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by AlianaHobbs
Tue Jun 20, 2023 9:39 am
Forum: Canada / United States Tax & Accounting
Topic: Paid back loan owed to me - interest income
Replies: 7
Views: 4659

Re: Paid back loan owed to me - interest income

Sorry to hear about your brother's passing. Regarding loan repayment, it's always a good idea to report any interest income on your tax returns. In terms of taxation, it usually follows the general rule of being taxed in Canada first, and then you may be able to claim a foreign tax credit in the US ...