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Should payments of $10k or more in cash be illegal?

Some Canadian politicians think so.

Posted - June 8

Responses


  • 4607
    Payments of $10K or more FOR WHAT?????????????????????????
      June 8, 2025 12:37 PM MDT
    2

  • 35419
    I have purchased vehicles with cash before. 
      June 8, 2025 2:36 PM MDT
    0

  • 11792
    In the US, cash payments of $10K or more must be reported to the IRS.  I assume as a business owner you are aware of that. I don't know what is going on in Canada, but I would guess that it's something along the same lines to make it harder to launder money from criminal activity. 
      June 8, 2025 1:35 PM MDT
    2

  • 35419
    Yes, I have to report them but they are not illegal. 
      June 8, 2025 2:49 PM MDT
    1

  • 11792
    Well, you'll have to tell us what you're talking about. Nor being able to legally pay with cash makes no sense and I haven't heard anything about it. I suspect this is misinformation. 
      June 8, 2025 5:06 PM MDT
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  • 35419
      June 9, 2025 10:03 AM MDT
    0

  • 11792
    If I understand the bill correctly, it would require a payment of over $10K to be processed through a financial institution. Financial institutions have requirements around cash deposits, although I didn't spend enough time to learn what they are. So, you can pay the full amount for your car with a check or an electronic funds transfer. 

    The controversy around this is whether taking away a consumer's right to privacy, by possibly tracking their spending, is justified if the law is designed to prevent money laundering. 

    To be honest, I haven't given this enough thought to have an opinion. My larger cash purchases have always gone through  a bank and I  don't live in Canada at the moment.
      June 9, 2025 11:58 AM MDT
    2

  • 3181
    If someone wants to give you $10,000 in cash, you have to report it so ask for $9,900 instead.  Make the law work for you.  This post was edited by Honey Dew at June 9, 2025 9:50 AM MDT
      June 9, 2025 8:07 AM MDT
    2

  • 35419
    I don't do anything illegal to making the report does not bother me. But the payment should not be illegal. 
    I have met people who just hate banks, etc so they do everything in cash. 
      June 9, 2025 9:50 AM MDT
    1

  • 3181
    My understanding is you have to report anything $10,000 or over. 
      June 9, 2025 8:06 PM MDT
    1

  • 35419
    Yes, anything $10k including multiple cash payments that add up to $10k. 
    ie. If I have a customer that comes in every month and buys $1000 worth lf merch and pays cash. After the 10th month I am required to file the form to report the transactions.  
      June 10, 2025 5:54 AM MDT
    0