Joint Account in USA

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
Mswalleye2
Posts: 32
Joined: Fri Oct 12, 2018 2:37 pm

Joint Account in USA

Post by Mswalleye2 » Tue Jul 23, 2019 1:49 pm

If my US Citizen husband and I have a joint account with a lump sum in it (in USA) .. I am a non resident alien .. can he gift that lump sum to me and then I alone claim it in Canada, tax free from USA? but we leave it in USA? The 1099 has his name on it only...but it is a joint account?

nelsona
Posts: 16044
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Joint Account in USA

Post by nelsona » Tue Jul 23, 2019 4:34 pm

A joint account would have both names on it, so it isn't really a joint account.

If he gifts you money, then he still has to pay Cdn tax on the interest, due to CRA attribution rules. And he would have no tax in US to write off against it, what would be the benefit?
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

Mswalleye2
Posts: 32
Joined: Fri Oct 12, 2018 2:37 pm

Re: Joint Account in USA

Post by Mswalleye2 » Thu Jul 25, 2019 6:38 pm

Our statements have both names, we set it up together but 1099 only has his name?? I will check on that. I was trying to eliminate another piece of paper to be filed .. FTC's for resourcing. tks

Post Reply