BMO didn't withhold on my GIC interest

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
heyhey
Posts: 1
Joined: Mon Apr 28, 2025 2:49 pm

BMO didn't withhold on my GIC interest

Post by heyhey »

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".
nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: BMO didn't withhold on my GIC interest

Post by nelsona »

US residents do not pay Cdn tax on bank interest earned in Canada.
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
Post Reply