I understand that manufacturers that sell directly to consumers are no longer considered manufacturers. Would sales to my employees be considered sales to consumers and create obligations on my part?
If you are a jewellery manufacturer and you sell goods to your employees, you remain exempted from the requirements under the Act. Employees are not considered to be consumers. • I have a client that purchased a $6,000 gold watch in cash followed by another cash purchase of $5,000 four hours later, totalling $11,000 in cash. Is this transaction reportable as a large cash transaction? Yes. Two or more cash transactions made within 24 consecutive hours by the same person (or on behalf of the same person) and that total $10,000 or more are considered to be a single transaction of $10,000 or more. These two transactions have to be reported to FINTRAC as a large cash transaction.
If you are a jewellery manufacturer and you sell goods to your employees, you remain exempted from the requirements under the Act. Employees are not considered to be consumers. • I have a client that purchased a $6,000 gold watch in cash followed by another cash purchase (of precious metals, precious stones or jewellery) of $5,000 four hours later, totaling $11,000 in cash. Is this transaction reportable as a large cash transaction? Yes. Two or more cash transactions made within 24 consecutive hours by the same person (or on behalf of the same person) and that total $10,000 or more are considered to be a single transaction of $10,000 or more. These two transactions have to be reported to FINTRAC as a large cash transaction.
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