reporting requirement for Health Savings Account

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
CKChoy
Posts: 2
Joined: Thu Jul 02, 2020 8:22 am

reporting requirement for Health Savings Account

Post by CKChoy »

I am US citizen and am currently working in Vancouver. I have been living in Vancouver since last December and planning to stay in Canada for several years at least. I have a Health Savings Account (HSA) for five years. If I want to transfer my HSA money from one company to another company (trustee to trustee transfer), will it trigger any reporting requirements?
Top
nelsona
Posts: 18678
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: reporting requirement for Health Savings Account

Post by nelsona »

No. As long as you do not make a withdrawal that is taxable in US (ie. a non-medical withdrawal), there is nothing to report in Canada either. Transfer between accounts is a non-event in both countries.
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
Top
Post Reply

Return to “Canada / United States Tax & Accounting”