As of September 2009, visitors to Canada can bring in up to the equivalent of CAN $10,000 in cash without reporting it.
If a visitor wishes to bring in more than CAN $10,000, then they must report it to Canadian Customs officials. There is no limit to the amount of reported cash that can be brought into the country.
The penalty for not reporting cash more than CAN $10,000 can be seizure of the money or a fine ranging between CAN $200 to $5,000. Individuals do have the right to appeal the seizure.
In 2005, CAN $3,002,998 was seized in the Niagara-Fort Erie Region.
More information can be found at the Canadian Border Services Agency website.