Joint Account in USA

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
Mswalleye2
Posts: 44
Joined: Fri Oct 12, 2018 2:37 pm

Joint Account in USA

Post by Mswalleye2 »

If my US Citizen husband and I have a joint account with a lump sum in it (in USA) .. I am a non resident alien .. can he gift that lump sum to me and then I alone claim it in Canada, tax free from USA? but we leave it in USA? The 1099 has his name on it only...but it is a joint account?
Top
nelsona
Posts: 18676
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Joint Account in USA

Post by nelsona »

A joint account would have both names on it, so it isn't really a joint account.

If he gifts you money, then he still has to pay Cdn tax on the interest, due to CRA attribution rules. And he would have no tax in US to write off against it, what would be the benefit?
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
Top
Mswalleye2
Posts: 44
Joined: Fri Oct 12, 2018 2:37 pm

Re: Joint Account in USA

Post by Mswalleye2 »

Our statements have both names, we set it up together but 1099 only has his name?? I will check on that. I was trying to eliminate another piece of paper to be filed .. FTC's for resourcing. tks
Top
Post Reply

Return to “Canada / United States Tax & Accounting”