So I have some cash, it's a fairly large amount. It's not from anything illegal. It's just over the last couple years I have saved a lot of money from selling things online via sites like craigslist. I was also given a substantial amount of cash by someone, and I worked for 2 summers. I have it at home in a safe. I don't know why I never took it to the bank gradually over time. I guess I liked seeing and counting it. It felt good. That being said I know for sure it is safer in the bank. But if I take the whole lump sum won't that raise red flags?
Could I deposit the cash weekly in increments of say $5000?
I'm a student and don't want to fill in any paper work or pay any taxes. I have a student account at TD Canada trust if it makes a difference. Thanks.
You have two options, you can either talk to your bank manager about this and see what he/she has to say, or you can talk to the turbo-autist armchair day traders on a subsection of a japanese image board who will probably advise you to buy bitcoin in cash, buy gold or something else just as dumb.
Your choice.
>>1379048
No, no. I'd much rather hear advice from /biz/ autists. I'm not buying virtual currency or gold or anything else. I just want the cash in my bank savings account.
>>1379052
How are you going to do that other than taking cash to your bank? Just phone up the fucking bank and ask what the rules are. If you have gotten the money through legal means then there is nothing to fear.
>>1379052
Just put the money in a sealed envelope and store it in a safe-deposit box at your bank. Or buy annuities/certificates of deposit which should make your bank manager happy.
>>1379075
Couldn't they make me pay tax on it or something? I've heard that bank deposits over 10k require paperwork and I just want to avoid it all.
What a sad state the modern banking system finds itself in.
>>1379086
Well I can understand it in a way. These provisions are put in place to prevent proceeds of crime being deposited (what good does that really do honestly though). But my money is legal.
>>1379084
I guess they could. Why not just keep it and use it as cash? Sure you'd loose on intrest but not that much.
>>1379098
I don't know man. It's risky I guess. If there is ever a fire or a theft (unlikely but you never know) I'd be fucked.
>>1379084
You will need to pay tax on everything in your bank account. It is part of filing your taxes, providing forms which document the amount of money in your bank account(s). Have you... never done this? Also anon, not only are you a piece of shit for trying to tax dodge (and I hope you get caught), but it also transforms this legal money into illegal money if you do so? I fail to see how this is complicated.
"Is there a way I can hide my money and avoid taxes through a central bank regulated by the government?" Uh, no, anon. Like nobody's thought of that before. Your options are, as people said, gold and bitcoin. BTC has had an objectively fantastic run since its creation, but like I said, I hope you fuck this up and get arrested trying to launder your free money while the rest of people who work for it pay their taxes. You are a cunt.
>>1379136
Haha, oh anon. You make me smile. Even if I did fuck up, rich parents to the rescue :^)
>>1379093
> But my money is legal.
In the US and many European countries asset forfeiture laws exist, they may be called different names but they accomplish the same thing. In the US if you have $10K on you it can be seized under the guise of money laundering and it's up to you to prove that it's been obtained legally. If you manage to prove the money was obtained legally you'll get it back minus lawyer and court fees. The exact laws and cutoff amounts, I believe it's 1500 euro in Italy, will vary depending on the country.
I don't know if Canada has any similar laws so you'll have to look it up but since it's 'merica "FUCK YEAH!" lite it likely has something similar. Modern banking assumes you are guilty until proven innocent. If you don't have a paper trail as to how you obtained that money be very careful when depositing it as there's a very real chance of your money being seized.
>>1379149
Well good to know. This is why I come to /biz/ you guys are helpful. You may have just saved me from getting assfucked by Uncle Sams Canadian nephew.
>>1379137
Keep it in a fireproof safe. problem solved
>>1379160
My safe is fireproof for up to 1.5 hours. Cost me $20. I am debating whether to get a better one though that can withstand fire for longer.
>>1379048
Holy shit I laughed so hard when I read that. Thank you, I haven't laughed this hard on an imageboard in a long time.
desu, you don't have enough money for the system to raise any flags for them. they would only care if it could get them in trouble, which it won't.
just deposit it in varying amounts on different days of the week over the course of a few months
i'd keep it lower than 5000
>>1379194
Maybe I will open a student account at another bank too
A safe is a better place for your money when the economic collapse happens and all the banks run out of cash. You've seen pictures of the lines of people desperately trying to get their money from the banks, haven't you anon? Happened in Greece and it can happen to your country. If you insist on not buying gold or crypto (you should) atleast keep some of your cash around. I would just get a better safe desu.
OP keep in mind if you need a decent sided loan in within the next three years. The loan originator is going to want you to prove how you were able to make those deposits. So if you do not have a paper trail it could duck your eligibility.
>>1379136
If a person can get away from paying taxes, why get mad at them? It's not as if it benefits you if they did end up having to pay taxes for their money. And calling it unfair is childish. We have a limited amount of time in this world and if someone finds ways to make their time more enjoyable then I applaud them and follow suit. You can drown in your morals, rules, laws, and rights all you like but don't go trying to make everyone else drown along with you
You gonna need to pay capital gains tax if you want to bank it. At least the money you made sucking dick on Craigslist
>>1379251
Why is everyone on /biz/ obsessed with sucking dicks for money? Is that all you think about?
>>1379084
>bank deposits over 10k require paperwork
You answered your own question. Just stick it all in a TFSA and fill out the "paperwork", just tell the nice lady at the bank you have a pile of money, you won't have to pay tax on it or pay a bribe or anything, you live in a first world country, 50G isn't even that much money anymore, no one will bat an eye.
>>1379043
I've put 20k into my bank account in small increments under 1k over the past year. No problems yet.
Buy Bitcoin
What you're suggesting is highly iilegal and I've reported this thread to the RCMP. You better be behind 7 proxies.
>>1379380
No you didn't.
safety deposit box if you want to get it out of your house asap but just ask a branch manager from another TD to see what they say. (don't give them your account info at the other branch)
>>1379350
Hey I have a question. Maybe you know the answer to it. Where can I short bitcoin? I have tried to look online and I know people are shorting it but want to know what exchange?
>>1379431
Poloniex, I think Kraken also has that option.
Don't know how it is in Canada, but in America any cash deposits $10,000 or over and the bank has to fill out paperwork and send it to the IRS.
So in America, weekly $5000 deposits would be fine as far as the IRS immediately finding out. But here the IRS has access to bank account #'s anyway if you're audited, so you'd probably get fucked long term and they'd find out.
>>1379043
ugh, just go to a gold/silver exchange and get some bars.
