Hi All,
I'm a Canadian citizen, that was working down in the US (O&G) and just got transferred back to Canada (Canadian resident for the time being). I have an American wife, who is currently residing in the US, and I am working on getting a green card so that I can be back state side with the wife.
The wife and I are looking at buying a house in Arizona (where she currently resides), and she is pre-approved for the mortgage for the price range we want to buy a house in. Her savings is low, as she just finished paying off her school debt from med school. I have a decent amount in savings, but the problem is, it's sitting in my Canadian bank account in CDN $.
My plan is to wire down money to our joint US bank account, but I want to know if there is any tax implications from the US side. There is no implications from the Canadian side. Amount will be between $50-70K USD.
Thanks in advanced for the help.
Wire Transfer to US from Canada for House - Tax Implications
Moderator: Mark T Serbinski CA CPA
Re: Wire Transfer to US from Canada for House - Tax Implications
No tax implications or any other. What made you think there was?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Wire Transfer to US from Canada for House - Tax Implications
Thanks!
This would be my first time ever doing a wire transfer across international borders - just wanted to make sure I wasn't going to incur any sort of costs that I may not be aware of.
This would be my first time ever doing a wire transfer across international borders - just wanted to make sure I wasn't going to incur any sort of costs that I may not be aware of.