uhm no! why would it get taxed and destroyed? It earns a crappy interest (1-2%) and sits there eating dust.
Frankly, it's somewhat stupid to leave $100K in a Canadian bank. It's better to do something with it if he's willing to take some risks. Otherwise, mutual funds, GICs and other forms of low-risk investments are far better options than a savings account.
Frankly, it's somewhat stupid to leave $100K in a Canadian bank. It's better to do something with it if he's willing to take some risks. Otherwise, mutual funds, GICs and other forms of low-risk investments are far better options than a savings account.
I don't think he reported earning the money because he made it cash, and his employers paid him cash as well, so he is worried that he would get taxed, penalized, or even criminally charged if he takes 20,000 at a time from his own account cash and put it in his younger brother's account.
I think I should tell him to invest in land. I've never heard land lose value in this city in the 14 years I've been in Toronto.
I think I should tell him to invest in land. I've never heard land lose value in this city in the 14 years I've been in Toronto.
just a friendly advice , why people try to get rich fast,after they get there then they realize why they became rich and what is next. i tell you this you may not believe me .among all the people i who i have met the most misrable i saw were the super rich, bill gate , you can't find any person as yobs as bill gate ,the only times he get relaxed when he plays poker or bridge . however there is no rush for getting rich, take times, step by step .
Lover jan, in Canada the banks and the body that taxes on the income are seperate entities.
Now, what ur friend wants to do is completely his own business, but i'd say invest it in real estate. but back to the bank situation, your friend can deposit $9,999 every 48 hours in his brothers bank account and he won't have to explain to a soul where that money is coming from. However, if he deposits $10,000 or more he will have to fill out a declaration form for the "something something fraud agency"....
but what i didnt understand is that if he has 100K in his account and is willing to go back to school why won't he just use that money for school instead of a loan, having to pay any interest on it?!?
anyways... not my business loool
Now, what ur friend wants to do is completely his own business, but i'd say invest it in real estate. but back to the bank situation, your friend can deposit $9,999 every 48 hours in his brothers bank account and he won't have to explain to a soul where that money is coming from. However, if he deposits $10,000 or more he will have to fill out a declaration form for the "something something fraud agency"....
but what i didnt understand is that if he has 100K in his account and is willing to go back to school why won't he just use that money for school instead of a loan, having to pay any interest on it?!?
anyways... not my business loool
because a lot of the loans are GRANTS: FREE MONEY. He has lots of money, but he doesn't like spending it. I asked him about what you said. He gave the banks 20,000 at a time and they didn't ask him to fill out ANY FRAUD papers. So now he is really concerned after I told him about your post...I should get him to read this lol
Are you sure about this...maybe this 10,000 rule only applies in the USA???
Are you sure about this...maybe this 10,000 rule only applies in the USA???
This is what I fucking hate about Canada..
I earn a my salary working my ass off and for every dollar that I pay in taxes (and I a pay a shit load) there are at least 1000 dead beats who are planning ways to rip off the government and the tax payers...dead beats who think they are entitled to freebies.. free healthcare, free grants, free education, but think are too good too pay taxes..
I earn a my salary working my ass off and for every dollar that I pay in taxes (and I a pay a shit load) there are at least 1000 dead beats who are planning ways to rip off the government and the tax payers...dead beats who think they are entitled to freebies.. free healthcare, free grants, free education, but think are too good too pay taxes..
I tend to agree with BT,
(Is he trying to get rid of the money in his name so he can qualify for loan?)
but anyway if I had any money I'd buy gold and precious metals or even land/real estate...(tho in usa the scum bags have put new taxes on any profit you may make)
the paper money has no value.
besides it is very stupid in USA to have more than 120K $ in the banks bcs that crappy FDIC (so-called insurance) only pays up to $120K (I think). so if you have anything more, you'll lose it. (and do I need to tell you whom you lose it to?) bcs money doesnt just vanish, when you lose some mofo gains)!
(Is he trying to get rid of the money in his name so he can qualify for loan?)
but anyway if I had any money I'd buy gold and precious metals or even land/real estate...(tho in usa the scum bags have put new taxes on any profit you may make)
the paper money has no value.
besides it is very stupid in USA to have more than 120K $ in the banks bcs that crappy FDIC (so-called insurance) only pays up to $120K (I think). so if you have anything more, you'll lose it. (and do I need to tell you whom you lose it to?) bcs money doesnt just vanish, when you lose some mofo gains)!
Yes, i'm very sure. However, as i said this agency is still seperate from the CRA (Canada Revenue Agency/tax), the purpose of that form is to check and see where the money is coming from. if the money is being WIRED to his brothers account, then DONT WORRY. if the money was deposited in CASH...then just cross your fingers!
nevertheless, even if anything happens dont worry...casino money and inheritance are not taxable in canada
he can claim inheritance from his great grandma 
tell me about...
my dad fills out taxes in Canada even though he works in Dubai and guess what I get to help me pay my 10,000 tuition..a big fat zero from the government (OSAP).
On the other hand, I personally know around 30 students in my university that get $10,000 OSAP loan + $5,000 grant from the university just because their parents (with their 1 million dollar homes, $300,000 annual income in Iran and three cars) have filled an income of $2,000 on their tax forms.
Esmesham mizaran zerangi va manam kharam chon nemiram doroogh begam.
my dad fills out taxes in Canada even though he works in Dubai and guess what I get to help me pay my 10,000 tuition..a big fat zero from the government (OSAP).
On the other hand, I personally know around 30 students in my university that get $10,000 OSAP loan + $5,000 grant from the university just because their parents (with their 1 million dollar homes, $300,000 annual income in Iran and three cars) have filled an income of $2,000 on their tax forms.
Esmesham mizaran zerangi va manam kharam chon nemiram doroogh begam.
tell me about it..there is no fair system bn those who live/work and pay taxes, and those who live abroad or live here on their hefty bank accounts(Iranian way), and use all the free services in Canada. Ironically the 2nd group will actually get rewarded by paying much less taxes..
Anyhow, Lover jan, I think Peyman's suggestions are great that he should use the $ to pay for his education instead of getting loans. and its not like they give much grants these days anyways. Govt budget has got tight in these stuff.
But if he wants to keep his $, investing in real estate in Canada now is much better idea.
Anyhow, Lover jan, I think Peyman's suggestions are great that he should use the $ to pay for his education instead of getting loans. and its not like they give much grants these days anyways. Govt budget has got tight in these stuff.
But if he wants to keep his $, investing in real estate in Canada now is much better idea.
