Does the irs communicate with the cra?

[anyways]

Let's say paypal issue a canadian with a check of 15000$ cad, does it have to report it to the irs?
If so, does the irs communicate this info to the cra (canadian revenur agency).

Thanks

[superking]

Originally Posted by anyways

Let's say paypal issue a canadian with a check of 15000$ cad, does it have to report it to the irs?
If so, does the irs communicate this info to the cra (canadian revenur agency).

Thanks

They do not report earnings to IRS(not sure about CRA). In US, paypal does not report earnings to IRS, however when your bank receives "too much" money in large increments they report a federal agency who is in charge of money laundering and IRS also get an report of this. It may or may not trigger an audit.


It works similiarily in Canada, your bank typically report large amount of cash deposit( $10,000 or increments that adds up to $10,000). I'm not sure about checks...

but Bank Secrecy Act - Wikipedia, the free encyclopedia

[GreenBean]

This is discussed in this thread.
http://www.aspkin.com/forums/paypal-...tml#post110455

Listen, read, study, hold in front of mirror, and read again.

We will not dishonestly tell you what it is you *want* to hear, regardless of how many times you ask us.

Fact is, in these modern times, the authorities are watching the flow of funds before amounts reach the statutory threshold limit. That means that you were on the radar before your balance on PP reached the minimum of $5000, if you trust the estimates and reports that are prevalent in search engines.

I am thinking that keeping a six figure stash was not a good plan and that it is too late for you to make corrective adjustment.

Further, the final removal of funds from PP via xfer or check is going to finish the job off.

Hire a lawyer and make your alibi while your buns still slap each other when you run.

[anyways]

I think i preferred when that thread was closed by greenbean

[GreenBean]

?this thread?

anyways,

I know it is difficult when the stress is falling on *your* shoulders. However, please try to have a sense of humor. Laugh in the face of adversity. At the very least, let the rest of us laugh at you and tell you about it later. Sometimes a bit of a chuckle can clear the head.

[Lyda]

Yeap, agreed with above. And remember, " It ain't over untill the fat lady sings". Work at it the best you can, lough a little, and at the end all will work out somehow...