I know there's a thread on here about joint accounts but I couldn't find an answer to my question.
I know someone who works for the "govt", Bill. Bill won't tell me what he does exactly but he works in some sort of auditing capacity I'm guessing.
So let's say Alison receives cash from waitressing tips or Joe receives cash for plumbing jobs. This is undeclared cash or income.
One can't just take this undeclared cash and put it in his personal bank account because there is a 1% chance he may be randomly audited right?
However, Bill was saying that if you have a joint account, and you deposit cash into this account, the CRA won't really be able to do much, even if the account is audited.
So what will CRA do exactly? Is opening a joint account a good way to launder money?
I know someone who works for the "govt", Bill. Bill won't tell me what he does exactly but he works in some sort of auditing capacity I'm guessing.
So let's say Alison receives cash from waitressing tips or Joe receives cash for plumbing jobs. This is undeclared cash or income.
One can't just take this undeclared cash and put it in his personal bank account because there is a 1% chance he may be randomly audited right?
However, Bill was saying that if you have a joint account, and you deposit cash into this account, the CRA won't really be able to do much, even if the account is audited.
So what will CRA do exactly? Is opening a joint account a good way to launder money?