10 Thousand Dollar Transfer
There is a 'Banking' amendment in the works in this country and most likely all the others in the coming years.
An old bank
The Canadian government is trying to have a legislation passed into law by 2015. The legislation would require banks to report if $10,000 or more of money is transferred into or out of Canada.
Also, this legislation would take into consideration transactions made within 24 hour period, as one single money transfer, if this amount totals more than $10,000.
This 'New' law is proposed to decrease or stop the fraudulent banking activity by citizens. And possibly to 'Tax' citizens further on these activities.
More limitations for citizens? Or will it work for its intended purpose?
We will wait and see.
Sincerely,
Ben
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