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Aug 6th, 2022
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How to make currency notice

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With all the talk of reckless money printing, hyperinflation and debasement of currencies around the world today, it sounds reasonable to have some kind of backup plan ready to replace regular currencies should the need arise. Now of course there are crypto currencies and they are great as alternative investment vehicles, but their high transaction fees and slow processing times make them extremely unsuitable to replace something like the American dollar, in whatever form it may take. This is all really frustrating because a nations currency is supposed to serve the people of the nation and it does genuinely seem like in recent years this role has mutated into bending the economy to the whim of policy makers who may not always have the best ideas. If only YOU had access to the control panel, you could stop all of this reckless money printing (that according to some top economists and financiers, is driving us towards hyperinflation Armageddon). This begs the question, how could you

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The CBSA has the authority to seize all currency and monetary instruments if the entire value is not reported. They may be returned after a penalty is paid. Penalties range from Can$250 to Can$5,000.
Stop by Your Local Bank Many banks and credit unions offer a foreign currency exchange service for a fee. Some financial institutions will even order currency, or allow you to order it online, and ship it to your home. That may be a convenient way to get the money you need for your trip.
If you ignore your tax debt, it will grow with interest charges and penalties.
The CRA can get a provincial judgement or a certificate from the Federal Court confirming the amount you owe. This will make your debt a matter of public record and allow the CRA to proceed with asset liens and seizures. The CRA will usually notify you by mail that your debt has been certified in Federal Court.
Your balance owing is due April 30, 2023. You should pay any amounts you owe on or before this date to avoid interest and late-filing penalties. The CRA will charge daily compound interest on any outstanding balance starting May 1, 2023, until your balance is paid in full.
When you arrive, you must tell a border official if you are carrying more than C$10,000 (per family if travelling as a family). If you bring more than C$10,000 (or the equivalent in another currency) per family or as single traveller into Canada, you must declare the amount when you arrive.
Services and information Make a payment. Payment options to make a full or partial payment, either online, by mail, or in-person. Arrange to pay your debt over time. Unable to pay. Confirm your payment is received. Required tax instalments. Repay COVID-19 benefits. Interest and penalties.
There is a way to settle tax debt and obtain CRA debt forgiveness for tax debts: make a consumer proposal to the Canada Revenue Agency. Income tax and other tax debts are unsecured debts and can be discharged by filing a consumer proposal with a Licensed Insolvency Trustee.

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