A new bill could stop you from buying a car with cash.Bill S-8 was introduced on Tuesday, making cash payments to any business, amounting to a total of $10,000 in cash or more, illegal.This law isn't limited to car purchases, of course; it also applies to donations and other forms of purchases that require a deposit, such as buying a house, booking venues, renting, and construction work.The act was introduced by Sen. Pierre Moreau on behalf of the feds, specifically Finance Minister and Liberal MP François-Philippe Champagne. .The proposed bill details are limited based on a single transaction, and those who break this not-yet-so-official law, will have some potentially hefty consequences attached to it.Those who violate said law will face, if found guilty of accepting the illegal cash payment, a fine by the feds of three times the cash payment they accepted.In a statement, the feds claimed the law would, "address some of the most common forms of money laundering" through restricting "large cash transactions of $10,000 or more."Though they do add the law would not apply to banks and credit unions, which can still accept these large cash transactions..The bill has passed its first reading in the senate, is now on its second, and has not yet gone to the House of Commons.
