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.
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.