Payment in cash.

[tparvaiz]

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.]

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.