Posted on: 03-10-06 13:44:39
Hello all,
I am told that banks report all money brought in over a certain amount (CAD 100K??) to the CRA.
Wondering if -
1. anybody knows the actual amount over which the reporting is done by the banks to CRA
2. I can send an amount less than the threshold amount to several banks, without their reporting it to the CRA.
Just to clarify, the money is legal and will come from Citi/HSBC/UBS - but I just don't want the bother of having to produce reams of statements.
Appreciate your advice, as always.
Rgds,
Newboyo
Quote:
Originally posted by newboyo
Hello all,
I am told that banks report all money brought in over a certain amount (CAD 100K??) to the CRA.
Wondering if -
1. anybody knows the actual amount over which the reporting is done by the banks to CRA
2. I can send an amount less than the threshold amount to several banks, without their reporting it to the CRA.
Just to clarify, the money is legal and will come from Citi/HSBC/UBS - but I just don't want the bother of having to produce reams of statements.
Appreciate your advice, as always.
Rgds,
Newboyo
It is amount exceeding CAD $10K.
is it 10k per transaction? i.e can i send in 9.9k to an account in Bank A every month and 9.9K into Bank B and so on and so forth?
also can this be done every month for a long period?
I will suggest not to play smart with them. Go to Fintrac website and whatever ways you are thinking they have already termed as suspicious transactions though these are less that $10K.
If it comes under suspicious then you have to do lot of explanation.
If your money is coming from legal sources and it is legal money then there is no reason why you should not bring in one go and give them documentation of source.
Bank generally will report the suspicious transactions and they will not tell you and one fine day you find a notice in your mail box from CRA or RCMP.
thank you for your sound advice.
rgds,
newboyo
It is not just CRA & RCMP, but Uncle SAM is also watching. Look at the newspaper today they are talking about Money Laundering.
Better to play it safe !.
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Speech by Thomas Friedman of The New York Times....
"When we were young kids growing up in America, we were told to eat our
vegetables at dinner and not leave them. Mothers said, 'think of the
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children: 'Finish your maths homework. Think of the children in India
who would make you starve, if you don't.'"
An interesting article by David S. Lesperance Barrister & Solicitor
" Whenever I mention to Canadians that I bring people to Canada as a tax haven, they shake their heads in disbelief.....
http://www.escapeartist.com/passports/passport_facts2.html
