How much is a suspicious bank deposit?

In Canada, reporting laws require all amounts over $10,000 to have a source identified by a bank as are multiple transactions in a short period totaling $10,000. Computer programs also look for attempts to get around these rules. All foreign transactions (regardless of amount) must be reported. All interest on accounts is also reported to Canada Revenue Agency.

CRA typically doesn't care until you reach around $10,000 a year -- as if this comes from income, you should be filing income tax returns. On a young person, they *might* care at over $3,600, since if self-employed you'd need to file in order to remit Canada Pension Plan contributions However, $4000 is certainly possible for a teen to obtain through gifts and without earning sufficient amounts to file. It is pretty unlikely CRA is going to care.

I'm not sure why you would wait until you have $4,000... it would appear smarter to deposit the money as you earn/receive it. Carry that kind of money around is generally stupid. It is easy to loose or have stolen.

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