Loading ...Does Canada have the equivalent of the US Currency Transaction Reports (CTRs) law?
In the US;
The U.S. government instituted the requirement for financial institutions to file
Currency Transaction Reports (CTRs) for currency/coin transactions exceeding $10,000 in a single day in 1972, through regulations implementing the Bank Secrecy Act of 1970.
But here is the good part;
- No Adjustment for Inflation: The original $10,000 threshold has never been adjusted for inflation since it was set. As of late 2024, the inflation-adjusted value of $10,000 from 1972 would be approximately $72,880.
- The Bank Secrecy Act (BSA) of 1970 is a U.S. law requiring financial institutions to help the government fight money laundering, tax evasion, and terrorism financing by keeping records and reporting suspicious transactions, especially cash transactions over $10,000, aiding agencies like FinCEN in tracking illicit funds and ensuring financial transparency.
- President Richard Nixon ended the direct convertibility of the U.S. dollar to gold on August 15, 1971, an event known as “closing the gold window” or the “Nixon Shock,” which effectively ended the Bretton Woods system of fixed exchange rates and ushered in the modern era of floating currencies.
With gold and silver prices what they are it doesn’t take much to get to $10000. So is this a plan to reap huge tax rewards on the backs of the prudent stackers?
“They hate us for our Freedoms” barf!
In addition the U.S. government officially stopped distributing currency notes higher than $100 on July 14, 1969, although the last time they were printed was in 1945.
It is about, taxation and possible future confiscation. Throw in the fact that they can and do prosecute for “structuring” deposits and other transactions just below the 10K threshold. They have the records for repeated transactions from bullion dealers and coin shops of anyone who used checks, wires, credit/debit cards etc. Unless you only used cash and kept it under 10K.
Attention Canadians take note…
through its Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), requiring reporting entities to file Large Cash Transaction Reports (LCTRs) for cash transactions of $10,000 CAD or more, and also collecting reports on suspicious activity and cross-border currency movements, all under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
Key Canadian Requirements:
Large Cash Transaction Reports (LCTRs): Must be filed with FINTRAC for cash transactions of $10,000 CAD or more in a single day (or within a 24-hour period if multiple transactions by the same person/entity).
Suspicious Transaction Reports (STRs): Required when there are reasonable grounds to suspect a transaction relates to money laundering or terrorist financing, regardless of the amount.
Cross-Border Currency Reports: Filed with the Canada Border Services Agency (CBSA) and forwarded to FINTRAC for individuals carrying $10,000 CAD or more in currency or monetary instruments into or out of Canada.
Electronic Fund Transfer (EFT) Reports: Similar reporting for large EFTs over $10,000 CAD.
How it Compares to the US:
Thresholds: Both countries use a $10,000 USD/CAD threshold for mandatory cash transaction reporting, though Canada has specific rules for aggregated 24-hour transactions.
Agency: The US has FinCEN (Financial Crimes Enforcement Network) while Canada has FINTRAC, both serving as Financial Intelligence Units (FIUs) to collect and analyze financial data to combat financial crime.