double taxation on canadian savings account?

stressfulauditor · Post by **stressfulauditor** » Thu Aug 18, 2022 6:50 pm

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

nelsona · Post by **nelsona** » Tue Aug 23, 2022 7:03 pm

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

stressfulauditor · Post by **stressfulauditor** » Mon Sep 05, 2022 9:10 pm

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

nelsona · Post by **nelsona** » Tue Sep 06, 2022 8:28 am

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.

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double taxation on canadian savings account?

double taxation on canadian savings account?

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Re: double taxation on canadian savings account?

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