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Discussion Starter #1
Hi,

There is a large cash transaction (lct) thread on here but it's old. I have a couple questions:

1. Does Fintrac submit the names of individuals doing several lct's to Revenue Canada?

Let's say I do 10 lct's of say 12k per year at a precious metal buying place.

2. Could Fintrac come after me and say I'm laundering money and conduct an investigation? I already pay yearly taxes.

Or will Fintrac say "ahh, whatever, I have bigger fish to fry."

Any insiders here who might be able to advise?
 

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Answer to question one:

Will Fintrac tell the CRA?

Fintrac's concern is tracing and creating a record for money that was possibly received or used in the proceeds of crime. Tax evasion is a criminal record. So yes, they could tell the cra. The CRA does publicly post about people busted for non disclosure and doing donation schemes.

Answer to question two:
Fintrac will not come after you, however they report to CSIS and the Minister of Finance. THe RCMP will come after you, if they have grounds to believe you've laundered money.

EDIT** If you've done nothing wrong, why are you so worried?

You've made a previous post about it here by bumping this old thread..
 
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