Wire Transfer to US from Canada for House - Tax Implications

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kthomas
Posts: 2
Joined: Wed Aug 08, 2018 11:10 am

Wire Transfer to US from Canada for House - Tax Implications

Post by kthomas »

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.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Wire Transfer to US from Canada for House - Tax Implications

Post by nelsona »

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 :D
kthomas
Posts: 2
Joined: Wed Aug 08, 2018 11:10 am

Re: Wire Transfer to US from Canada for House - Tax Implications

Post by kthomas »

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.
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