i always wonder people who do the cash jobs and specially SPs who mostly handle the large volume of cash every month. how you do the accounting of these, do you disclose all to CRA (offcourse not). but then if you try to deposit a 20k or 50k to your account, will the bank not ask questions and can you still hide it from the eyes of tax authorities? can we buy some assets in cash in canada, gold or whatever?
what you do with large cash?
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Safe deposit box, hidden in the house somewhere, yeah buy precious metals.
I know guys I used to work with buy gold/silver for cash and then cash it in when price goes up. No records of transaction at all.
Buy art work, then sell when value goes up. Although this method may take years.
It's not that hard to hide money.
I know guys I used to work with buy gold/silver for cash and then cash it in when price goes up. No records of transaction at all.
Buy art work, then sell when value goes up. Although this method may take years.
It's not that hard to hide money.
try a pawn shop, maybe a jeweler.
Pawn shops most likely deal in gold/silver coins
I would always worry about getting ripped off. I couldn't tell 24 karat gold from 24 carrots.
I know real diamonds that get certified list colour and weight and cut and even note any imperfections.
Is it simply you have to trust your jeweler?
There was a scandal in NYC a few years back where crooked jewelers were swapping out stones on the unsuspecting...
Any cash deposits greater than 10k within a 24 hr period requires a bank to ask questions about source of funds and file a report with Fintrac
Reporting transactions to FINTRAC: The 24-hour rule
This guidance describes when reporting entities must consider multiple transactions within a 24-hour period as a single transaction
All sorts of easy ways to do this. If it's a 3-5K per week then just deposit it into your account. As the cash amounts get larger deposit smaller amounts cash into different bank accounts at different banks. Also keep a small slush fund on hand in case of emergencies and invest the rest. And if the cash is too much to do that have an in-house mini vault built into the basement of your house.
Did some of this myself and my bank never questioned any of it.
LTO_3
Did some of this myself and my bank never questioned any of it.
LTO_3
Ya. I have had an account with the Royal Bank for 40 years. Sold a car last year for $5000.00 Tried to deposit the cash. Then the inquisition started. The teller wouldn't accept the money without an explanation. Said she had to talk to her manager. Where did the money come from? I told her from selling a used car. Fucking unreal.
Ya it's supposed to be 10 000 and up but pretty much anything over a grand or two is now considered suspicious at most financial institutions. Which is fucking ridiculous.
There is an expression that it is easier to steal $1.00 from 10,000 people than $10,000 from one person. Banks figured this out long ago. User fees for this that and everything. Then they play the where did you get the large deposit game insinuating that it might be from a nefarious source when they commit petty larceny 10's of thousand times a day!!!!!
I think it was on This hour has 30 minutes. One of the comedians was interviewing a bank rep. He was asking about the 23% or whatever their rate was for credit cards. And why did they give 2.5% on savings. She explained to him like he was a child "that's your reward for saving. It's like....your reward".
If they're working for an agency, I would imagine they can claim it as legit income since A.) selling sexual favours is not illegal in Canada and 2) escorts are technically being paid for their time and only their time.
Claim it the same way Kim K and others do. Start a business and distribute a few each month. Or what LTO said works too.
It's the same when withdrawing at banks now.
Withdrawing a paltry $2k? They want to know why.
It's my money, why do I have to tell anyone how I intend to use it.
The only argument that supports that policy is for people getting scammed into withdrawing funds to pay the scammer but even then at the end of the day it's not the banks business.
Tell the teller it's for hookers and cocaine and watch the look on her face.
I worked as a teller in my younger years. They do banking like how any other citizen would do.
Only Gas stations would really deposits such high amounts of cash.
Only Gas stations would really deposits such high amounts of cash.
What, you making meth in a Winnebago now?
Except if it turns out that it was someone being scammed, the bank would be criticized for not questioning the withdrawal.
