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