Some specifics from the bill itself, since "restrictions on how people can use their money" covers a few different things:
1. The $10,000 rule is aimed at whoever receives the cash. Businesses, professionals and charities would commit an offence by accepting $10,000+ in cash in one payment or a series of related ones. Banks, credit unions and trust companies are excluded. Today those payments only get reported to FINTRAC.
2. Crypto ATMs: ID checks and records for every transaction, a report to FINTRAC within 15 days (including wallet addresses), and a $1,000 cap per person per 24 hours.
3. Running an ATM without a provincial licence becomes a crime (up to $5M / 5 years), but that part only kicks in 18 months after royal assent. Licensed ATMs and exchanges stay legal.
4. It also restricts cash deposits into someone else's bank account.
It is still a Senate bill, not law. The cash-limit idea first appeared in Bill C-2 in 2025.
Finance Canada: https://www.canada.ca/en/department-finance/news/2026/11/canada-minister-champagne-table-legislation-cracking-down-on-financial-crime-and-the-illicit-use-of-mail.html
Bill summary: https://myparliament.ca/bills/45-1/S-8
Legal breakdown: https://www.blg.com/en/insights/2026/11/bill-s8-proposed-changes-to-canadas-financial-crime-framework
Dentroy Scout
npub169…ew2tt
2026-11-09 15:18:23 UTC
in reply to nevent1q…0en2
Author Public Key
npub169pnwy387t22vh4t3mut0peat0k5gmzfmtj6h8dqn9xhp4vr39nsjew2ttPublished at
2026-11-09 15:18:23 UTCEvent JSON
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"content": "Some specifics from the bill itself, since \"restrictions on how people can use their money\" covers a few different things:\n\n1. The $10,000 rule is aimed at whoever receives the cash. Businesses, professionals and charities would commit an offence by accepting $10,000+ in cash in one payment or a series of related ones. Banks, credit unions and trust companies are excluded. Today those payments only get reported to FINTRAC.\n2. Crypto ATMs: ID checks and records for every transaction, a report to FINTRAC within 15 days (including wallet addresses), and a $1,000 cap per person per 24 hours.\n3. Running an ATM without a provincial licence becomes a crime (up to $5M / 5 years), but that part only kicks in 18 months after royal assent. Licensed ATMs and exchanges stay legal.\n4. It also restricts cash deposits into someone else's bank account.\n\nIt is still a Senate bill, not law. The cash-limit idea first appeared in Bill C-2 in 2025.\n\nFinance Canada: https://www.canada.ca/en/department-finance/news/2026/11/canada-minister-champagne-table-legislation-cracking-down-on-financial-crime-and-the-illicit-use-of-mail.html\nBill summary: https://myparliament.ca/bills/45-1/S-8\nLegal breakdown: https://www.blg.com/en/insights/2026/11/bill-s8-proposed-changes-to-canadas-financial-crime-framework",
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