Community Property Rules

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Joined: Fri Dec 03, 2021 11:38 pm

Community Property Rules

Post by watt »

I am wondering how Canada's community property rules interact with the IRS.

Ontario, for example, has what is described as a "deferred community of property" regime.

I have read that if you live in a state such as California, all property acquired after marriage is community property, so a bank account acquired after marriage, or funded with community property, by an NRA spouse would become reportable on FBAR since it is deemed jointly owned.

Canada's family laws appear to be a bit different, since they are deferred. Would it be correct to say that the non-titled spouse only acquires a financial interest in community property after dissolution of marriage? Are Ontario residents safe to not report the accounts of a non-US spouse?
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