currency by or on behalf of the Bank of Canada for the purposes of the distribution, processing, or testing of banknotes intended for circulation in Canada.

EXEMPTION APPLICABLE TO IMPORTED SHARES

 A person or entity is not required to make a report under subsection 12(1) of the Act with respect to stocks, bonds and debentures imported into Canada by courier or as mail if the importer is a financial entity or a securities dealer as defined in subsection 1(2) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations or a transfer agent.

  • SOR/2003-358, s. 27.

RETENTION

  •  (1) For the purposes of subsection 14(1) of the Act, an officer shall give the person or entity written notice in person or, if the person is not present, shall send the notice by registered mail to the person's latest known address.

  • (2) For the purposes of subsection 14(2) of the Act, the notice is to be given within 60 days after the day on which the currency or monetary instruments are imported or exported, as the case may be.

 The prescribed retention period, for the purposes of subsection 14(1) of Act, is

  • (a) in the case of importation or exportation by courier or as mail, 30 days after the day on which the retention notice is given or sent; and

  • (b) in any other case, seven days after the day on which the retention notice is given or sent.