Money Question

spitze said:
Cash....buy a car with cash...pay the insurance up front cash....
cash everything.....

WRONG!!!! Buying a car with cash will send up a huge red flag. As will paying cash for insurance. There is an entire arm of revenue Canada that looks at stuff like that. Its how they catch drug dealers etc...
 
Buying gold is very inefficient, expensive i.e. your cost for a gold coin is much higher than the spot price and much lower on the sale. The transaction costs will kill you.

While the official floor for a currency dec is $10K, the standard is any transaction that raises suspicion or is questionable.

You could go into the Western Union office and buy a draft payable to yourself and deposit that. Several offices and drafts would allow you to increase the amount.
 
Cycleguy007 said:
WRONG!!!! Buying a car with cash will send up a huge red flag. As will paying cash for insurance. There is an entire arm of revenue Canada that looks at stuff like that. Its how they catch drug dealers etc...


That's whyI dont clean money ..lol
 
champ said:
What are the laws or rules behind how much cash you can deposit at any one time?

There is no limit as to the amount of cash that may be deposited at any one time. You should contact your bank manager ahead of time so that they will be prepared with the required paperwork so that the transaction may be properly reported to the authorities.
 
vsailor said:
Agree..Canada has NO tax on inheritence.....also if I'm correct ..inheritence is also immune from the spouse in a divorce case!
i didn't know that second one. mmmm....i guess I have some planning to do. Hey mom, are u home?
 
I believe the executor has to file a terminal, final tax return on behalf of the deceased.

Basically all assets are deemed disposed of on the date of death and any taxes due on income, capital gains etc. must be paid from the estate of the deceased.

The net amount then flows tax free to any stipulated beneficiaries.
 
champ said:
I have come into a sum of cash.

Then you may want to rinse off the bills to keep them from sticking together.

*ba-dum-bump*

Seriously, stash the money in a safe place, and pay cash whenever possible: gas, food, vacations, SPs, MPs, strippers, limos, booze, drugs... You know, the necessities of life.

As for cars, CycleGuy is right: paying for the entire vehicle in cash will set off alarms at Revenue Canada. What you can do, however, is negotiate with the manager to pay for part of the vehicle with cash and have him discount the price on the invoice.

For example, if the car you are buying costs $50K, tell the manager you would like to give him $20K in cash and have him write up the invoice at $30K. That should work, no?
 
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What he said... I knew there was a government "arm" that tracks this stuff, just wasn't sure what its name was.... (I thought they were a part of Rev Canada... I stand or rather sit corrected.) I did some business years ago with a client who worked for this agency. He always knew where to get excellent deals on some great stuff! (Through auctions of goods commandeered by proceeds of crime... or so he claimed.)

Thanks Mike! You are proof that not ALL lawyers are bad!
 
Car dealerships WILL take cash payment but they prefer not to because of, as mentioned, the security risk involved with having a large sum of cash on site. There is a thread around here somewhere where someone asked if you paid in cash would you get a better deal and the answer was no, because of the extra work involved when dealing with cash.

As for reporting the income or RevCan looking into or being notified of the purchase of the vehicle for cash, you have to remember: you have to register it and plate it, both via a government agency. I can bet that somewhere we all have a digital file listing all our "registered" assets (anything that requires a permit/plate/insurance). I can also make an assumption that in that file, if suddenly you have 3 vehicles registered in your name whose total value exceeds your reported income by 200%, I bet the alarm bells will start ringing. Even if there isn't a file I wonder if the MTO employees are instructed to reported on persons with multiple vehicle registrations........

And Michaelzzzipperhead, go fuck yourself. I wasn't that far off. As someone said in a subsequent post, the tax owed on the money being inherited has to be paid before it can be distributed. If there is no tax owing, then fine. But if there is? The tax man takes his share......so, blow it out your ass...
 
Ivan said:
casinos my friend

Just a thought, but if you were to go to Rama, buy $10,000 worth of chips, at the end of the night, you cash in $9,500.00

Can you get your money in a cheque?

(I don't actually know as I never go to Casinos.)

Then you take the cheque and depost it into your account.

If anyone asks - you won at slots.

I'm sure there's a pot hole somewhere in there orelse every criminal in the world would be doing something so easy.
 
I like the Safety Deposit Box Idea. Just bank your pay (but not all of your pay)

Pay for life's day to day transactions in cash. You'll chew through 100k eventually.

Or, you could open several different accounts here and there in differing financial institutions - although they always want your SIN number so I'm sure that Big Brother knows exactly where you stand, how much you make, etc.

You could open up accounts in the USA, or what about a swiss bank account, or Liechtenstein. They don't give a rat's ass about where the money came from. The banks in Liechtenstein make the Swiss look like blabber-mouths. You just strap that money to you and hop on a plane.
 
james t kirk said:
Just a thought, but if you were to go to Rama, buy $10,000 worth of chips, at the end of the night, you cash in $9,500.00

Can you get your money in a cheque?

(I don't actually know as I never go to Casinos.)

Then you take the cheque and depost it into your account.

If anyone asks - you won at slots.

I'm sure there's a pot hole somewhere in there orelse every criminal in the world would be doing something so easy.

I have to assume that Canadian Casinos are like their US counterparts where they hold back the tax on your winnings at the casono. Especially so since our casinos are government run!

But if the OP really wants to launder the money he should take it with him to a weekend trip in the BVIs and deposit it there.....
 
tboy said:
I have to assume that Canadian Casinos are like their US counterparts where they hold back the tax on your winnings at the casono. Especially so since our casinos are government run!

But if the OP really wants to launder the money he should take it with him to a weekend trip in the BVIs and deposit it there.....

I didn't think casino winnings are taxed in Canada. (Like lotteries are not, yet in the USA they are.)
 
tboy said:
I have to assume that Canadian Casinos are like their US counterparts where they hold back the tax on your winnings at the casono. Especially so since our casinos are government run!

But if the OP really wants to launder the money he should take it with him to a weekend trip in the BVIs and deposit it there.....


they only withhold for foreign nationals. no tax on gambling winnings in Canada. who does your taxes for you? they are ripping you off.
 
MichaelZzzz said:
It was done exactly like that up until recently. Finally the RCMP caught on after seeing numerous known drug dealers playing the slots at Rama.

Basically the drug dealers had found a loop hole in the money laundering system, but it was the crowd of them that got LE wondering, "Why do all these drug dealers seem to be playing the slots so much?" There has been a change in procedure.

http://www.cbc.ca/canada/story/2008/05/19/casino-launder.html

Hmmm, who knew.

I just was sitting here thinking, "well, you could tell them you won it at the track" and then the casino thing came to mind.

So, exactly how did they plug the loophole?
 
MichaelZzzz said:
I can guarantee you from personal experiences that Pearson airport has currency dogs. Strapping it to your body eliminates any chance of talking to the officer with the defense of "Golly Gee officer I didn't know about the $10,000 limit. Of course I'll fill out a declaration".

Found an article on them.

"On another line is CBSA officer Ron Downer and Kenzo, a chocolate Lab, who are targeting the smuggling of cash. "

http://cnews.canoe.ca/CNEWS/Features/2007/05/07/4160484-sun.html

Man, you are a tough room.

Ok, jump on the Queen Mary when it lands in Quebec City......sail to Europe, get off, rent a car, drive to Lichenstein, deposit the money....

:D

Fuck it, just blow it all on Hookers.
 
MichaelZzzz said:
I think is is spelled T-Bag :-D

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It would explain his extensive knowledge of the legal system.
 
I would help you, but I swore to always use my powers for good and not evil!


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