do i need to pay tax from interst I earn from GIC when i am not a canada citizen nor residence

Question

210 viewsFebruary 21, 2024Personal Tax

0

Andrew Wong (anonymous) Posted February 20, 2024

i am a Hong kong citizen and not living in canada . but i am planing to move some of my funding to a bank in Ontario and that could create interest earning. from your Myth#2 look like i do not need to pay taxt for it ? do i need to file tax doc for it ?

1 Answer

score 0 · Answer 1 · 2024-02-21T15:20:35+00:00

Hi Andrew,

Interest payments made by a non-arms-length person/entity (including a financial institution) to a non-resident of Canada are not subject to a non-resident withholding tax. In other words, the interest income received is not taxable in Canada.

do i need to pay tax from interst I earn from GIC when i am not a canada citizen nor residence

1 Answer

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