Canadian border guards nab man with $800K in gold

[ASH]

Re: Canadian border guards nab man with $800K in gold

Makes for great news. Any laws broken?

That is an awesome post.

[LorenS]

Re: Canadian border guards nab man with $800K in gold

Sorry - the guy's 35 and has been in the US for 18 years according to the article. There's is no doubt he broke the law - as he didn't declare his financial instruments properly.

The IRS claims that gold isn't a financial instrument. It's taxed as a collectable.

[Fiat Currency]

Re: Canadian border guards nab man with $800K in gold

The IRS claims that gold isn't a financial instrument. It's taxed as a collectable.

He was carrying $100K in cash and declared that he had $10K - that is breaking the law. Oh, and the amount of gold he had was well in excess of the "collectable" limit.

The strange thing is ... the simple act of bringing gold/money etc across the border is not illegal - it's the NOT declaring part that is.

If he had properly declared - he may have found little to no tax ramifications - depending on the circumstances.

Although - he should have crossed into Alberta (where there is no PST) not into BC.

[tofu2u2]

Re: Canadian border guards nab man with $800K in gold

Works for me 2.

It would work even better if the guy really was 17 cuz he'd have less of a chance of spawning more little terrorists because by age 35 don't most of those guys have about a dozen kids ?

Fire away . . .