double taxation on canadian savings account?
Moderator: Mark T Serbinski CA CPA
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- Posts: 9
- Joined: Thu May 05, 2022 5:18 pm
double taxation on canadian savings account?
I have a Canadian savings accounts which I earned about $150 of interest on but I am a US tax resident during 2021 when it happened. How do I report this to avoid getting double taxed on both Canada and USA? Thank you
Re: double taxation on canadian savings account?
US residents do not pay tax on Canadian bank interest. You do not report it on a CRA non-resident return, nor on your departure return if it was paid after you left Canada
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- Posts: 9
- Joined: Thu May 05, 2022 5:18 pm
Re: double taxation on canadian savings account?
So I had forgotten to tell my canadian bank and they issued a T5 slip. Do I still report this both like a 1099-INT on my IRS USA tax and my CRA canada T5? Thanks
Re: double taxation on canadian savings account?
No. You do not report bank interest as a non-resident of Canada, regardless of the slip you receive. Report the interest only on your US returns.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing