• Last Updated:
  • Apr 26th, 2016 6:32 am
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[OP]
Sr. Member
Nov 9, 2008
630 posts
189 upvotes
Ottawa

Currency exchange

I noticed recently that the currncy exchange company i use wants to collect personal info for anything over $5000, which is fine but is there a tax requirement for this?

Like if i make money converting,keeping and converting again?

either way, is there another simpler, quicker. way of exchanging larger sums of money to USD(or USD to CAD).

Thanks
1 reply
Deal Addict
May 2, 2004
2739 posts
168 upvotes
Mississauga
Quite possibly this is meant to reduce the possibility of counterfeit bills from slipping thru
and getting into the general circulation

Image

or

a CRA mandated measure to prevent money laundering from cash generated by illegal activities

Image

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