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How much can you deposit at a time into a bank account...

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Posts: 32
 
Veteran
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Joined: Mar, 2004
Posts: 4579
Posted: #26
@Sports_rookie

Cash or cheque ?

Every country is different

if you live in Canada, you need to check

Financial Transactions and Reports Analysis Centre of Canada web site

https://www.fintrac-canafe.gc.ca/reporting-declaration/info/rptlctr-eng.asp


According to Fintrac

<QUOTE>


What must be reported?


<UNQUOTE>


if you have a large sum of money, keep it under five thousands per deposit.

Business owners ( car dealers for instance) can deposit large sum of money


 
Veteran
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Joined: Mar, 2004
Posts: 4579
Posted: #27
posting got messed up ..

If you are a reporting entity, you have to send a large cash transaction report to FINTRAC in the following situations:

  • You receive an amount of $10,000 or more in cash in the course of a single transaction; or

  • You receive two or more cash amounts of less than $10,000 that total $10,000 or more (24-hour rule). In this case, if you are an individual, you have to make a large cash transaction report if you know the transactions were made within 24 consecutive hours of each other by or on behalf of the same individual or entity. If you are an entity, you have to make a large cash transaction report if your employee or senior officer knows the transactions were made within 24 consecutive hours of each other by or on behalf of the same individual or entity.


 
Prospect
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Joined: Nov, 2017
Posts: 1
Posted: #28
You can deposit as many as you want. But if it is more than 10000 you need to show your id card.
 
Legend
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Joined: May, 2003
Posts: 71023
Posted: #29
Cash or check, is the CTR over 10k reported to IRS either way? 
all of these threads end up in ego posture and argument. 

Just a simple question. 
 
Legend
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Joined: May, 2003
Posts: 71023
Posted: #30
I always wonder where Slobb is on this topic. Claims he's a CPA but awol on any money transaction questions. Hmmmm.
 
Veteran
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Joined: Dec, 2006
Posts: 4311
Posted: #31
Reporting of CASH transactions to the IRS springs from the Banking Act of 1990.The reports are to monitor $ laundering and are where I 1st ran into this was making bets in a sportsbook in LV.
Any time a book saw $10k CASH or a series of bets that added up to $10k,they needeed a SS# or would report that the player was attempting to avoid the reporting of SS#. This was a pain in the asss for the book and player so the young lady at the Mirage told me next time take your payoff in chips and make your bet in chips and ain't nobodys business but my own.It is CASH $ that is being tracked and not if you use a check/credit card..If you made a down payment on a car on a credit card of 10K no problem..
 
 
Banned
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Joined: Jan, 2016
Posts: 1224
Posted: #32
Under 10K and discreet as possible. Maybe once a check, next time bitcoin, then a direct deposit  GL
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