We Don’t Need to Bring Cash into Canada

Canada border with USA

Foreigners who are planning to travel to Canada, do not forget to let your credit card companies or banks know that you will be in “great white north” for sometimes. It is because Canada prefer credit card than cash. 

Fifty seven percent (57%) of business transactions, include in small stores are cashless in Canada. Even some restaurants reject to accept cash, they promote mobile payment system with high technology applications. 

Every Canadians at least have two different credit cards in their wallets, especially for residents of two big cities: Toronto and Ottawa. These cities are identified as top two cities in term of digital payment compared to other 100 cities worldwide.

Some advantages to use digital payment:

1.Avoid cash relate crimes both to customers and business.

2.Tax revenue might be increase or at least secure for government, because difficult to evade tax obligation for business.

3. Saving time

Tencer (2017) reported that the total economic benefit by using digital payment is estimated to US$470 billion worldwide in 2032. It is 3% larger compared to current system. Toronto and Ottawa will provide 12 thousand and 3 thousand new jobs respectively. 

Travel to Canada has no hassle for cashless, since no need to fill out “Monetary Instruments Report.” Travelers must report to Canadian authority if they bring money C$10 thousands when they arrive in Canada through air, sea or land.  

Reference

Tencer, D. (2017). “Canada At #1 In Ranking Of World's Most Cashless Societies.” Retrieved from https://www.huffingtonpost.ca/2017/10/11/canada-at-1-in-ranking-of-worlds-most-cashless-societies_a_23240067/