Tax wiki
s. 244.2
PART XV.1 — Reporting of Electronic Funds Transfer
Electronic funds transfer
Not yet annotated · Text current to 2026-06-21 · section last amended 2020-06-01
Current text
Every reporting entity shall file with the Minister an information return in prescribed form in respect of
the sending out of Canada, at the request of a client, of an electronic funds transfer of $10,000 or more in the course of a single transaction; or
the receipt from outside Canada of an electronic funds transfer, sent at the request of a client, of $10,000 or more in the course of a single transaction.
Transfer within Canada
(2)For greater certainty and subject to subsection (3), subsection (1) does not apply to a reporting entity in respect of an electronic funds transfer if the entity
sends the transfer to an entity in Canada, even if the final recipient is outside Canada; or
receives the transfer from an entity in Canada, even if the initial sender is outside Canada.
Intermediary
(3)Subsection (1) applies to a reporting entity in respect of an electronic funds transfer if the entity
orders another reporting entity to send, at the request of a client, the transfer out of Canada, unless it provides the other reporting entity with the name and address of the client; or
receives the transfer for a beneficiary in Canada from another reporting entity in circumstances where the initial sender is outside Canada, unless the transfer contains the name and address of the beneficiary.
Transfer conducted by agent
(4)If a particular reporting entity is an agent of or is authorized to act on behalf of another reporting entity in respect of an electronic funds transfer, subsection (1) applies, in respect of the transfer, to the other reporting entity and not to the particular reporting entity.
Entities outside Canada
(5)Subsection (1) does not apply to an entity described in paragraph (b) of the definition money services business in respect of the services it provides to entities outside Canada.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2014-06-19 to 2020-05-31:
Show the text in force 2014-06-19 to 2020-05-31
Electronic funds transfer
244.2 (1) Every reporting entity shall file with the Minister an information return in prescribed form in respect of
(a) the sending out of Canada, at the request of a client, of an electronic funds transfer of $10,000 or more in the course of a single transaction; or
(b) the receipt from outside Canada of an electronic funds transfer, sent at the request of a client, of $10,000 or more in the course of a single transaction.
Transfer within Canada
(2) For greater certainty and subject to subsection (3), subsection (1) does not apply to a reporting entity in respect of an electronic funds transfer if the entity
(a) sends the transfer to an entity in Canada, even if the final recipient is outside Canada; or
(b) receives the transfer from an entity in Canada, even if the initial sender is outside Canada.
Intermediary
(3) Subsection (1) applies to a reporting entity in respect of an electronic funds transfer if the entity
(a) orders another reporting entity to send, at the request of a client, the transfer out of Canada, unless it provides the other reporting entity with the name and address of the client; or
(b) receives the transfer for a beneficiary in Canada from another reporting entity in circumstances where the initial sender is outside Canada, unless the transfer contains the name and address of the beneficiary.
Transfer conducted by agent
(4) If a particular reporting entity is an agent of or is authorized to act on behalf of another reporting entity in respect of an electronic funds transfer, subsection (1) applies, in respect of the transfer, to the other reporting entity and not to the particular reporting entity.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2014, c. 20, s. 29
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 244.2 links to the one before it.
Enacting and amending legislation
- 2014, c. 20, s. 29
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
Referred to in
References are generated from the statutory text and list other sections of the Act only.
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 244.2.