What to do with 5K in Canada?

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mrkwkkrn
Posts: 22
Joined: Tue Apr 08, 2014 10:04 pm

What to do with 5K in Canada?

Post by mrkwkkrn »

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: 18685
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

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.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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