News, If You Deposit a Lot of Cash, Does Your Bank Report It to the Government?

Gardenlover said:
So, what actually happens when they report the transaction?
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We had a medical equipment business in the 80's an 90's and sometimes were paid in cash for equipment so we had to bone up on this. Seems its the "multiple" deposits that is often tracked...whether its 5 grand or 10 grand or whatever. The bank reports it to the Feds and the Feds want to follow it and determine where it went.

https://www.businessinsider.com/the-irs-can-seize-your-cash-through-forfeiture-2014-10
 

So happy I don't have to report my over $10,000 in my bank. My financial manager will decide what needs to be reported. I also have tax free savings account (TFSA) and I don't report it to the government. Really, I can't imagine having my money tracked. Now that I think of it; of course, when I do my taxes online the $$ I received from the gov't automatically gets declared (saves me worrying about it).
 

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