An auditor can question all he likes. If he can't prove it was me funding this online book (because it was funded anonymously through pre paid credit cards that have no personal information what so ever), he will be at a dead end. Is an auditor going to ask for my gambling records at sportsinteraction and sift through each bet I've ever made? I doubt that.
My expenses are about 2k a month. My income on paper, is about 1.5k a month. So I top up whatever my paycheque can't cover with cash each month, plus another grand that goes into an RRSP. All that is fine, that will never raise a flag. However, If I throw in an additional 2k in cash deposits every month I need to account for where that money came from.
Perhaps the pre paid credit card, online gambling thing is a bad idea, and I'm listening to what everyone has to say, then I'll figure out another way. I have a buddy that is an accountant, perhaps he has better suggestions. But one way or another, I need to get about 25k with of cash into my RRSP next year to put a down payment on a 400K house.
Jesus, is Canada the next housing bubble? How would anyone approve you for a 375k mortgage making 18k a year on paper? Wouldn't you want the extra income in this case?
Assuming the only way you're getting a house is with a considerable amount of assets or with someone else signing the note for you. Can't you just pay your rent/utilities with cash?
An auditor can question all he likes. If he can't prove it was me funding this online book (because it was funded anonymously through pre paid credit cards that have no personal information what so ever), he will be at a dead end. Is an auditor going to ask for my gambling records at sportsinteraction and sift through each bet I've ever made? I doubt that.
My expenses are about 2k a month. My income on paper, is about 1.5k a month. So I top up whatever my paycheque can't cover with cash each month, plus another grand that goes into an RRSP. All that is fine, that will never raise a flag. However, If I throw in an additional 2k in cash deposits every month I need to account for where that money came from.
Perhaps the pre paid credit card, online gambling thing is a bad idea, and I'm listening to what everyone has to say, then I'll figure out another way. I have a buddy that is an accountant, perhaps he has better suggestions. But one way or another, I need to get about 25k with of cash into my RRSP next year to put a down payment on a 400K house.
Jesus, is Canada the next housing bubble? How would anyone approve you for a 375k mortgage making 18k a year on paper? Wouldn't you want the extra income in this case?
Assuming the only way you're getting a house is with a considerable amount of assets or with someone else signing the note for you. Can't you just pay your rent/utilities with cash?
Yes the accountant would be obviously the best person to talk to that should have been a no brainer.
Either Canada is half*ss backwards or something about this story just doesn't add up. I assumed the way yourself and others were talking was that sports betting was completely legal there. In what f*cking world would anonymously funding an illegal operation be a good idea to try and get out of paying a little tax money?
Be honest, were you sober when this idea came through your head?
Yes the accountant would be obviously the best person to talk to that should have been a no brainer.
Either Canada is half*ss backwards or something about this story just doesn't add up. I assumed the way yourself and others were talking was that sports betting was completely legal there. In what f*cking world would anonymously funding an illegal operation be a good idea to try and get out of paying a little tax money?
Be honest, were you sober when this idea came through your head?
Jesus, is Canada the next housing bubble? How would anyone approve you for a 375k mortgage making 18k a year on paper? Wouldn't you want the extra income in this case?
Assuming the only way you're getting a house is with a considerable amount of assets or with someone else signing the note for you. Can't you just pay your rent/utilities with cash?
No. I can't pay my rent or utilities with cash.. If you are a renter ask your landlord if he will take cash payments. If he does, he'll just be in the same position as I am. My shifty Italian landlord would have no part of that, because cash is sometimes NOT king. The 15k i pay for rent yearly, he'll have to account for that somehow too.
Tell the company that you lease your car from you'll show up monthly and pay them cash.. they'll look at you like you're an idiot. Same goes for insurance and other expenses.
To answer the question of me buying a house... I need to get 40K into my rrps one way or another this year. My 15k a year job on paper isn't going to cut the mustard. I need a way to filter in the 70k i actually make. Yes it's true, I could claim on my income tax that I only make 15k a year on paper, and another 55K in cash.. Or maybe there is another way.. This is the whole point of this discussion.
Jesus, is Canada the next housing bubble? How would anyone approve you for a 375k mortgage making 18k a year on paper? Wouldn't you want the extra income in this case?
Assuming the only way you're getting a house is with a considerable amount of assets or with someone else signing the note for you. Can't you just pay your rent/utilities with cash?
No. I can't pay my rent or utilities with cash.. If you are a renter ask your landlord if he will take cash payments. If he does, he'll just be in the same position as I am. My shifty Italian landlord would have no part of that, because cash is sometimes NOT king. The 15k i pay for rent yearly, he'll have to account for that somehow too.
Tell the company that you lease your car from you'll show up monthly and pay them cash.. they'll look at you like you're an idiot. Same goes for insurance and other expenses.
To answer the question of me buying a house... I need to get 40K into my rrps one way or another this year. My 15k a year job on paper isn't going to cut the mustard. I need a way to filter in the 70k i actually make. Yes it's true, I could claim on my income tax that I only make 15k a year on paper, and another 55K in cash.. Or maybe there is another way.. This is the whole point of this discussion.
why dont you just continue to top that account with $500 cash to pay your bills and $1000 for RRSP and then open a separate savings account where you can deposit a portion(say $200) of your tips(make it a diff. amt. every week) .the rest of the cash you're left over with...bury it in the backyard and use it to buy things for the house...furniture,appliances,repairs, renos,vacations,groceries,clothes and even entertainment.
as long as you arent living beyond your means no one will ever question you for such a small amount of money. good luck
There will be lots of money 'buried in the backyard cash' for furniture and renovations etc... But the main point of this is that I can't get a house without a substantial RRSP contribution. My goal is 40K. Where I live 10% down on a $400K house will get you a semi detached and a small behind backyard. But not bad I guess for a start up. On paper I make 15K. In reality I make 70 to 80K. Need to funnel the cash I make into my bank account to make it make sense for anyone to give me a mortgage. But again, I can't just drop into my branch with 40K in 100 dollar bills. That just won't work.
This whole thread has gotten not where I expected it to. But, I guess I'm not going to LAUNDER money through an off shore acct. That's why I came here in the first place.
why dont you just continue to top that account with $500 cash to pay your bills and $1000 for RRSP and then open a separate savings account where you can deposit a portion(say $200) of your tips(make it a diff. amt. every week) .the rest of the cash you're left over with...bury it in the backyard and use it to buy things for the house...furniture,appliances,repairs, renos,vacations,groceries,clothes and even entertainment.
as long as you arent living beyond your means no one will ever question you for such a small amount of money. good luck
There will be lots of money 'buried in the backyard cash' for furniture and renovations etc... But the main point of this is that I can't get a house without a substantial RRSP contribution. My goal is 40K. Where I live 10% down on a $400K house will get you a semi detached and a small behind backyard. But not bad I guess for a start up. On paper I make 15K. In reality I make 70 to 80K. Need to funnel the cash I make into my bank account to make it make sense for anyone to give me a mortgage. But again, I can't just drop into my branch with 40K in 100 dollar bills. That just won't work.
This whole thread has gotten not where I expected it to. But, I guess I'm not going to LAUNDER money through an off shore acct. That's why I came here in the first place.
No. I can't pay my rent or utilities with cash.. If you are a renter ask your landlord if he will take cash payments. If he does, he'll just be in the same position as I am. My shifty Italian landlord would have no part of that, because cash is sometimes NOT king. The 15k i pay for rent yearly, he'll have to account for that somehow too.
Tell the company that you lease your car from you'll show up monthly and pay them cash.. they'll look at you like you're an idiot. Same goes for insurance and other expenses.
To answer the question of me buying a house... I need to get 40K into my rrps one way or another this year. My 15k a year job on paper isn't going to cut the mustard. I need a way to filter in the 70k i actually make. Yes it's true, I could claim on my income tax that I only make 15k a year on paper, and another 55K in cash.. Or maybe there is another way.. This is the whole point of this discussion.
You can use the cash to buy a money order. It's been a while since I rented, but I worked in a tipped position then and was easier to stop at (7/11) on the way home then go to the bank constantly.
Yea, the leased car I'm not sure of. Once again been a while since I had a car payment haha, but can you pay that with your pre-paid credit card?
My car and homeowners insurance I paid with cash many times. You just have to go to the office. I was absolutely horrible with remembering to send out a damn check. So I would procrastinate and realized the due date is coming up and not enough time to mail a check. Same with the power we are able to pay at the grocery store. The best perk of marriage is I don't have to deal with all the bills. Wasted so much money when I was single with the late payments and extra interest on the credit cards I used to barely use.
No. I can't pay my rent or utilities with cash.. If you are a renter ask your landlord if he will take cash payments. If he does, he'll just be in the same position as I am. My shifty Italian landlord would have no part of that, because cash is sometimes NOT king. The 15k i pay for rent yearly, he'll have to account for that somehow too.
Tell the company that you lease your car from you'll show up monthly and pay them cash.. they'll look at you like you're an idiot. Same goes for insurance and other expenses.
To answer the question of me buying a house... I need to get 40K into my rrps one way or another this year. My 15k a year job on paper isn't going to cut the mustard. I need a way to filter in the 70k i actually make. Yes it's true, I could claim on my income tax that I only make 15k a year on paper, and another 55K in cash.. Or maybe there is another way.. This is the whole point of this discussion.
You can use the cash to buy a money order. It's been a while since I rented, but I worked in a tipped position then and was easier to stop at (7/11) on the way home then go to the bank constantly.
Yea, the leased car I'm not sure of. Once again been a while since I had a car payment haha, but can you pay that with your pre-paid credit card?
My car and homeowners insurance I paid with cash many times. You just have to go to the office. I was absolutely horrible with remembering to send out a damn check. So I would procrastinate and realized the due date is coming up and not enough time to mail a check. Same with the power we are able to pay at the grocery store. The best perk of marriage is I don't have to deal with all the bills. Wasted so much money when I was single with the late payments and extra interest on the credit cards I used to barely use.
You're going to need to prove source of income to the bank in order to qualify. It's not enough to just have the money there.
That's what I figured. During the easy credit phase here in the US it was a pain getting a mortgage with only making 25k a year on paper. Well unless you wanted the adjustable rate bs. My wife made 40k and both had 650+ credit scores. They needed to go back two years and took the lowest amount we deposited in cash. I never deposited money in the bank until she came around it was just my checks that were direct deposited and even then it went straight into my brokerage accounts. I wasn't sure if it was different in Canada.
You're going to need to prove source of income to the bank in order to qualify. It's not enough to just have the money there.
That's what I figured. During the easy credit phase here in the US it was a pain getting a mortgage with only making 25k a year on paper. Well unless you wanted the adjustable rate bs. My wife made 40k and both had 650+ credit scores. They needed to go back two years and took the lowest amount we deposited in cash. I never deposited money in the bank until she came around it was just my checks that were direct deposited and even then it went straight into my brokerage accounts. I wasn't sure if it was different in Canada.
There will be lots of money 'buried in the backyard cash' for furniture and renovations etc... But the main point of this is that I can't get a house without a substantial RRSP contribution. My goal is 40K. Where I live 10% down on a $400K house will get you a semi detached and a small behind backyard. But not bad I guess for a start up. On paper I make 15K. In reality I make 70 to 80K. Need to funnel the cash I make into my bank account to make it make sense for anyone to give me a mortgage. But again, I can't just drop into my branch with 40K in 100 dollar bills. That just won't work.
read my post again,i already suggested a way to deposit.you must do it slowly and gradually. depositing a few hundred a week in cash will not set off any red flags at banks.
There will be lots of money 'buried in the backyard cash' for furniture and renovations etc... But the main point of this is that I can't get a house without a substantial RRSP contribution. My goal is 40K. Where I live 10% down on a $400K house will get you a semi detached and a small behind backyard. But not bad I guess for a start up. On paper I make 15K. In reality I make 70 to 80K. Need to funnel the cash I make into my bank account to make it make sense for anyone to give me a mortgage. But again, I can't just drop into my branch with 40K in 100 dollar bills. That just won't work.
read my post again,i already suggested a way to deposit.you must do it slowly and gradually. depositing a few hundred a week in cash will not set off any red flags at banks.
I don't get it, I think you're just making an excuse to gamble.
If you have 2k in expenses a month, that evens out the $500 a week in cash you make.Pay your rent with a money order, that way it doesn't get passed through any bank accounts. Your landlord probably would take cash, but I would at least want a record of payment for myself.
Pay your phone bill will cash, money order, or buy a prepaid credit card for that, since it's legal. Buy groceries with cash, buy personal items with cash. If you have a few hundred leftover, deposit it. If they were ever to question you, say you get a couple hundred bucks a month from your folks to make ends meet.
If the IRS even cares to wonder how you're saving so much money in your bank account, tell them you have a sugar momma that pays for everything. That's not illegal, and bummy dudes do that all the time.
I don't get it, I think you're just making an excuse to gamble.
If you have 2k in expenses a month, that evens out the $500 a week in cash you make.Pay your rent with a money order, that way it doesn't get passed through any bank accounts. Your landlord probably would take cash, but I would at least want a record of payment for myself.
Pay your phone bill will cash, money order, or buy a prepaid credit card for that, since it's legal. Buy groceries with cash, buy personal items with cash. If you have a few hundred leftover, deposit it. If they were ever to question you, say you get a couple hundred bucks a month from your folks to make ends meet.
If the IRS even cares to wonder how you're saving so much money in your bank account, tell them you have a sugar momma that pays for everything. That's not illegal, and bummy dudes do that all the time.
I make 13k on paper and 25K in cash tips. I pay for some stuff cash, some CC. I claim 2.5K in additional income each year. 10% of the 25K. I'm a small fish who they won't fry. My monthly expenses repeatedly trump my reported income. I try not to think about it. If the CRA was to ever look me up, I'd be screwed. But I don't really think about it. Get a shoebox or two and some bands. Then find a hiding place.
I make 13k on paper and 25K in cash tips. I pay for some stuff cash, some CC. I claim 2.5K in additional income each year. 10% of the 25K. I'm a small fish who they won't fry. My monthly expenses repeatedly trump my reported income. I try not to think about it. If the CRA was to ever look me up, I'd be screwed. But I don't really think about it. Get a shoebox or two and some bands. Then find a hiding place.
For those that care, here's what I came up with: because of this forum, I actually went to my landlord, and he said that because I have been a good tenant, no complaints, or late payments in 2yrs, he would accept a monthly cash payment. I'm still surprised he said yes. But this solves a lot of problems. I then called my insurance company, and they have agreed to withdraw their monthly fees from my credit card. I pay my phone bill, CC, internet CC, hydro CC. So the only real expense that I would need my bank account for is my car payment, $250/month. Now my paycheques go directly into my RRSP account, plus I drop another grand into my account a month, so that's around 2.5k/month into my RRSP's, good enough. Should have around 40k by this time next year to work with.
I will still likely have a couple bucks extra kicking around in cash, and my plan is to shoe box it until I get to around 5 or 6 K, and my friend has agreed to deposit it into his bank account in a couple installments, and then write me a personal cheque. I'll compensate him of course.
Anyhow, thanks to those that provided helpful suggestions.
For those that care, here's what I came up with: because of this forum, I actually went to my landlord, and he said that because I have been a good tenant, no complaints, or late payments in 2yrs, he would accept a monthly cash payment. I'm still surprised he said yes. But this solves a lot of problems. I then called my insurance company, and they have agreed to withdraw their monthly fees from my credit card. I pay my phone bill, CC, internet CC, hydro CC. So the only real expense that I would need my bank account for is my car payment, $250/month. Now my paycheques go directly into my RRSP account, plus I drop another grand into my account a month, so that's around 2.5k/month into my RRSP's, good enough. Should have around 40k by this time next year to work with.
I will still likely have a couple bucks extra kicking around in cash, and my plan is to shoe box it until I get to around 5 or 6 K, and my friend has agreed to deposit it into his bank account in a couple installments, and then write me a personal cheque. I'll compensate him of course.
Anyhow, thanks to those that provided helpful suggestions.
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