Depositing large sums of money in Canada

[BigJohnny]

Does anyone know what the "rules" are about this? I know if a transaction is $10,000 or more they have to file a report, and if you make multiple deposits totaling $10k within 24 hours they treat it as a single transaction and have to report it.

But how often could you deposit random amounts of money totaling more than $10k in a month?

I'm in a position to try and start my own business since I work for myself now, but what I'm currently doing is a little bit grey since I process waste material for a legal MMAR greenhouse.

They don't actually employ me, which is why I work for myself and would like to legally register a business and claim my income.

 

[VonBudí]

for a legal MMAR greenhouse.

would like to legally register a business

ask them to recommend a lawyer etc and see what s/he sais aboot setting up a cannabiz. Dont want to mess up now at 11.59,just before legalization.

 

[billy_big_bud!]

10 000 is the legal threshold but not the spoken one. any cash deposits above 3000 WILL be looked at as suspect. they may not say a word to you but the teller will report it immediately to a supervisor and you will now be on their radar. slow and steady wins the race. running cash around is not hard if you follow a tight protocol.

 

[Genghis Kush]

.

 

[BigJohnny]

10 000 is the legal threshold but not the spoken one. any cash deposits above 3000 WILL be looked at as suspect. they may not say a word to you but the teller will report it immediately to a supervisor and you will now be on their radar. slow and steady wins the race. running cash around is not hard if you follow a tight protocol.

i've been regularly depositing amounts above $3k. I'm trying to buy a house, but that's a topic for another conversation.

 

[BigJohnny]

ask them to recommend a lawyer etc and see what s/he sais aboot setting up a cannabiz. Dont want to mess up now at 11.59,just before legalization.

I wish I knew how to turn it into a cannabiz ..... it would make my life so much easier.

 

[Stoner4Life]

idk about turning your wealth into a cannabiz but you might want to try depositing your cash into more than one bank, spread those deposits out by using 2 or 3 different accounts elsewhere.

Eventually you can probably draw bank checks and combine the accounts that way, a check drawn from another bank won't be looked at like cash, in fact your bank will assume that you've complied with all deposit rules if those other banks have taken no actions on you for suspicious business.

Banks don't want to break the law by looking the other way if you're depositing too much too soon, BUT, they are banks that want to hold your money for you, that's their business, they do want your money.......