Reporting
Sending money home is not a deduction, and it is not your FINTRAC form.
By Vishal Tomar · Checked against official sources · Updated 13 November 2026
Educational only, not financial or tax advice. Not affiliated with CRA. Full disclaimer.
A gift to family is not a tax credit
What to know before you give says an individual's charitable credit needs an official receipt from a qualified donee, such as a registered charity, and the gift cannot be directed to a specific person or non-qualified donee. Money you send to a relative does not meet that test. Line 34900 is still headed "Tax year: 2025." This page does not repeat the percentage limit printed there as a 2026 figure.
Form T1135, and the first year you are a resident
CRA's T1135 page says a Canadian resident files the form if, at any time in the year, they own specified foreign property costing more than $100,000.00. The questions and answers say the threshold is the cost amount, not fair market value, and that properties are added together. Income from foreign property is taxable even when the cost is under that amount. The form is a report. It is not an extra tax by itself.
If the total cost is more than $100,000.00 but less than $250,000.00 throughout the year, the form allows Part A or Part B. At $250,000.00 or more at any time, Part B is required. The Form T1135 say the form is for the 2015 and later taxation years, which includes 2026. They also say an individual does not have to file it for the year they first become a resident of Canada. Personal-use property is excluded. A bank account outside Canada is specified foreign property if it is funds held outside Canada.
The $10,000 reports belong to the institution
FINTRAC's list of reports says a reporting entity files a large cash transaction report when it receives $10,000.00 or more in cash, in one transaction or within 24 hours, within 15 calendar days. It files an electronic funds transfer report when it sends or receives an international transfer of $10,000.00 or more, within 5 business days. The cash guidance is written to the business that receives the cash, not to the person sending money home. A normal transfer through a bank does not make you the reporting entity.
Fees and exchange rates are not quoted here. No transfer company is linked. If the money stays in an account abroad, the T1135 question above is the one to read, after your first year as a resident. The first tax return guide covers world income for the part of the year you were a resident.
Questions
Can I deduct money I send to my family?
No. A personal transfer is not a gift to a qualified donee. CRA's donor page says an official receipt, and the credit, require a gift to a registered charity or other qualified donee, and the gift cannot be directed to a specific person. The line 34900 page is still labelled as the 2025 tax year, so this guide does not quote that page's dollar limits as 2026 figures.
Does a foreign bank account mean I file Form T1135?
Only if the total cost amount of specified foreign property was more than $100,000 at any time in the year. The threshold is cost, not market value, and it is the total of the properties, not each one. An individual does not file the form for the year they first become a resident of Canada. The form instructions say that rule is for the 2015 and later years.
Do I file a FINTRAC report when I wire $10,000?
No. FINTRAC's $10,000 thresholds are duties of reporting entities, such as banks and money services businesses. They report large cash they receive, and international electronic funds transfers of $10,000 or more. You do not file that report yourself because you sent money to your family.