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Payment in cash.

tparvaiz

Newbie
Jul 11, 2020
1
0
Hi,

I have a corporate registered in Alberta. we got a contract from a US company (about 25k CNT) that want to pay us in cash in Canada. Should we accept?

I was planning to accept the cash and then deposit it in our corporate account.

Any thoughts?

Thanks
 

k.h.p.

VIP Member
Mar 1, 2019
7,840
1,707
Canada
Well, that's up to you - you'd have to record it as income and at the end of your corporate financial year determine if there are taxes due. You'd probably also be pegged for G/HST based on that one contract.

As to receiving $25k in cash, I'd do some due diligence and make sure you're comfortable with the source of the funds.

But short answer: you're not going to be able to escape taxes.