Hello. I have dual citizenship USA/Canada (Born in Canada). I have resided in the USA for over 10 yrs now and I am a NON-resident of Canada. I own nothing in Canada.
My father, who is back in Canada and solely a Cdn Citizen is possibly selling his condo soon and wants to give us kids the $$ from it, plus other cash
My understanding from reading these forums, is that he can give me the cash with no tax implications from either country at all. I do NOT have to report anything in Canada, but in the USA I just report it on IRS form 3520 https://www.irs.gov/forms-pubs/about-form-3520 correct?
Another question I have....is it possible to open a bank account in Canada as a non-resident? Reason being is that the Cdn dollar is so low, I rather wait until it gets closer to the $1 range. And if i were to leave the $$$ in Canada, does that open a whole new can of worms, such as having to report it via filing Cdn taxes and filing it on USA taxes every year?
Thank you
Inheritance...leave $$ in Canada???
Moderator: Mark T Serbinski CA CPA
You are correct, except that you would only need to report on 3520 if the gift from your father totaled more than US$100K.
You should be able to open an account in Canada. You have a SIN number after all. US residents are not taxable in Canada on their bank interest earned in Canada (it would not trigger any Cdn reporting requirements), so you would only have to report the interest on your 1040 and include the account on your FBAR foreign account report.
You should be able to open an account in Canada. You have a SIN number after all. US residents are not taxable in Canada on their bank interest earned in Canada (it would not trigger any Cdn reporting requirements), so you would only have to report the interest on your 1040 and include the account on your FBAR foreign account report.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
[quote="nelsona"]You are correct, except that you would only need to report on 3520 if the gift from your father totaled more than US$100K.
You should be able to open an account in Canada. You have a SIN number after all. US residents are not taxable in Canada on their bank interest earned in Canada (it would not trigger any Cdn reporting requirements), so you would only have to report the interest on your 1040 and include the account on your FBAR foreign account report.[/quote]
I know a few yrs back with Presidents choice bank when I told them I was living in the USA they wanted to close my account even though I have a SIN #. Maybe it just their policy...Thank you
You should be able to open an account in Canada. You have a SIN number after all. US residents are not taxable in Canada on their bank interest earned in Canada (it would not trigger any Cdn reporting requirements), so you would only have to report the interest on your 1040 and include the account on your FBAR foreign account report.[/quote]
I know a few yrs back with Presidents choice bank when I told them I was living in the USA they wanted to close my account even though I have a SIN #. Maybe it just their policy...Thank you