The Hidden Heroes Among Us
Why June 16 Should Be Your New Favourite Quiet Celebration on your Calendar
Following our Filipino Heritage Month special two weeks ago, this week's article continues showcasing how vital immigrants are to Canada's economy—but through a lens most of us never consider.
Picture this: You're at your usual coffee spot when you overhear someone switching between English and another language that’s vaguely familiar, discussing exchange rates and transfer timing. Not exactly riveting café conversation, right? But then her voice shifts, gets emotional. She's coordinating her mother's medical bills back home, being someone's financial lifeline 11,000 kilometers away.
That's when it hits you—this woman, grabbing coffee between shifts just like everyone else, is quietly being someone's superhero. And she's part of a $27.8 billion story happening across Canada every single day.
Today marks International Day of Family Remittances (June 16), and the statistics behind this quiet heroism will completely change how you see the people around you.
It’s easy to think that international money transfers were just a banking service, like ordering checks or setting up direct deposit. Boring financial stuff that happened somewhere in the background of other people's lives.
But this is so much more than that.
We're talking about $27.8 billion flowing from Canada annually. Not corporate money. Not government aid. Regular people, working regular jobs, choosing to send part of their paycheques to family instead of upgrading their phones or taking weekend getaways.
Mind-blowing moment number one: The average Canadian immigrant sends $2,855 home each year. For perspective, the average Canadian household manages to save only $850 annually. These folks are sending more than three times what most of us can even save.
Let that sink in for a moment. While we usually debate on whether to splurge on our cravings, someone else is calculating how to send their grandmother's medication money without compromising their own rent.
The Geography of Sacrifice
This isn't just about Canada—it's about a global network of love that operates completely under the radar.
India receives between $3-4.7 billion annually from Canadian families. That's basically a small economy flowing from Canadian bank accounts to Indian villages, cities, and everywhere in between. The Philippines and China follow close behind.
About half of all remittances end up in rural areas where 75% of the world's poor live. So that construction worker you pass on my morning commute? He might be directly impacting a village in rural Punjab. The woman at the grocery store calculating prices extra carefully? She could be funding her sister's education in a small Philippine town.
We live surrounded by hidden heroes, and most of us are completely oblivious to the quiet heroism happening right next to us.
The Beautiful Complexity of Modern Love
37% of Canadian residents born in developing countries send money abroad annually. That's more than one in three people consistently making this choice.
Remember when your biggest financial decision was whether to get the extended warranty on your laptop? Imagine if every financial choice you made had to factor in your mother's healthcare, your nephew's school fees, and whether your family could rebuild after a natural disaster.
This is love with a bank routing number. Family obligation dressed up as financial planning.
The Regulatory Maze (or: How Canada Actually Makes This Work)
Now, before you think this is all warm feelings and heartstring moments, let me introduce you to the bureaucratic reality. Because if you're sending money internationally, you're playing in one of the most regulated sandboxes in finance.
FINTRAC (that's Canada’s financial intelligence unit) wants to know everything. Money Service Businesses must register, maintain compliance programs, and basically dot every 'i' and cross every 't'. Recent changes mean maximum fines can reach $20 million for companies—that's not a typo.
But here's what is oddly beautiful about this regulatory labyrinth: it exists to protect families. All these rules, all this oversight—they are pillars of protection for families sending their hard-earned money across borders deserve protection from fraud, unfair fees, and shady operators.
The Players in This Hidden Economy
Traditional Banks (Reliable but Expensive)
RBC lets you send up to $50,000 daily to over 200 countries. TD caps most people at $6,500 daily but charges up to $25 plus exchange markup. These banks are like that reliable friend who always shows up but charges you gas money—dependable, but you feel the cost.
The Household Names (Western Union, Moneygram)
Western Union operates 2,500+ locations across Canada. MoneyGram partners with Canada Post, so you can send money where you buy stamps. They're the convenience stores of money transfer—everywhere you need them to be, with prices to match.
The Digital Disruptors (Wise, Remitly)
These companies are basically saying, "Why should love cost so much?" Wise offers mid-market exchange rates. Remitly serves 170+ countries. They're the Tesla of money transfers—sleeker, cheaper, and making everyone else very nervous.
The Tax Reality (Surprisingly Good News)
Here's something that’s surprising: Canada doesn't have gift tax. So if you're receiving money from family abroad, you're generally not paying tax on it. The government gets it—family helping family shouldn't be penalized.
But (because there's always a but), there are reporting requirements. Send more than $10,000 at once, and financial institutions automatically report it to FINTRAC and CRA. Carry more than $10,000 in cash across the border without declaring it? That'll be a $5,000 fine.
The system is actually pretty smart: track large movements of money while protecting legitimate family transfers.
The Trends that are Changing Everything
Digital Transformation is Real
60% of Canadian immigrants aged 20-39 use fintech products. Most transactions are now happening through a smartphone app, not over a bank counter.
Costs are Dropping
The UN wants transfer costs below 3%. We're currently at 6.4% globally, but competition is driving prices down fast. Technology is doing what technology does best—making things cheaper and better.
Cryptocurrency is Lurking in the Background
Some families are already using stable coins for transfers. This could be the next big disruption, though most people are still figuring out the nitty gritty.
This article celebrates the positive impact of family remittances and provides educational insights about Canada's regulatory framework. All financial decisions should consider individual circumstances. Remittance services are regulated by FINTRAC and provincial authorities. This article is not providing specific financial, legal, or tax advice. Please consult a financial services professional for financial advice.
The Financial Planning Puzzle
Here's something financial professionals need to understand: if your client sends $3,000 annually to family abroad, that's not discretionary spending—that's a financial obligation that needs to be planned around.
Smart financial planning for remittance senders includes:
Building these transfers into monthly budgets (not treating them as afterthoughts)
Currency hedging strategies for families with long-term obligations
Life insurance planning that ensures remittances continue if something happens
Investment approaches that account for having less liquid savings available
The agents who understand this complexity—like us in Greatway Financial Inc.—are serving a massive, underserved market.
The Insurance Angle Nobody Talks About
Travel insurance becomes crucial when you're financially supporting family abroad. If there's a medical emergency overseas and you need to travel, you need coverage for trips that might be financially motivated rather than recreational. We cover it in one of our previous articles that you can read here: Why Every Canadian Needs Travel Insurance
Life insurance planning gets complex too. If you're sending $3,000 annually to family, that's $60,000 over 20 years. Your life insurance needs to account for these ongoing obligations.
Why This Matters (The Bigger Picture Moment)
Every June 16, the UN celebrates International Day of Family Remittances. But honestly? We should be celebrating this year-round.
Because these aren't just statistics—they're love stories:
The nurse in Halifax funding her nephew's engineering degree in Mumbai
The construction worker in Calgary covering his mother's medication in Manila
The software developer in Toronto helping rebuild her family's home after a natural disaster
These are our neighbors. Our colleagues. Our friends. Quietly being heroes.
The Solution Hiding in Plain Sight
Want to know what I think is the most beautiful part of this entire system? It's proof that people don't need governments or aid organizations to help each other. They just need safe, affordable ways to move money.
Canada has built exactly that—a regulatory framework that protects people while enabling this massive flow of support. We've created space for traditional banks, innovative fintechs, and everything in between to compete.
The result? Canadians can send money to family in 200+ countries, costs are dropping, and the system is getting more efficient every year.
It's like we accidentally built a global support network, and it's operating right under our noses.
If you're sending money home yourself, know that you're part of something beautiful—a global network of family support that operates completely on love and obligation.
And if June 16 rolls around and nobody mentions International Day of Family Remittances? Bring it up yourself. Tell people about the incredible sacrifice and love happening quietly all around us.
Greatway's takeaways
Remittances are love letters with bank routing numbers. The $27.8 billion flowing from Canada represents millions of individual decisions to put family first, often at personal sacrifice.
This isn't spare change—it's serious financial planning. The average remittance amount exceeds what most Canadian families save annually, requiring sophisticated integration into comprehensive financial strategies.
Technology is democratizing global family support. Digital platforms are making cross-border money movement cheaper and more accessible, fundamentally changing how families support each other.
Canada's regulatory approach actually works. We've created a framework that protects consumers while fostering competition, resulting in better services and dropping costs.
Financial professionals who understand cross-border obligations will thrive. As immigration continues and digital adoption accelerates, advisors with multicultural competency are positioning themselves for sustained success.
Challenge for this week: Notice the hidden heroism around you. That colleague who always brings lunch instead of buying it? Maybe that $15 daily is funding someone's education abroad. The person calculating prices extra carefully at the grocery store? They might be sending home more money than you save all year.
Because honestly? In a world that often feels divided, there's something pretty incredible about 200 million people choosing family over self, transfer after transfer, day after day. This is one of the core values of our company and if you’re part of this population, we’re proud to be serving you.
That's worth celebrating. That's worth understanding.
That's worth supporting.
And maybe, just maybe, that's worth changing how we see the people around us.
What everyday heroism have you witnessed lately? I'd love to hear your stories.
Sources for the curious:
Statistics Canada: "Study on International Money Transfers from Canada" - https://www.statcan.gc.ca/en/survey/household/5258
Canadian International Development Platform (CIDP) Remittances Explorer - https://cidpnsi.ca/remittances-explorer/
World Bank: "Remittances Slowed in 2023, Expected to Grow Faster in 2024" - https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099714008132436612/idu1a9cf73b51fcad1425a1a0dd1cc8f2f3331ce
Bank of Canada: "Case scenarios about remittance service providers" - https://www.bankofcanada.ca/2024/08/case-scenarios-about-remittance-service-providers/
FINTRAC: "Money services businesses (MSBs)" guidance documents - https://fintrac-canafe.canada.ca/msb-esm/msb-eng