Personal Finance

Depositing 14,000 dollars worth of Cash. My Salary isn't high. Childhood savings.

  • Last Updated:
  • Jul 28th, 2011 11:38 pm
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Jr. Member
Feb 15, 2011
146 posts
10 upvotes
fairfax

Depositing 14,000 dollars worth of Cash. My Salary isn't high. Childhood savings.

Hello,

I am 23, I drive/own a car. recent grad... no debt over 500 dollars.

I make about 30k from my accounting job. I have about 8k in the bank. I only worked for 1 year. on top of that I have about 10k in cash that need to be deposited and I have 1k owed to me from reliable family members who uses me as a credit card for the family business when they are on vacation(100 percent return maybe plus a tip) also the goverment owes me about 3k goverment cheques(not cashed in yet). also I have 500 dollars face value bonds that have been expired and they have appreciated over the last 10 years....

As you can see I dont make alot of money. Yet I have a ton of cash to deposit.

Yet I have alot of liquid assets that doesn't have a paper trail. I have 10k when I was a kid.. when i was working for my parents business in real estate. It took me so many years to accumilate it probaly like 18 years lol... I have 1 years worth of salry.

I strongly believe that I will raise alot of red flags if I deposited all at once.

10+.5+4= 14,500 with no paper trail.

I am really worried.

I have a masters program though... that will cost me 5k a year.. 800 in professional accounting memebership fees and 1k in school books/year. I think i should blow all my savings that is not registered in my bank... on my masters program, accounting program and school books.

What do u think???

You might think why am I hording all this cash is because I want fund my masters program debt free... and also I want to buy a rental property in 3 years or less. Or possibly open a business in 2 years or less while i work full time.
10 replies
Deal Addict
Mar 27, 2011
1210 posts
89 upvotes
Nowhere
I would not worry about it. You say it is cash cash (not like a cheque). They will check to see that the money is legit (not fake) but besides that you should be good.

They may give you weird looks but don't worry.
Deal Fanatic
User avatar
Mar 30, 2004
5302 posts
2996 upvotes
Durham Region
Just deposit it.

It'll probably be reported to Fintrac, but unless you make a habit out of it, there's nothing to really worry about.
Jr. Member
Feb 15, 2011
146 posts
10 upvotes
fairfax
dibksbgon wrote: I would not worry about it. You say it is cash cash (not like a cheque). They will check to see that the money is legit (not fake) but besides that you should be good.

They may give you weird looks but don't worry.

my uncle owns a small/medium sized multimillon dollar company he told my dad who is also rich that the RCMP checks transactions of a certain amount. I worked hard for my money honestly... for so many years... I don't want to be taxed more for nothing.
Deal Addict
Nov 18, 2008
3271 posts
81 upvotes
You will have to fill out a Large Cash Transaction Report if you deposit it all at once. It's not a big hassle, and you won't get in trouble with the CRA.

Just out of curiosity, when you say the money is from your childhood, any chance there are some older banknotes in there? Some of them could be worth a little more than depositing them in the bank. ;)
Deal Addict
Mar 27, 2011
1210 posts
89 upvotes
Nowhere
ultrahigh9 wrote: my uncle owns a small/medium sized multimillon dollar company he told my dad who is also rich that the RCMP checks transactions of a certain amount. I worked hard for my money honestly... for so many years... I don't want to be taxed more for nothing.

I mean this in the nicest way because I don't want you to freak out, CHILLAX.
Deal Fanatic
User avatar
Mar 30, 2004
5302 posts
2996 upvotes
Durham Region
And before you get any ideas, depositing it all at once is a better idea then splitting it up into a bunch of smaller deposits. That's more likely to arouse suspicion, IMO anyways.
Deal Addict
User avatar
Jun 23, 2009
1154 posts
140 upvotes
YUL
Don't make several deposits under 10K which add up to 10K+ at the end of the week. There's a handbook that banks use to train people and that is one of the things to watch out for, cash deposits is another.
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Deal Fanatic
May 31, 2007
5018 posts
2175 upvotes
As long as the money has not come from anything illegal, you'll be fine. The CRA will not tax you just for depositing cash. You will have to pay tax on any gains you make with this money, if invested, unless you go with a tfsa.
Deal Expert
User avatar
Nov 2, 2003
17117 posts
3872 upvotes
GTA
cash is going to be worthless. buy some gold or something? but srsly, just deposit it... don't want to lose it all in a fire or a robbery.
Banned
Nov 16, 2003
542 posts
10 upvotes
Toronto
actng wrote: cash is going to be worthless. buy some gold or something? but srsly, just deposit it... don't want to lose it all in a fire or a robbery.

silver is the better investment right now. nevertheless gold or silver is good.

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