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pulling out 10,000 may get you flagged.. im guessing they may invesigate it if it turns into a common habbit of yours. but then again, if it's foreign ATM like electron cards in Canada i'm not sure whether or not they're able to see your personal information or just your account numbers. i'd becarefulComment
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One thing not mentioned so far is that many people get caught because the angry wife, the envious friend, the disappointed girlfriend or the brother loved less by mom know about it and think it's pretty damn funny to write an anonymous letter to the right people....Comment
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Not quite accurate - tho true that the ATM knows nothing. The transaction is recorded - number and amount. There is no problem establishing the "owner" of a card - the issuing bank is already known and the card is tied to an account at that issuing bank.
All money movements are subject to monitoring either by the ATM bank and/or the regulatory authority of that bank. It is normal procedure to audit ranges of records or whatever the reg authority decides to do - and it's mandatory for complete transparency and "know your customer" in all transactions around $10K and above. (Since everyone knows that $10K level - they will go below it and check lesser transactions to capture the smartasses who draw less than $10K or instances of eg 10 withdrawals of 1000, in the hope of being below the radar.). No doubts there are other checks - but obviously a regulatory authority is not going to publish their methods.
Won't be specific, but govt agencies have been known to use cards to track the whereabouts of individuals - and they know at the same time that card transaction occurs and the location of the transaction. Obviously they have their own facilties tapped into banking transactions. FinCEN is a classic example where their evidence in court revealed their ability to monitor bank records.
This thread is just too "amateur" - there are perfectly legitimate ways to minimize taxation without resorting to fraud.XXX TLD's - Another mosquito to swat.Comment
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Man congrats on that money, and no if he use that money alone ..
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i have a 5 grand daily limit for atm's on my card
but why not withdrawal 1k every day for 10 days?Comment
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Blog Themes, TGP Design, Writing Services, Grunt Work
ICQ: 66871495Comment
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Open an offshore company, then open a bank acct for the company and get an ATM card for that company's bank acct.
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Not a good idea for US folks BP. Cards which may be issued in a corp name normally also have the name of the authorized user of that card. All card transactions coming from known offshore locations to the US are monitored - no doubts whatsoever on that from personal experience (only difference was I was not subject to US tax laws and refused to discuss anything - it's not their biz and was not accountable to them.)
IRS know all the usual OS banks already and have successfully pressured VISA for US cardholder data, tho this was limited to the information VISA happened to have, but they have prosecuted a number of folks for whatever the offenses are.
The only 100% legitimate way to not be liable for taxation is reside in a no-tax area - then you can do whatever and not even get a tax form. (Does not apply to US folks - they need to give up US citizenship, but applies to almost evey other country on the planet.)Last edited by Webby; 12-19-2006, 09:39 PM.XXX TLD's - Another mosquito to swat.Comment
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Well since you are in Canada...yes if you pull 10k in a day it is considered a single transaction and the transaction has to be recorded however only by the bank into their own records. If they think it is suspicious they can forward it to the RCMP and they can investigate. In the US I believe the record is when there is a cash transaction of 6k however you can look it up.
This transaction is not sent to the IRS or Revenue Canada however if you ever do get an audit the tax man has is able to pull all records of your transactions from the banks. However most banks in Canada will not keep small transactions on record as does the US banks.
Remeber this Canadian banks are some of the biggest banks in the world. They make profits larger then most of the US banks and the reason is that Canadian banks launder money all over the world. So they have to take appropriate precautions in their overseas operations so it is like the old saying it takes a crook to know a crook.
If you hold your transactions to a few thousand a week there should be no reason for the bank to be alarmed.Comment
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what ATM lets you withdraw 10k?Comment
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Daily withdrawal limits at ATM's are the limits of the card set by the issuing bank... not the ATM or bank that owns the ATM. Even if the ATM has a 300.00 max per transaction, you can keep doing more transactions if your card/bank allows you to withdraw more per day. There are ATM's in Moscow that let you withdraw over $6,000.00 at a time. The most I have ever withdrawn from ATM's in a day is around $65,000.00 USD.Comment
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dude, seriously, we need to get you off the influence of russian tea rooms in NY and 'e'
think it through
please don't make me repeat that, cuz I'm 100% sure you're a smart dude, but I feel compelled to smack some sense back into you
short answer - yes
long answer - yes
L'Chaim: interj. Pronunciation Key (la khi yem) - Literally "To Life." Used as a toast.Comment
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If you are US resident then the tax is payable not just on what you bring into the US but on your worldwide income and assets.
Please remember that Tax evasion is illigal - tax avoidance is NOT.
Tax avoidance can be achieved through a properly structured offshore corporation with full professional advice.
Take care and beware of the Taxman - they have exceptionally long arms
Regards
VinceeMerchantPay - European based Direct Merchant Accounts
www.emerchantpay.comComment
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well that wasn't a post towards me but I will reply...
you're saying "income tax evader" ( yes, evader, not invader
)
but how should they know the guy who runs a blog sexybustygirls.com with an alexa rank of 1 Million is indeed their country citizen and doesn't report income?
do you think that the US/Canadian/French/Polish etc government monitors weekly all whois data for all internet domain names that are in commercial use, then checks out who's the real owner behind the whois protection and then compares all the data with their national tax reports to see if they have some citizens who run any kind of profit making internet sites but dont declare the income in their tax forms?
you have to be flaged somehow before ( or run a big operation ) before they manually deal with you and try to find out everything that you own etc
it's not that I register a new domain with whois protection, set up some fake TGP, buy broker Traffic, make some sales and 2 months after that that IRS will already know that I operate such siteI don't use ICQ anymore.Comment
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Unless it is something obviously criminal, the bank would not normally contact law enforcement (especially on possible tax issues where there is no hurry). There are mechanisms in place to montor fund movements and law enforcement are not the first stage. Obviously most transactions are fine and if there is a query, the bank may be asked for more information or enquries can down to the source of the funds.
Any transaction, irrespective of the bank (assuming Western banks), of $10K and above is automatically on a flagged list and not just with the bank, but with their central bank - and part of that is tied into auditing by the banking regulator. Banks *need* to be accountable to the central bank and the banking regulators - else bang goes their banking license. Can't say for Revenue Canada, but would be surprising if there was not a liasion on online monitoring with banking regulators/auditors. Law enforcement rarely come into the scenario on tax evasion (they rarely have a clue) - Revenue agencies have their own powers and agents for investigations.
Hehe.. don't tell Canadian banks that they "launder money all over the world" - they'd go into a permanent frenzy
Our lawyer arranged permits/license from the central bank/regulators here to kill the constant need to explain to the bank what the source of funds were (the bank knows very well what the funds are, but banking laws compel them to ask) and, if they have a query, we just fax the docs to the regulatory agency. It's not so much a tax issue (there are no taxes) but more to do with possible drugs blah activity.Last edited by Webby; 12-20-2006, 09:57 AM.XXX TLD's - Another mosquito to swat.Comment
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I'm not saying that CRA, IRS or anyone else looks at whois info to find who is evading income tax. I'm simply saying that if they were to do so, privacy protection wouldn't be much of a roadblock to them.
well that wasn't a post towards me but I will reply...
you're saying "income tax evader" ( yes, evader, not invader )
but how should they know the guy who runs a blog sexybustygirls.com with an alexa rank of 1 Million is indeed their country citizen and doesn't report income?
do you think that the US/Canadian/French/Polish etc government monitors weekly all whois data for all internet domain names that are in commercial use, then checks out who's the real owner behind the whois protection and then compares all the data with their national tax reports to see if they have some citizens who run any kind of profit making internet sites but dont declare the income in their tax forms?
you have to be flaged somehow before ( or run a big operation ) before they manually deal with you and try to find out everything that you own etc
it's not that I register a new domain with whois protection, set up some fake TGP, buy broker Traffic, make some sales and 2 months after that that IRS will already know that I operate such site
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Generally speaking if you have income and don't declare it is tax evasion. Even if that income is in a foreign account.
There are lots of ways the tax man can get information about who getting the money, even if the issueing banks are foreign. Many contries have tax treaties with the US which will allow them to pretty easily get your info, I assume the same is true for Canada.
Bottom line
1) IF the foreign account is in your name you are obligated to declare it. Not declaring it is tax evasion.
2) IF you withdrawl it and take possesion you are obligated to declare it. Not declaring it is tax evasion.
As a matter of practice though, it really depends on the scale of things. Don't go overboard and you are probably OK.
If you are serious about this hit me up and I will put you in contact with someone.Comment
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so bdjuf how is the ATM withdrawal going?
:-)I don't use ICQ anymore.Comment
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I don't use ICQ anymore.Comment
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why take 10k on a single transaction ? why not go like $700/day from different banks? i dont get this really, you cant be this stupid to take 10k in a single shot
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