dave_the_nerd
Lifer
- Feb 25, 2011
- 16,823
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Meh, a couple hundred bucks. When migrating banks I usually get a cashier's check or do an ETF.
I always found the whole double tax thing retarded for if you take out more than 10k. It's criminal, that's what it is. You were already taxed on that money, yet they want to tax you again. They do that kind of crap all the time.
Huh?? How do you get double taxed when you withdraw over $10,000 in cash? Or even when a bank reports a cash deposit over $10,000?
Huh?? How do you get double taxed when you withdraw over $10,000 in cash? Or even when a bank reports a cash deposit over $10,000?
/because Canada.
I know 10k or more is reported to the IRS. I'm going to be more honest, I actually had about $9800. The questions the teller was asking were more curiosity questions.
But I will remember your advice if I am in that situation again.
Well why else would the IRS be keeping track of that? They see that you have a lot of money and are doing a large transaction, they want some of it.
Canada actually has less taxes than the US. You guys get taxed on lot of stuff that we don't such as game/lotto winnings, inheritance, large cash transactions etc. I can't recall what else, I know there's lot of weird things you guys pay taxes on that we don't.
it seems in the US as soon as you do any kind of big transaction they want to take part of it.
Well why else would the IRS be keeping track of that? They see that you have a lot of money and are doing a large transaction, they want some of it.
Canada actually has less taxes than the US. You guys get taxed on lot of stuff that we don't such as game/lotto winnings, inheritance, large cash transactions etc. I can't recall what else, I know there's lot of weird things you guys pay taxes on that we don't.
It does look like we have the 10k rule here too though, but it does not count for bank transactions. So if I take 10k from 1 bank to the other I don't think there is a problem.
http://www.fintrac-canafe.gc.ca/reporting-declaration/info/rptlctr-eng.asp
it seems in the US as soon as you do any kind of big transaction they want to take part of it.
Let's not get started about the terrible US healthcare system. :biggrin: