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Feb 20, 2024 7:45 pm
i am a Hong kong citizen and not living in canada . but i am planing to move some of my funding to a bank in Ontario and that could create interest earning. from your Myth#2 look like i do not need to pay taxt for it ? do i need to file tax doc for it ?
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Feb 21, 2024 3:20 pm
Hi Andrew,
Interest payments made by a non-arms-length person/entity (including a financial institution) to a non-resident of Canada are not subject to a non-resident withholding tax. In other words, the interest income received is not taxable in Canada.