Which of the following transactions requires a large cash transaction report (LCTR) to be filed with FINTRAC?
Correct Answer
C) $15,000 cash payment for real estate services
FINTRAC requires a Large Cash Transaction Report for any cash transaction of $10,000 or more. The $15,000 cash payment exceeds this threshold and must be reported within 15 days of the transaction.
Why This Is the Correct Answer
Under FINTRAC regulations, real estate professionals must file a Large Cash Transaction Report (LCTR) for any cash transaction of $10,000 or more. The $15,000 cash payment for real estate services clearly exceeds this threshold and triggers the mandatory reporting requirement. The report must be submitted to FINTRAC within 15 days of the transaction occurring.
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