A Large Cash Transaction Report (LCTR) is the FINTRAC filing you must submit within 15 calendar days after the day you receive $10,000 or more in physical cash in a single transaction — and, critically, the same duty applies to two or more linked cash payments that add up to $10,000 or more inside one 24-hour window.
“Cash” is narrower than it sounds. It means coins and bank notes of Canada or another country intended for circulation, and it does not include cheques, money orders, or virtual currency — those instruments carry their own, separate reporting rules (virtual currency has a parallel report at the same $10,000 threshold). The 24-hour aggregation rule exists to stop the threshold being dodged by splitting a payment: you must file when you receive two or more cash amounts totalling $10,000 or more within a consecutive 24-hour window, provided you know the payments are linked — same person, same beneficiary, or on behalf of the same third party.
FINTRAC’s own red-flag list treats attempts to dodge this threshold as a specific indicator worth watching for: a transaction in which the party asks for payment to be divided into smaller parts with a short interval between them is named directly. If a client’s proposed payment structure looks engineered to stay just under $10,000 per instalment, the LCTR’s own aggregation rule is usually the reason it still needs reporting.
A buyer hands you two cash payments of $6,000 each, three hours apart, both toward the same deposit. Individually, each sits under the $10,000 threshold. But because you know both payments came from the same person for the same transaction, they aggregate to $12,000 inside the 24-hour window and an LCTR is required — filed within the same 15-calendar-day clock that applies to a single large payment.
See also: your compliance regime and know your client.
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