Not Illegal, Not Unethical, Albeit Wrong Sub-Forum

[geriatrickid]

I am perplexed by this post.

There is absolutely, nothing preventing anyone from putting large amounts of cash in a safety deposit box. The issue arises when someone attempts to move large amounts of cash over the border. Countries most certainly have the right to and responsibility to ask about the amount of money bring in transit. As long as the funds are declared, and they are legal, they are untouchable.

First there is an exaggeration made about the cost of probating wills in Canada. It really depends on the province and the amounts involved. The OP does not mention that in most cases there are no probate/or very minimal costs for values under $100,000, nor does he mention that registered pensions and retirement funds with a beneficiary are exempt.

Ok, so why would I look at that and say hmm. Well, it's because as someone who has had to pay taxes in multiple jurisdictions including Canada, I'm well aware of the basic tax rules. All income is declarable in Canada, whether it be from loansharking, gambling or selling one's used gym socks on ebay.

If the OP has a small amount of money, perhaps less than $100,000 I can understand why he might want to keep some funds liquid. One never knows what will happen. (It then begs the question, which currency to use, or should one buy gold trinkets, but I digress.) If one has larger amounts of money than it makes no sense to just lock the money in some box slowly losing purchasing power. Even a basic GIC/CD would offer 1%-3% allowing one to at least partially offset the ravages of inflation.

It is offensive to read of someone demanding to be able to store whatever he wants at a third party location and complain about the perceived infringement of his rights. This is utter selfish tripe. The provision of a 3rd party storage is a service. One pays for the service. No one compels you to use the services. Yes, banks want to manage the material in their boxes on their premises. In some cases they have had radioactive isotopes stored and been stuck with cleanup costs. Even a basic storage locker doesn't want to have someone storing flammables or toxic substances. What of the rights of other lockbox clients? I don't want to be put at risk, not that I use a safety deposit box anymore. I closed mine years ago.

I am sorry, but the request just does not make any sense. A red flag is waving for me on this thread.

Edited April 4, 2012 by geriatrickid

[StreetCowboy]

I wonder what insurance the OP will provide to the storage company, in order to protect their property when his money gets stolen from it.

I wonder how the storage company avoids charges of handling illegal goods whenever they are found there?

It is the not the invasion of privacy that I object to, with the money laundering rules, but rather the cost and inconvenience of compliance. And also, I suppose the apparent fleibility with which governments appear willing to inflict upon us fresh hurdles. It is certainly driving me towards reducing the number of service providers that I use for handling assets, which is unfortunate.

SC

[Sateev]

A narcissist loves the smell of his own farts.

SC is in heaven, all's right with the world.

[StreetCowboy]

A narcissist loves the smell of his own farts.

SC is in heaven, all's right with the world.

Farts are like children (or perhaps vice versa) - your own are not so bad.

[Sateev]

A narcissist loves the smell of his own farts.

SC is in heaven, all's right with the world.

Farts are like children (or perhaps vice versa) - your own are not so bad.

I rest my case.

[StreetCowboy]

I am perplexed by this post.

There is absolutely, nothing preventing anyone from putting large amounts of cash in a safety deposit box. The issue arises when someone attempts to move large amounts of cash over the border. Countries most certainly have the right to and responsibility to ask about the amount of money bring in transit. As long as the funds are declared, and they are legal, they are untouchable.

First there is an exaggeration made about the cost of probating wills in Canada. It really depends on the province and the amounts involved. The OP does not mention that in most cases there are no probate/or very minimal costs for values under $100,000, nor does he mention that registered pensions and retirement funds with a beneficiary are exempt.

Ok, so why would I look at that and say hmm. Well, it's because as someone who has had to pay taxes in multiple jurisdictions including Canada, I'm well aware of the basic tax rules. All income is declarable in Canada, whether it be from loansharking, gambling or selling one's used gym socks on ebay.

If the OP has a small amount of money, perhaps less than $100,000 I can understand why he might want to keep some funds liquid. One never knows what will happen. (It then begs the question, which currency to use, or should one buy gold trinkets, but I digress.) If one has larger amounts of money than it makes no sense to just lock the money in some box slowly losing purchasing power. Even a basic GIC/CD would offer 1%-3% allowing one to at least partially offset the ravages of inflation.

It is offensive to read of someone demanding to be able to store whatever he wants at a third party location and complain about the perceived infringement of his rights. This is utter selfish tripe. The provision of a 3rd party storage is a service. One pays for the service. No one compels you to use the services. Yes, banks want to manage the material in their boxes on their premises. In some cases they have had radioactive isotopes stored and been stuck with cleanup costs. Even a basic storage locker doesn't want to have someone storing flammables or toxic substances. What of the rights of other lockbox clients? I don't want to be put at risk, not that I use a safety deposit box anymore. I closed mine years ago.

I am sorry, but the request just does not make any sense. A red flag is waving for me on this thread.

He's probably trying to dispose of nuclear waste on behalf of Sellafield.

I tell you, he's not putting it in my fridge! Its bad enough with those little chillies in there...

SC

[StreetCowboy]

You could go to the same bank that Naam uses

SC