Credit Cards

How often can I make cash payment for my credit card ?

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  • Jul 31st, 2019 6:05 pm
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[OP]
Sr. Member
Sep 29, 2012
713 posts
43 upvotes
Toronto

How often can I make cash payment for my credit card ?

Hello

I usually have make $1-1.5 k ( that's what my CC spending is usually) from cash job and was wondering if I can just use that to make cash payment towards my Visa. It goes straight to Visa payment and no t show s deposit at my financial institution.

I know it's possible but how often can I do it ? Also I shouldn't deposit 10k or more because then I have to decalre it. Does it accumulate of cash deposit? Over let's say 6 months?

Thank you
20 replies
Deal Addict
Dec 12, 2009
4359 posts
2020 upvotes
Toronto
Sounds like you are trying to keep the $$ from the cash job under the table (i.e. not reporting)

Suggest you look at what is your CC spending is on. Hint: people are known to charge a restaurant bill to collect the points or bonuses for a group outing then collect the cash from the friends to pay the bill.
Social Distancing means staying apart 2 meters or 6 feet, the depth of a grave.
Get closer and you might have one foot in the grave. (Pass it on)
Jr. Member
User avatar
Oct 25, 2018
118 posts
126 upvotes
Kelowna
Most credit cards are issued by a financial institution, so it doesn't matter whether you make the payment via cash or electronic transfer, there'll be a record of the payment anyway, and it'll probably be noticed by the CRA just as if you deposited cash into your savings account.

Also, $10K is FINTRAC's threshold, which is for money laundering. I may be mistaken, but I'm not sure CRA has such a threshold for tax evasion.
Deal Expert
Aug 22, 2011
34516 posts
20552 upvotes
Center of Universe
Don't be greedy trying to earn cashback or rewards on your CC.
If you want to hide your cash, use as much of it as possible on your day to day spending.
Deal Guru
User avatar
Mar 23, 2008
11503 posts
7791 upvotes
Edmonton
You don’t have to “declare” cash over 10k. That’s for crossing the border, which isn’t your situation. There is, however, FINTRAC reporting for cash transfer over 10k. That happens by your financial institution, behind the scenes. It’s there to stop money laundering and other shady financial processes, according to the government.

Doing what you’re planning on doing MAY increase your risk of the men in black knocking on your door and digging through your finances, but I doubt it. Many people (anyone in the service industry) deal with cash on a regular basis, and it has to get back into the system somehow.

I actually wrote the FINTRAC report for a smaller bank years ago, but I don’t recall if credit cards were included in the transaction. As far as I recall, it was a weekly rolling total (for example, total cash transactions in the past 7 days) over $10k that were reported. Wish I could help.

And as others have said, it’s the CRA you have to worry about most. They don’t like missing their cut. And they don’t have a threshold.

C
Sr. Member
Mar 21, 2019
746 posts
727 upvotes
Waiting for a new thread down the road titled “Bank close all my account for no reason!”
[OP]
Sr. Member
Sep 29, 2012
713 posts
43 upvotes
Toronto
CNeufeld wrote: You don’t have to “declare” cash over 10k. That’s for crossing the border, which isn’t your situation. There is, however, FINTRAC reporting for cash transfer over 10k. That happens by your financial institution, behind the scenes. It’s there to stop money laundering and other shady financial processes, according to the government.

Doing what you’re planning on doing MAY increase your risk of the men in black knocking on your door and digging through your finances, but I doubt it. Many people (anyone in the service industry) deal with cash on a regular basis, and it has to get back into the system somehow.

I actually wrote the FINTRAC report for a smaller bank years ago, but I don’t recall if credit cards were included in the transaction. As far as I recall, it was a weekly rolling total (for example, total cash transactions in the past 7 days) over $10k that were reported. Wish I could help.

And as others have said, it’s the CRA you have to worry about most. They don’t like missing their cut. And they don’t have a threshold.

C
This is what I wanted to get more info about
" it was a weekly rolling total (for example, total cash transactions in the past 7 days) over $10k that were reported. Wish I could help. "

I am too small of a fish to go after lol I am sure many people go this on regular basis

But yes I will be using my cash more then my CC going forward. I do work so I can show that income comes in, it's my 2nd job where I get paid cash and that's what I wanted to use to pay my CC. But I just rather use cash for day to day transaction.
Deal Addict
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Mar 10, 2018
3721 posts
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centre of universe
vkizzle wrote: Don't be greedy trying to earn cashback or rewards on your CC.
If you want to hide your cash, use as much of it as possible on your day to day spending.
LOL. I was thinking same. cant understand some people who want to do under the table cash deals and still get CC points.
Get cash then spend cash. CASH is always king and difficult to trace. Unless you are using very high amount in thousands.
sndeal wrote: This is what I wanted to get more info about
" it was a weekly rolling total (for example, total cash transactions in the past 7 days) over $10k that were reported. Wish I could help. "

I am too small of a fish to go after lol I am sure many people go this on regular basis

But yes I will be using my cash more then my CC going forward. I do work so I can show that income comes in, it's my 2nd job where I get paid cash and that's what I wanted to use to pay my CC. But I just rather use cash for day to day transaction.
Wow OP.

No not many people do this on regular basis. Unless you are from certain professions.
And this " I do work so I can show that income comes in"

And yet you still have to ask original question. If what you say is true everything then there should never be this post.
I dont care about Ethics, morals, rules or laws. I will apologies only when I get caught.
I try not to apologies but sometimes do it. not because its right thing but it benefits me.
New Mantra for idiots Just ask RFD before searching answers anywhere.
[OP]
Sr. Member
Sep 29, 2012
713 posts
43 upvotes
Toronto
callernamet wrote: LOL. I was thinking same. cant understand some people who want to do under the table cash deals and still get CC points.
Get cash then spend cash. CASH is always king and difficult to trace. Unless you are using very high amount in thousands.



Wow OP.

No not many people do this on regular basis. Unless you are from certain professions.
And this " I do work so I can show that income comes in"

And yet you still have to ask original question. If what you say is true everything then there should never be this post.
Tbh I don't care about points.

I just wanted to know Curiosity I guess
Deal Addict
User avatar
Mar 10, 2018
3721 posts
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centre of universe
sndeal wrote: Tbh I don't care about points.

I just wanted to know Curiosity I guess
There is no curiosity. If you are curious then its undeclared income imo. If its legit the no need of curiosity. If bank asks you can prove it anytime.
I dont care about Ethics, morals, rules or laws. I will apologies only when I get caught.
I try not to apologies but sometimes do it. not because its right thing but it benefits me.
New Mantra for idiots Just ask RFD before searching answers anywhere.
Deal Fanatic
User avatar
Jan 31, 2006
6683 posts
1554 upvotes
Toronto
Jon Lai wrote: I’m not sure what the point is. You have to deposit your cash before you can pay it into a credit card.
You can also go to the Bank Teller give them your cc info and the cash, right?

Or does Op's mean his/her cash job employer will do the cc payment for him/her ?
Deal Addict
May 15, 2013
1729 posts
449 upvotes
Montreal
Jon Lai wrote: You have to deposit your cash before you can pay it into a credit card.
Of course you DON'T have. You go with your cash to the teller and order to pay your credit card. It's so true than you can have a credit card in a Bank where you don't have any saving/chequing account.
Jr. Member
User avatar
Oct 25, 2018
118 posts
126 upvotes
Kelowna
Don't think you can do an end-run around the CRA by paying your credit card in cash.

Your credit card is monitored for cash deposits just like any Canadian savings/chequing account.

This is basic Money Laundering 101.

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