Making cash deposits to your bank account

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K Douglas

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I'm not sure if any of you ladies are aware of this but every time you make a cash deposit of > $10,000 to your bank, it gets reported to an agency called FINTRAC. They in turn will pass on that information to other authorities, including the Canada Revenue Agency. Even if you break up the amounts into a smaller denomination $5,000 and make two deposits within 48 hours, they will be notified.

My recommendation would be to not accumulate too much cash and to make deposits on a frequent basis in denominations under $2,500. And spread them over multiple bank accounts over multiple institutions.
 
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Patron

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K Douglas said:
I'm not sure if any of you ladies are aware of this but every time you make a cash deposit of > $10,000 to your bank, it gets reported to an agency called FINTRAC. They in turn will pass on that information to other authorities, including the Canada Revenue Agency. Even if you break up the amounts into a smaller denomination $5,000 and make two deposits within 48 hours, they will be notified.

My recommendation would be to not accumulate too much cash and to make deposits on a frequent basis in denominations under $2,500. And spread them over multiple bank accounts over multiple institutions.
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A person has to be very careful about not looking like a Smurfer if they do what you suggest in the last sentence.

Being a structurer or smurfer is a serious crime.

Of course if a business or person deposits every day and never accumulates more than $10,000 it is difficult to say they were structuring or smurfing. But other than restaurants, it is unusual for any person or business to deposit that much cash. And it is getting more unusual in the credit/debit card world we live in for that to occur.

complyadvantage.com

What is the difference between smurfing & structuring?

Structuring and smurfing can both cause serious problems for firms. But what is the difference between smurfing and structuring, and how can you protect against them?
complyadvantage.com complyadvantage.com
 
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Giselle Montreal

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Patron said:
A person has to be very careful about not looking like a Smurfer if they do what you suggest in the last sentence.
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Yes. Our banks are always watching the movements in our accounts and having multiple bank account doesn't hide that kind of trick. The secret lies in our habits which they monitor closely, and being above-board.
 
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Carpa

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K Douglas said:
I'm not sure if any of you ladies are aware of this but every time you make a cash deposit of > $10,000 to your bank, it gets reported to an agency called FINTRAC. They in turn will pass on that information to other authorities, including the Canada Revenue Agency. Even if you break up the amounts into a smaller denomination $5,000 and make two deposits within 48 hours, they will be notified.

My recommendation would be to not accumulate too much cash and to make deposits on a frequent basis in denominations under $2,500. And spread them over multiple bank accounts over multiple institutions.
Click to expand...
With all the money being deposited in Canada, is the Government able to track all these deposits?
 
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Patron

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Carpa said:
With all the money being deposited in Canada, is the Government able to track all these deposits?
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There just aren’t that many cash deposits anymore, which is a major issue for Vice activities. I know Canadians hate that term, since sex work is half-legal.

The computer system pretty easily spits out the reports to be filed after the deposit is labeled as cash, and in most Western nations they are sent to the government electronically.

A major problem that most sex workers face is that banks have come to hate cash deposits because of the reports, and the requirements for tellers to look for structuring/smurfing, so many banks just close the accounts of individual cash depositors and tell them to take their business elsewhere. A bank has enormous rights to just not do business with anyone it chooses not to.

The cashless society is a major issue for Vice, and Vice-light. And the credit card companies are constantly lobbied by moralists to not do business with those working in the Adult industries.

It all sucks. We were all better off before the cashless society. Be honest, aren’t most big cash withdrawals by Johns done to buy sex? Everyone uses a credit/debit card for everything else.
 
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corrie fan

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Was in my bank a while back and saw an Asian guy depositing several wads of cash. It was in stacks about 6 inches high with a band around each one. Had to be many thousands. Must be a regular thing because the teller did not seem at all surprised. She was still counting the bills with the counting machine when I left. I live in a smaller city, can't figure out what kind of business would generate that much cash.
 
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Giselle Montreal

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corrie fan said:
Was in my bank a while back and saw an Asian guy depositing several wads of cash. It was in stacks about 6 inches high with a band around each one. Had to be many thousands. Must be a regular thing because the teller did not seem at all surprised. She was still counting the bills with the counting machine when I left. I live in a smaller city, can't figure out what kind of business would generate that much cash.
Click to expand...
I worked in a bank once and there was a guy who would deposit once a month loads of cash. I learned quickly it came from tenants and that he had many big buildings. Was it the only source? I’ll never know. Today with e-transfers, I doubt I’d see the same story.
 
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DesRicardo

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K Douglas said:
I'm not sure if any of you ladies are aware of this but every time you make a cash deposit of > $10,000 to your bank, it gets reported to an agency called FINTRAC. They in turn will pass on that information to other authorities, including the Canada Revenue Agency. Even if you break up the amounts into a smaller denomination $5,000 and make two deposits within 48 hours, they will be notified.

My recommendation would be to not accumulate too much cash and to make deposits on a frequent basis in denominations under $2,500. And spread them over multiple bank accounts over multiple institutions.
Click to expand...
Don't they make you fill out a form too?
 
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barnacler

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FINTRAC is interested in terrorist financing and illegal activities, mainly drugs and crime proceeds. Escorts should say if asked that the funds come from her massage and personal services business, its not illegal.

In any case, from what I know, drug proceeds are so huge that this creates quite a problem for them, whereas for an escort, using cash for day-to-day expenses can probably mop up a significant amount of earnings.
 
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xix

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Thank you to the OP @K Douglas for letting us know.

What would FINTRAC do if I started doing the opposite. Withdrawing money by the week?
 
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Muchadoaboutnothing

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K Douglas said:
I'm not sure if any of you ladies are aware of this but every time you make a cash deposit of > $10,000 to your bank, it gets reported to an agency called FINTRAC. They in turn will pass on that information to other authorities, including the Canada Revenue Agency. Even if you break up the amounts into a smaller denomination $5,000 and make two deposits within 48 hours, they will be notified.

My recommendation would be to not accumulate too much cash and to make deposits on a frequent basis in denominations under $2,500. And spread them over multiple bank accounts over multiple institutions.
Click to expand...
I don’t suggest doing that different institution thing. I actually suggest just deposits under 2500 a week.
even rolling cash and putting into safety deposit box. Having a business registered helps which should already be a thing for taxes
 
Muchadoaboutnothing

Muchadoaboutnothing

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xix said:
Thank you to the OP @K Douglas for letting us know.

What would FINTRAC do if I started doing the opposite. Withdrawing money by the week?
Click to expand...
Probably doesn’t matter unless it’s divorce time or whenever follow the money is needed. My dad being the sweet idiot he is tried to transfer me all his savings money during his separation from his common law partner and obviously this was revealed during the financial investigation aspect lmao
 
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Muchadoaboutnothing

Muchadoaboutnothing

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DesRicardo said:
Don't they make you fill out a form too?
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They ask where it came from. When I had someone pay me back $20,000 as a cheque I was at the bank more than an hour they had to he trim in them phone. Ask why they owed me the money etc. it waslong and annoying and I wish I had know the processs. I walked in 🤩 and walked out like🫨😑🫠 😒
 
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Muchadoaboutnothing

Muchadoaboutnothing

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Patron said:
There just aren’t that many cash deposits anymore, which is a major issue for Vice activities. I know Canadians hate that term, since sex work is half-legal.

The computer system pretty easily spits out the reports to be filed after the deposit is labeled as cash, and in most Western nations they are sent to the government electronically.

A major problem that most sex workers face is that banks have come to hate cash deposits because of the reports, and the requirements for tellers to look for structuring/smurfing, so many banks just close the accounts of individual cash depositors and tell them to take their business elsewhere. A bank has enormous rights to just not do business with anyone it chooses not to.

The cashless society is a major issue for Vice, and Vice-light. And the credit card companies are constantly lobbied by moralists to not do business with those working in the Adult industries.

It all sucks. We were all better off before the cashless society. Be honest, aren’t most big cash withdrawals by Johns done to buy sex? Everyone uses a credit/debit card for everything else.
Click to expand...
well also gamblers and drug addicts.
thinking about all the times I got cash for blow makes me sad
 
Muchadoaboutnothing

Muchadoaboutnothing

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corrie fan said:
Was in my bank a while back and saw an Asian guy depositing several wads of cash. It was in stacks about 6 inches high with a band around each one. Had to be many thousands. Must be a regular thing because the teller did not seem at all surprised. She was still counting the bills with the counting machine when I left. I live in a smaller city, can't figure out what kind of business would generate that much cash.
Click to expand...
I had to do cash deposits working in the food service industry every week lots of cash. So he could own a retail store or convenient store or restaurant. Or illegal gambling
 
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