Are there any restrictions in terms of amount, time lock up or
information required to wire transfer money to a 3rd party's account in
Canada?  How does this differ when the receiving account in Canada is
for a Canadian resident vs a non-resident.

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Clarification of Question by jc33-ga on 18 Nov 2005 02:42 PST

-for non-resident vs resident there is no difference in tax treatment?
(ex is it deemed income for either)
-what details would they ask for?  and is there a threshold value at
which the are obligated to do this?

jc33-ga

Whether the canadian bank account is held by a resident or non-
resident is irrelevent.

In terms of amount I do not believe there is any restriction.

In terms of information , yes the sending  bank will wish to insure
the transaction is not fraudlent and may thus ask the sender to
provide necessary details to identify themselves. The bank may asked
for large amount of money to have ID sent to them The sending bank
will neeed to know either the SWIFT code or ROUTING number of the
receiving bank account.

In terms of time lock up it should never be any longer than one week.
Some banks will charge a larger fee to transfer the money faster. Once
the bank has ascertained that there is no a problem with the
transaction from a fraud perspective, there is no reason why tehy
cannot send the money straight away.

Although I cannot be certain , I think the only reason why the bank
will delay the transaction would to maimize the exchange rate in their
favour.

I would also say that what I have said applies to bank transactions between
the major trading countries of the world.(US,Canada, Countries in the
EU, Australia,India, China, Japan,Switzerland, Sweden)

Mongolia