AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Keep two sets of records: proof that the money left Canada through declared, traceable channels (bank or app transfers, or a CBSA cash report for CAD 10,000 or more carried in person), and proof of what you paid in Nigeria (receipts, the deed, Governor's consent and the legal and survey fees). The second set fixes your adjusted cost base in Canadian dollars, which you need when you sell, leave Canada or file Form T1135.
"Cash" in this question usually means paying in full without a mortgage, not literally carrying banknotes. Either way, a property in Nigeria bought from Canada will one day be sold, inherited or counted on a departure return, and the CRA will want a cost figure you can prove. The Nigerian side will want proof of title. A paper trail serves both.
Part one: showing how the money left Canada
Transfers through a Canadian bank or a registered remittance app leave a record on both ends. Keep the confirmation for every transfer, showing amount sent, rate, fee and the receiving account. If you send large sums, your bank or app may ask for the source of the funds; see FINTRAC reporting on transfers to Nigeria for what they report and why.
Carrying cash is legal but must be declared. The CBSA's memorandum D19-14-1 requires anyone leaving or entering Canada with currency or monetary instruments of CAD 10,000 or more, foreign currency converted at the Bank of Canada rate, to report it; travellers use form E677. Unreported currency may be seized, with 90 days to request a review. Cash also causes trouble at the Nigerian end: since 1 January 2026, CBN rules reported by Channels TV limit individual cash withdrawals to ₦500,000 a week across all channels, with a 3% charge on any excess, which makes large cash dealings awkward and harder to evidence. A transfer to the seller's or lawyer's account is the cleaner route.
Part two: what you paid in Nigeria
Guide T4037 defines adjusted cost base as the cost of the property plus the expenses to acquire it, such as commissions and legal fees, and adds the cost of capital additions and improvements. Current costs such as repairs and maintenance are not added. For a Nigerian purchase the acquisition costs usually include:
- The purchase price, with the seller's receipt naming the property.
- Lawyer's fees for searches, drafting and perfecting title.
- Survey plan and charting fees.
- Governor's consent fees and stamp duty paid on registration.
- Agency fees, if any, with an invoice.
Title documents are not tax records, but they prove the property is yours and when you acquired it. Mondaq's 2024 title-checking guide lists the documents to expect: certificate of occupancy, deed of assignment, survey plan, Governor's consent and the payment receipt. For the checks themselves, see title checks in Lagos, Abuja and Port Harcourt.
Turning naira costs into a Canadian cost base
T4037 says to convert the adjusted cost base at the exchange rate when the property was acquired, and outlays on a sale at the rate when they were incurred. Each payment you make, deposit, balance, legal fees, consent, should be converted at the rate for its own date, using one rate source consistently. If you sent CAD and the money was converted on the way, the transfer confirmation showing CAD out and naira in is the best evidence of the rate you actually got.
Worked example (illustrative figures only)
| Payment | Naira | Example rate (₦ per CAD) | CAD |
|---|---|---|---|
| Deposit, March | ₦20,000,000 | 1,000 | 20,000 |
| Balance, June | ₦25,000,000 | 1,100 | 22,727 |
| Legal, survey, consent | ₦3,300,000 | 1,100 | 3,000 |
| Adjusted cost base | ₦48,300,000 | 45,727 |
Rates are examples only. Check: 20,000,000 ÷ 1,000 = 20,000; 25,000,000 ÷ 1,100 = 22,727 (rounded); 3,300,000 ÷ 1,100 = 3,000; total 45,727.
Where the records will be needed
- Form T1135. Vacant land and foreign rental property count toward the CAD 100,000 cost test; personal-use property, used more than 50% by you, does not (CRA T1135 questions and answers).
- Leaving Canada. The CRA's emigrants page treats most property as disposed of at fair market value on departure. Canadian real property is excluded; foreign real property is not, unless you owned it on arrival and were resident 60 months or less in the prior ten years.
- Selling. The gain is proceeds minus adjusted cost base and selling costs, in CAD.
The CRA's records page says to keep records for six years from the end of the last tax year they relate to. For property, that year is the year you sell, so keep purchase records for as long as you own the property and six years after.
If you build on the land later, keep construction invoices in the same file: building costs are capital and add to the cost base, while repairs once the property is let are running expenses. A family member who pays contractors for you should get receipts in your name, not theirs.
For converting earlier naira purchases if you bought before moving to Canada, see a CAD cost base for naira assets.
Where Pryme fits
Pryme lets you hold naira and pay the seller or lawyer by transfer from the same account, with the rate shown first and the fee on its own line when you convert with Swap. For each payment you can generate a verifiable receipt through VerifyDoc.ai (receipts) that anyone can check is unaltered, which suits a file you may need to produce years later.
Questions people ask
Do I need to declare cash I take to Nigeria for a property?
Yes, if it is CAD 10,000 or more. CBSA memorandum D19-14-1 requires a report, using form E677 for travellers. Unreported currency may be seized.
What counts in the cost base of a Nigerian property?
The price plus acquisition costs such as legal fees and commissions, plus capital improvements, per CRA Guide T4037. Repairs are not added.
Which exchange rate do I use for the purchase?
T4037 converts the cost at the rate when acquired. Use the rate on your transfer confirmation where you converted CAD, or one consistent independent rate source.
How long should I keep the purchase papers?
For as long as you own the property and six years after the year you sell, following the CRA's six-year rule.
Sources
- CRA: Guide T4037, Capital Gains 2025 (modified 11 Feb 2026) · accessed Oct 2026
- CBSA: Memorandum D19-14-1, Currency and monetary instruments reporting (3 Sep 2024) · accessed Oct 2026
- Channels TV: CBN revises cash withdrawal rules effective January 2026 (3 Dec 2025) · accessed Oct 2026
- Mondaq (The Trusted Advisors): How to verify property titles in Nigeria before purchase (27 Sep 2024) · accessed Oct 2026
- CRA: Dispositions of property for emigrants (modified 20 Jan 2026) · accessed Oct 2026
- CRA: Questions and answers about Form T1135 (modified 19 Oct 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.