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My distrust of government is swelling, in light of the SNC-Lavelin scandal. Fortunately, the Statistics Canada paused its plan to obtain banking records.

I know that travellers must declare money over $10K to CBSA, and Canadians must file taxes annually. But I was only apprised today that:

  1. financial institutions must report international EFTs over $10K to the CRA.

  2. CRS provides standard procedures to be followed by financial institutions to identify and report annually to their local tax authorities certain accounts (Reportable Accounts) held by tax residents of Reportable Jurisdictions, or accounts for certain entities in which such persons have an interest. I pasted this from RBC.

Are there other ways for our government to detect our money?

  • It might not be relevant to Canada, but in the US your point number 1 is anything over $10k or anything that's unusual. If an account has never seen a $5k transaction and gets a $5k cash deposit, the US rules say that's unusual and it's to be reported. – quid Mar 08 '19 at 00:49
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    Are you asking how the government knows how much a specific Canadian resident has, or how much Canadians have in total (i.e. money supply)? Or perhaps how do they find out statistics, like average household savings? The question is unclear. – user71659 Mar 08 '19 at 06:27
  • I'm not an expert on this subject, but I'm pretty sure your employer sends copies of your T4s (et al) to the government as well as to you (assuming you're not self-employed.) – Steve-O Mar 08 '19 at 14:11
  • @user71659 "a specific Canadian resident has". Please go ahead and edit my question. –  Mar 09 '19 at 19:51
  • @Steve-O Right. But T-4s don't make up the whole picture. –  Mar 09 '19 at 19:51
  • I didn't mean to suggest that they did make up the whole picture, but it is one other way. – Steve-O Mar 10 '19 at 16:19

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