This forum deals with all aspects of immigration to the United States, including visa types, general immigration issues, and U.S. immigration topics.
Moderator: Jim Eiss
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mrkwkkrn
- Posts: 22
- Joined: Tue Apr 08, 2014 10:04 pm
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by mrkwkkrn » Tue Nov 24, 2015 9:42 pm
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
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nelsona
- Posts: 15503
- Joined: Wed Oct 27, 2004 2:33 pm
- Location: Nowhere, man
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by nelsona » Wed Nov 25, 2015 10:45 am
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.
Nelsona Non grata. Non pro. Search previous posts.