General Discussion and Theories

[THXGuru]

Any cash payments over $10,000 apparently get reported to '''authorities'''

People can pay cash, but would risk bringing the heavies to your door if you can't say where money came from. I dont agree with this, but thats how it is. Cheques are referred to as cash quite often, so possibly a cheque has been used where cash has been stated. JMO

Cash payments are not reported.

 

[musicaljoke]

Any cash payments over $10,000 apparently get reported to '''authorities'''
JMO

Maybe you are thinking of cash that leaves the country, that you have to claim at customs. Otherwise, you can clean out under your mattress and pay with as many loonies, twonies or greenbacks as you like.

 

[Blomquist]

Cash payments are not reported.

Well I shall have to inform the bank and the lawyer of that. It was a bank that last told me that they report all deposits in cash of $10,000 or more. Can you advise where you get the information that cash payments are not reported? Thank you in advance

 

[redheadedgal]

Please don't turn off spell checking. Browser based spell checking is one of the best browser improvements of the past few years. And why would you want to submit a post with known spelling errors?

:chillout:

 

[EDGE1124]

<modsnip> I deal with extremely wealthy people all the time, and they never "pay cash" for their property. Take from that what you will.

Most truly wealthy people IMO would pay cash for certain things because they can afford to plus do not want to pay any extra fees whatsoever. Sure some people could be wealthy in a persons point of view and earn a high yearly salary but I know some of these types and they are leasing up the wazoo and portray a healthy financial lifestyle but so many people like to live beyond their means and have no choice but to pay by way of lease or mortgage etc. Sure some receive advice to go through the bank and don't sink your money into a house all up front but if you are truly wealthy and it is an investment then cash is the best!!

 

[EDGE1124]

Cash payments are not reported.

If DM bought the farm from the seller and that seller was using an agent or sales rep...then yes it would need to be reported.

 

[Ailin42]

DM is worth a lot of money, that airport hanger cost $8 million. We're not dealing with chump change here.

You would be a complete moron to buy that property with a mortgage if you were in fact able to pay for it in cash....

Someone once told me that if I win the lottery, I should in fact NOT race to the bank to pay off my mortgage. I should use my mountain of cash assets to leverage the bank to give me a sliver of a mortgage rate, then invest the cash assets to earn greater interest than I'm paying on the mortgage.

So although DM may have paid "cash" (in other words, made an offer to purchase with no condition of financing approval) that doesn't necessarily mean he rolled up with an armored truck full of bills.

 

[Alderbrook]

Cash payments are reported. Google "FINTRAC".

 

[EDGE1124]

3rd generation money...Not so rare. More typical than not.

moo

3rd gen $$ is quite common yes but usually the person(s) that are the beneficiaries of that $$ want to have a career or do something constructive and not just act like a teenager until too much time on your hands gets you into trouble or broke etc. That is what is rare...

 

[onlooker62]

Someone once told me that if I win the lottery, I should in fact NOT race to the bank to pay off my mortgage. I should use my mountain of cash assets to leverage the bank to give me a sliver of a mortgage rate, then invest the cash assets to earn greater interest than I'm paying on the mortgage.

So although DM may have paid "cash" (in other words, made an offer to purchase with no condition of financing approval) that doesn't necessarily mean he rolled up with an armored truck full of bills.

Exactly...Very well put.

 

[Ernesto]

Cash payments are not reported.

In Canada they most certainly are. Take a quick read here: http://www.fintrac-canafe.gc.ca/reporting-declaration/info/rptlctr-eng.asp

 

[Ernesto]

Someone once told me that if I win the lottery, I should in fact NOT race to the bank to pay off my mortgage. I should use my mountain of cash assets to leverage the bank to give me a sliver of a mortgage rate, then invest the cash assets to earn greater interest than I'm paying on the mortgage.

So although DM may have paid "cash" (in other words, made an offer to purchase with no condition of financing approval) that doesn't necessarily mean he rolled up with an armored truck full of bills.

Exactly why my clients don't "pay cash" for their property They have much better things to do with their money. Anyway, back on topic. Whether or not DM paid cash or not doesn't likely make any difference, no point in squabbling over it.

 

[winkipinki]

I would not think of paying cash as literally paying with cash money. Usually a certified check is referred to as cash when it covers the balance in full. Often "cash" offers are accepted above finances pending, and can get a better price from the seller.

 

[huntergerrard]

This was new to me:

OPP investigate murder suspect's island yacht charter
http://www.manitoulin.ca/2013/05/29/opp-investigates-murder-suspects-island-yacht-charter/

 

[expat cdn]

I would not think of paying cash as literally paying with cash money. Usually a certified check is referred to as cash when it covers the balance in full. Often "cash" offers are accepted above finances pending, and can get a better price from the seller.

Exactly, I think people are getting confused here. Paying with cash is not handing over a brief case of money. It usually means there are no conditions on the sale, ie. the buyer does not need financing

 

[Eldee]

Where do you people find this stuff?? Good article.

 

[Ernesto]

This was new to me:

OPP investigate murder suspect's island yacht charter
http://www.manitoulin.ca/2013/05/29/opp-investigates-murder-suspects-island-yacht-charter/

What the hell? That article is bizarre. Why did the writer not ask the guy for the explanation given for the blood in the boat? Sorta sounds like it was written by an amateur, hopefully there are some follow-up stories by more professional MSM soon.

 

[expat cdn]

<modsnip>






Paying cash for a property is fairly rare (and no, I'm not talking "suitcase full of money" cash), even for people with lots of money to burn. It's unlikely, but I guess in DM's case, entirely possible based on his purchase of the condo.

JMO - I don't think you have done many real estate deals. We bought our place cash - no mortgage!! yay!

 

[Eldee]

This was new to me:

OPP investigate murder suspect's island yacht charter
http://www.manitoulin.ca/2013/05/29/opp-investigates-murder-suspects-island-yacht-charter/

When the boat owner says " I would be taken aback if there was more to this story" completely dumbfounded me. Now that you have read about this guy DM, the missing LB, the murder of TB and you come to help get the boat going, and there is quantity of blood in the boat, the girl is nowhere to be seen, and you would be taken aback if there was more to this story?? I'm thinking there is way more to that story... JMO

 

[Ernesto]

Exactly, I think people are getting confused here. Paying with cash is not handing over a brief case of money. It usually means there are no conditions on the sale, ie. the buyer does not need financing

I don't think anyone is getting confused, and "pay cash" does not mean what you think. When there is a condition on financing in an agreement, it means that the buyer needs time for their bank to approve their mortgage. If a buyer were willing and able to "pay cash", they would not need a mortgage (financing), and would simply have the funds transferred from their institution to the sellers, usually through a lawyer (or a cheque, but not often with such a large amount of money).