Hi
I am a permanent resident of the US now, and a Canadian citizen. I immigrated about 2 years ago on a K1 visa.
I have about 5K sitting in a Canadian bank account right now, but because of the exchange rate I don't really want to convert it into USD.
Are there any accounts or plans I can put it into in Canadian that will allow me to earn some money on it without being taxed out the wazoo?
Thanks!
Mark
What to do with 5K in Canada?
Moderator: Jim Eiss
Interest earned in Canada by a non-resident is not taxed (out the wazoo or otherwise) by Canada.
It is taxed by IRS.
Keep it in a bank account to pay for Cdn purchases/visits you make, charged to your Cdn credit card, which I trust you kept.
It is taxed by IRS.
Keep it in a bank account to pay for Cdn purchases/visits you make, charged to your Cdn credit card, which I trust you kept.
I am taking my usual break from this site until May. Always too many tax-form specific questions at this time of year...
nelsona non grata. Non pro. Search previous posts. Happy Browsing
nelsona non grata. Non pro. Search previous posts. Happy Browsing
