Depositing cash - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Engine09 · 10-02-2014, 12:08 PM

I have a fair amount of cash I need to deposit into my bank account, almost $10K. Just money I've been setting aside and will need to use it soon.

Anything I need to consider before doing so? FINTRAC, Revenue Canada?

Bigtime · 10-02-2014, 12:13 PM

How many posts until the first serious one?

nik- · 10-02-2014, 12:17 PM

I'll take care of it for you.

... two so far.

Drury18 · 10-02-2014, 12:20 PM

Chances are you will just need to answer some questions at the bank (how did you get the money, can you prove you are in legal possession of the money) and show some ID and SIN at the bank when you deposit it and possibly sign a statement swearing you are in legal possession of the money.

If at all possible, bring whatever proof you can to show that you are in legal possession of the money. If it's money as a gift from friends/family, you may ask them to give you a written and notarized statement especially if the sum is over $1,000.

The biggest concern of the bank taking the cash is just to ensure it is legal tender and you are in legal possession of it. $10,000 is a large sum so you will get some attention for depositing it all at once in cash.

puckedoff · 10-02-2014, 12:21 PM

Use two transactions, of about $5k each on two different days, at a teller or an 'envelopeless' atm.

$10K will put you near fintrac levels and $9K they may ask anyways.

Drury18 · 10-02-2014, 12:29 PM

Quote:

Originally Posted by puckedoff

Use two transactions, of about $5k each on two different days, at a teller or an 'envelopeless' atm.

$10K will put you near fintrac levels and $9K they may ask anyways.

Unless the deposits are weeks apart, this isn't a great plan. If you were to deposit $5K in cash on two consecutive days or even a week apart, that can be picked up as suspicious activity. It'll send up more red flags if you split it up into smaller deposits made regularly then one large one that you can satisfy the bank that you legally possess the money.

surferguy · 10-02-2014, 12:39 PM

you will need to buy a carwash

btimbit · 10-02-2014, 12:46 PM

Quote:

Originally Posted by Drury18

Unless the deposits are weeks apart, this isn't a great plan. If you were to deposit $5K in cash on two consecutive days or even a week apart, that can be picked up as suspicious activity. It'll send up more red flags if you split it up into smaller deposits made regularly then one large one that you can satisfy the bank that you legally possess the money.

Yeah if you do that it sounds more suspicious.

I sold a car for 8k, got cash, deposited it all no problem and not even any questions. 10k they might, just be honest and bring whatever proof you can of where it came from but I can't see it being too much of an issue. I can't see them refusing to take it

Engine09 · 10-02-2014, 12:47 PM

Was planning on hitting the bank after work today, thought I would ask just in case there was something I was unaware of. Will deposit it all and not worry about it. All good, thanks guys!

bc-chris · 10-02-2014, 01:05 PM

i've had some large cash deposits in the past... (running a couple hockey teams and when guys pay the entire season upfront it doesn't take long for it to add up)

the teller asked me about it, and i just told her about the hockey stuff i run. that was the end of it

like the others have said - just be honest

CaptainYooh · 10-02-2014, 01:13 PM

It is not at all illegal to deposit cash in any amounts, cash is still a legal tender in Canada. Tellers have to fill a FINTRAC form for any deposits of $10,000 and over. The form is merely a declaration by a depositor that the cash is legal, that's all.

Travis Munroe · 10-02-2014, 01:37 PM

Someone purchased a vehicle off me several years ago in cash. It was a PITA at the bank and I do not recall the outcome but believe it was put on hold until I could come in with the bill of sale to prove its origin.
Just bring whatever documentation you have showing where it would have come from and you should be fine.

mrkajz44 · 10-02-2014, 01:39 PM

CaptainYooh nailed it. Anything $10K and over will require you to answer some questions to fill out a FINTRAC form, but just be honest and it will likely never come up again.

Definitely do not try to split up the deposit to avoid the questions. It is way more suspious if it gets caught later and you have no reason for splitting it up other than to avoid the questions.

Lil Pedro · 10-02-2014, 01:49 PM

That's funny you brought this up, I need to deposit about 2K into my account as I am the league treasurer of my fantasy hockey league. Would rather keep the cash in the bank as opposed to leaving it in my condo. Is 2K nothing to be concerned about when depositing at your bank?

Locke · 10-02-2014, 01:50 PM

Quote:

Originally Posted by Lil Pedro

That's funny you brought this up, I need to deposit about 2K into my account as I am the league treasurer of my fantasy hockey league. Would rather keep the cash in the bank as opposed to leaving it in my condo. Is 2K nothing to be concerned about when depositing at your bank?

No. I make large cash deposits during tax season for my business and anything under $10K is nothing.

lorenavedon · 10-02-2014, 01:55 PM

I know some people that hoard cash and don't deposit it just to have some emergency stuff lying around. More than 10k+ easy. If they went to deposit it they wouldn't never be able to prove where they got it from. Just accumulation over time from random stuff, garage sales, online sales, bank withdrawals that weren't used etc. I thought in this country we were innocent until proven guilty. Proving were you got your own cash from seems rather ridiculous. It's mine, i'll deposit it. Unless you can prove I engaged in some sort of illegal activity wtf business is it to the banks where the cash came from? I'm sure there's some law or legislation but that doesn't make it right IMO. $10k? that's nothing in 2014. Maybe if you came into the bank with a duffle bag of ten million dollars or something like Miami in the 70s and 80s.

Locke · 10-02-2014, 02:01 PM

Quote:

Originally Posted by lorenavedon

I know some people that hoard cash and don't deposit it just to have some emergency stuff lying around. More than 10k+ easy. If they went to deposit it they wouldn't never be able to prove where they got it from. Just accumulation over time from random stuff, garage sales, online sales, bank withdrawals that weren't used etc. I thought in this country we were innocent until proven guilty. Proving were you got your own cash from seems rather ridiculous. It's mine, i'll deposit it. Unless you can prove I engaged in some sort of illegal activity wtf business is it to the banks where the cash came from? I'm sure there's some law or legislation but that doesn't make it right IMO. $10k? that's nothing in 2014. Maybe if you came into the bank with a duffle bag of ten million dollars or something like Miami in the 70s and 80s.

I see. Thats a lot of emergency cash. Do they have to occasionally jet off to Morocco on short notice?

Its not like they take it or anything, its a very simple questionnaire about where you got it, and you can even say things like; random stuff, garage sales, online sales, bank withdrawals that weren't used etc.

CaptainYooh · 10-02-2014, 02:01 PM

Quote:

Originally Posted by lorenavedon

I know some people that hoard cash and don't deposit it just to have some emergency stuff lying around. More than 10k+ easy. If they went to deposit it they wouldn't never be able to prove where they got it from...

Again, it's not illegal to have cash in any amounts. Also, you don't have to prove where you've got your cash from to anyone unless there are reasonable grounds for authorities (national security or CRA) to suspect you of illegal activities associated with cash, in which case they have very strict protocols of making their accusations and inquiries. We still do have presumption of innocence in Canada, you know (except for check-stops, of course

).

lorenavedon · 10-02-2014, 02:11 PM

Quote:

Originally Posted by CaptainYooh

Again, it's not illegal to have cash in any amounts. Also, you don't have to prove where you've got your cash from to anyone unless there are reasonable grounds for authorities (national security or CRA) to suspect you of illegal activities associated with cash, in which case they have very strict protocols of making their accusations and inquiries. We still do have presumption of innocence in Canada, you know (except for check-stops, of course

).

if I go to the bank and they ask me where I got the money from. That's the exact same as asking me to prove where I got it from. it's a distinction without a difference. If I don't have to prove anything than I shouldn't have to answer anything. Either I'm accused of something or I'm not. When the Nazis were asking "papers please", it wasn't just a polite optional suggestion if you felt like it. Look at Realtor1 account. He said he had to go home and get the bill of sale to PROVE to the bank where he got the cash from. Was he lying?

Slava · 10-02-2014, 02:16 PM

Quote:

Originally Posted by Locke

I see. Thats a lot of emergency cash. Do they have to occasionally jet off to Morocco on short notice?

Its not like they take it or anything, its a very simple questionnaire about where you got it, and you can even say things like; random stuff, garage sales, online sales, bank withdrawals that weren't used etc.

I have known people from 'the old country' and they have kept ridiculous amounts of cash in their home. One guy had hundreds of thousands because he just didn't trust the banks (or basically anyone else for that matter). Some people just grew up in different times and different worlds really.