I am a dual US/Cdn living in Canada for 30+ years. I have a bank account in the US that is with my hometown credit union but they do not provide many online transactions/services. I also have a Cdn account with a Caisse Populaire that has limited options for cross-border banking plus no one speaks English. I should mention I am compliant with my IRS US/FBAR/Form 8938 and Cdn/CRA T1135 regarding both accounts.
I am trying to simplify my life as I get closer to my retirement years and was thinking of switching to the TD “US Borderless Plan”. Are the American TD Bank and Canadian TD two separate entities which would require the same reporting to the IRS and CRA as well?
If I simply transfer US currency from my US credit union into the US TD account, would it trigger any capital gains - I'm guessing not since there would not be any foreign exchange conversion?
Thank you in advance.
Cross border banking reporting requirements
Moderator: Mark T Serbinski CA CPA
Re: Cross border banking reporting requirements
The TD accounts in US are US accounts, the TD account in Canada is a Cdn account. They would still be subject to all the same reporting as your other accounts.
You do not need to worry about cap gains on transferring cash from one country to another, as the gains would be less than the $200 threshold.
I am soon moving to Canada and will be using the TD cross border scheme.
You do not need to worry about cap gains on transferring cash from one country to another, as the gains would be less than the $200 threshold.
I am soon moving to Canada and will be using the TD cross border scheme.
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