It's not up to the Bank to determine if the client pays taxes; if the client opens a Savings account, or GIC, or Registered Account, the Bank is obliged to collect the SIN for reporting to the CRA. If it's a Chequing account that bears no interest, Bank has no need to ask for SIN.
Dirty money
- Thread starter Toyota70
- Start date
Couple of Strategies if a SP has a concern.
Multiple institutions with "small" but more frequent deposits. A few hundred here and there every few days. Would be very hard to track.
Go to a casino, buy in for 2 or 3 k of chips. Play a few hands. Then cash out. All "new" money.
Or buy in for a few hundred at a time but always at different tables. Then cash out. Same idea.
Absolutely nothing illegal about this approach at all.
Multiple institutions with "small" but more frequent deposits. A few hundred here and there every few days. Would be very hard to track.
Go to a casino, buy in for 2 or 3 k of chips. Play a few hands. Then cash out. All "new" money.
Or buy in for a few hundred at a time but always at different tables. Then cash out. Same idea.
Absolutely nothing illegal about this approach at all.
When depositing at the bank, when asked, you can say I had a lucky streak at the casino.
As long as it's under 10K there should be no further questions.
If it's under 10K, there are no further questions period - and again, you can just put the cash in the ATM. ATM does not ask questions; most Tellers quite frankly are stupid anyway and ask things they don't need to ask.
EDIT: In fairness, I've heard stories of ATMs fucking up and deposits getting "lost"; but if the girl is going to get that paranoid, then maybe she should just stick her cash under her mattress. Hopefully her friends and neighbors don't know she is an escort; because then she is a prime candidate for robbery.
Thanks for your credible insight from the bank teller's truth. Absolutely - if they want to they can fire you as a client for any other reason. Trying to do multiple deposits on purpose is just asking to be reviewed.. banks have the right to audit you with any deposit amount if they think something fishy is going on. Also, CRA has a section for escort services under self employment.
I second this response. While reading the original post, I couldn't help but wonder.. what is OP trying to achieve here?
There's some truth to this being inside info. A lot of what OP said can be true for many girls who don't have the right knowledge. I remember my first american tour way back when, I didn't realize the same bank in Canada vs States were different companies and deposits couldn't occur from another country.. and had to decide whether to carry cash across the border and risk getting assaulted with questions from customs or to buy things, or think of other clever ways to bring it back (buy prepaid credit cards, western union, cash in mail, etc). Ended up panicking and buying some expensive things to bring back with me and only had 1500USD remaining to bring back.. what an expensive lesson. You don't know until you go through the motion of things. Like many other posters already mentioned, taxes is the main thing many cash businesses try to avoid.. as long as you're not doing that you're pretty good. I used to try to declare less, but now I actually see it as a detriment to building wealth.. you'll always have the wrong mentality to grow.
My thoughts on...
Rent- it's hard enough to qualify for a long term rental as a self employed individual doing other businesses, even with good income, even with good net income.
Keeping Cash- bad idea in general. opens you up to theft, not just clients if you work out of your place, but contractors, landlords, cleaning staff, friends, or whomever accesses your place. and just a bad investment strategy.. with inflation you are losing money on stashed cash.
Ways of spending money- any money spending has to be justified with some type of value to the person spending the money, whether you think it's smart to spend it on a handbag vs a vacation is completely subjective and irrelevant
Ways of investing money talk is cheap, ideas are a dime a dozen, and what really matters is execution. so many people have big dreams in words and talk a big game but there's no follow through.
Emergency fund- investing 101. always have this. many people can be good at making money. most people struggle with keeping it. only rarely can people figure out how to grow it.
This. I know personally of two MAs that were robbed... safes in there homes. What's worse, is that the thief had to have been a "friend". There was no break in. The one case I'm most familiar with, she lost $18K. She's an Ottawa MA, who I happened to meet when she was in Toronto. We had seen each other a bunch of times and are close, but she came into my hotel room with a little lockbox with $7K in it. She was taking it home to her Dad! He'd lent her money for a mortgage, and that's how she was paying him back!
If anyone sees these posts with embedded links, report them to the Mods using the little Trianble with the ! in it. They aere spammers and link to pay per click and malware sites.
There is a few of these posters on the site promoting these pay per click and malware sites. I reported the above and reported other ones but they keep posting. Hoping the MODS can get rid of these spammers and stop them from posting on here.
The mods can't view all posts so best to just continue to report them as I have been doing. The posts disappear quickly and the User is banned.
Under the impression that Canadian Commercial Banks load software that are scanning for 'red flags' IE large deposits, wire-transfer deposits, international money-order deposits etc.
Forward your personal banking history -- Intel to Canada Revenue
Problably better to make multiple smaller deposits over few weeks and/or opening-up several accounts with different banks.
Wash, Rinse.....Repeat
I know a lady with a very successful client base that simply operates as a consulting business. She runs a credit cards, debit and cash operation. Everything is above the board and professionally executed. She has enough "plastic" transactions to keep it plausible. I always use my Visa when I visit. The cash... that's another story- she has an arrangement. She mentioned that she got audited a couple of years ago and everything came up vanilla.
I winder if buying art, high end stuff, would be an easy way to invest cash? If a lady drops 30k cash on a David Bowie painting and then holds onto it for a decade then sells it at southerbys for 2x as much... would the govt give them a sideways glance?
It's 10k per 30 day period.
I was almost flagged once, the teller was nice enough to whisper to me that I shouldn't make my deposit.
I'm not sure where you got that from, Lovelynn; I've worked in the Retail Operation of 2 Major Banks, and I had to sit through their own Anti-Money Laundering training.
Did you not read the link I posted?
You also should realize that Bank staff file Suspicious Transaction Reports as well, and those are done without your knowledge.
