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.
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.
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.
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
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.
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.
Spunky 