Tax Implications of Canadian Bank Accounts for non-Resident Canadians in U.S.

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53 viewsDecember 9, 2024

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Vinod Kumar (anonymous) Posted December 9, 2024

My wife and I have lived and worked in the States for the last 6 years and are non-resident citizens of Canada(only file personal tax returns in the US). Can you please confirm if in the USA and Canada there are any tax implications for having a Canadian bank account with CAD funds or if it needs to be declared during tax return?

1 Answer

score 0 · Answer 1 · 2024-12-09T22:27:34+00:00

Hi Vinod,

You need to complete the US FBAR if the total amount of all foreign accounts exceeds $10,000 USD at any time in the year. In addition, provide form NR301 (available for download from the CRA’s website) to the bank so they can issue a non-resident reporting slip for interest paid to you.

Tax Implications of Canadian Bank Accounts for non-Resident Canadians in U.S.

1 Answer

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