BMO didn't withhold on my GIC interest
Moderator: Mark T Serbinski CA CPA
BMO didn't withhold on my GIC interest
i am a US resident, and have BMO bank account clearly listing me as a non-resident. Sold some BMO GICs for about $2000 in interest. Just realized the NR4s issued by BMO do not have withholding. I file a T1 every year for rental income on properties in Canada through an accountant. But obviously can't claim the GIC interest that way. Should I wait for Canada Revenue assessment which, maybe, would take out the amount I owe for the GIC interest out of my refund ? Or do I need to file a separate return for the $2000? I will have to do myself because my accountant will charge few hundred dollars which, on such a small amount, is very irritating. But I would do it right now if the answer is "yes file form xxxx".
Re: BMO didn't withhold on my GIC interest
US residents do not pay Cdn tax on bank interest earned in Canada.
It is reported only on your US return
It is reported only on your US return
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best