Posted on 05/03/2023 6:04:04 PM PDT by george76
Cheques or cash payments of more than $10,000 will not be accepted next year, raising concerns about the government one day adopting problematic central bank digital currencies.
...
The Canada Revenue Agency (CRA) starting in 2024 will no longer allow citizens to pay tax debts over $10,000 by cheque and will mandate payment via electronic means under a new rule that is part of a federal omnibus budget bill likely to become law soon.
Since 1917, the CRA has allowed anyone with tax debt to pay by “cash or cheque,” but beginning next year payments of more than $10,000 will have to be done electronically. Many choose to pay larger debts by cheque because it is faster, easier and relatively secure.
According to CRA spokesperson Charles Drouin, the new policy will not “come into effect until January 1,” 2024.
“We will communicate additional details about the administration of this policy in due course,” he added.
However, Drouin confusingly noted that cheques will still be accepted when a payer “cannot reasonably remit or pay the amount” by direct deposit. This means that should one pay by cheque in 2024, it remains unclear if the CRA would honor that payment.
The CRA would not comment on what would happen to those who don’t abide by the new rules.
The federal government of Prime Minister Justin Trudeau’s omnibus budget Bill C-47 is currently being debated in the House of Commons. The bill includes the clause that will mandate electronic payment of taxes over $10,000.
As per Blacklock’s Reporter, Lindsay Gwyer, director general of tax policy with the Department of Finance, recently testified at a House of Commons finance committee meeting that the changes are “intended to make the process more efficient from the perspective of the government and from the Canada Revenue Agency’s perspective.”
“Large payments above $10,000 are required to be made electronically,” Gwyer said.
Some Conservative Party of Canada (CPC) MPs have questioned why getting rid of paying by cheque is needed.
CPC MP Marty Morantz said recently at a finance meeting, “This piece about having to pay electronically over $10,000, what if somebody doesn’t want to do that or doesn’t know how?”
“Why can’t they pay by cheque?” he asked.
Many Canadians pay taxes via large lump sum payments, which can be conveniently done by cheque. Most banking institutions have in place limits on how much money a person can send via an electronic funds transfer.
A survey from 2014 from the Department of Public Works showed that about 26% of Canadians are opposed to mandating payment electronically.
Forcing Canadians to pay via electronic funds transfer as opposed to cheque comes around the same time that governments worldwide are touting replacing cash with central bank digital currencies.
While Canadian banks thus far have not been hit with collapse like some banks in the United States in recent months, experts have warned that a financial crisis could spell the acceleration of the introduction of central bank digital currencies.
Digital currencies have been touted as a way by some government officials to replace traditional cash.
As noted in a recent report from LifeSiteNews, experts warn that central bank digital currencies are a “control tool” by the government.
“Government-backed digital currencies issued by a central bank. They can be issued to financial institutions or to the general public, effectively giving people a bank account the government can directly access, in an account held either by the government itself or a commercial bank,”
Son of Castro continues to make Canada more like Cuba, daily.
Just pay $9999.99 on one check and the rest on another. Surprised some of the smarter Canadians haven’t figured that out yet. 🤣
Sure does.
Does that means they will reject the check? Fat chance. They want your money.
They should have to pay electrically for electing the puke Trudeau.
Ah, the People’s Republic of Canada. It’ll be a race whether we Yanks can beat Canada to the toxic and fatal state of Communism. At least we still have our leftist removal tools - but how long the 2nd Amendment will last is questionable.
So basically the people of Canada exist for the benefit of the government of Canada. Pretty simple.
Sounds like "structuring," which is illegal.
Regards,
[raising concerns about the government one day adopting problematic central bank digital currencies.]
[Son of Castro continues to make Canada more like Cuba, daily.]
Herr TruCastro’s True Colors showing once again
It’s called an installment plan and it’s totally legal.
This is a story about nothing, basically. I would imagine the number of people who pay taxes of that magnitude in some way other than payroll deduction is quite small.
Also what Americans may not realize is that in Canada we have a bank-run system called interac which allows us to use our bank cards like credit cards. You have some limited versions of this but I’ve found that when in America I can only use a credit card, not a current account accessing bank card, to pay. Up here most of us use both systems about equally. And parallel to the bank card system at point of sale, there is a system called interac transfer which is basically pay pal applied to banks. You simply send a selected recipient the desired amount and all the banks here (which are fewer in number, all banks here are what you might call large banks) are on this system, so the money flows electronically, people just don’t send each other cheques very often nowadays (it does still happen).
This interac system is very secure and we have never had one problem using it in over three decades. I often wonder why there seems to be no equivalent in most other countries.
A cynic might say well the government is monitoring your cash flow. As far as is known, the system is private to the banking system. I would not be surprised if the governments could peek in but they would need a bench warrant and it probably only happens in about a millionth of all transactions, otherwise they would need many thousands of agents tracking literally billions of transactions. And in any case, if the government wants to find out if I pay my rent or send friends money they could just as easily snoop on my bank account at source and see ATM or cheque activity so this interac system is not really any less secure.
By the way, government agents following my every move, hello. Nice weather we’re having. Is the black SUV in for repairs, I see you’re driving a white one this week.
FWIW, the US government doesn’t want people owing over $10K in income taxes at year-end; they would press you to change withholdings. They don’t want to either expect a large check from you after the fact, OR pay out a large check to you.
If we succeed in restoring our republic, and Canadians don’t, we’re gonna need a northern border wall...
Deep State wants their minions to continue to float them interest free loans.
Are they looking for a “loan” if they are simply trying to lower the outstanding amount the taxpayer owes the Deep State at year-end? If they are demanding overpayment, I’d agree - but it appears the Canadian government is trying to match the US government in minimizing the outstanding taxes genuinely owed.
Genuinely owed...
Kearny, as far as I’m concerned, taxation is legalized theft.
The power to tax is indeed the power to destroy.
And Deep State wields its bludgeon well.
In the US you may have to pay a penalty for being under withheld if you owe a large amount.
https://www.investopedia.com/terms/u/underpaymentpenalty.asp
And the IRS can issue a lock in letter to your employer to have the maximum amount withheld until the lock in letter is released. This typically happens when an employee claims Exempt or claims a lot of subtractions from withholding and ends up owing a substantial amount that they are not able to pay by the tax filing date.
https://www.irs.gov/individuals/understanding-your-letter-2801c
I process Canadian payroll for one of our subsidiaries and don’t see nearly the number of withholding questions or questions on T4’s (the Canadian equivalent of a US W2) as overall taxation in Canada is much simpler.
+1
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.