Ask Allan Forum
Get expert answers to your tax questions straight from Allan, our owner and experienced CPA. It’s free, direct, and designed to help you make the best decisions when it comes to your taxes.
My wife and I have lived and worked in the States for the last 6 years and are non-resident citizens of Canada(only file personal tax returns in the US). Can you please confirm if in the USA and Canada there are any tax implications for having a Canadian bank account with CAD funds or if it needs to be declared during tax return?
Hi Vinod,
You need to complete the US FBAR if the total amount of all foreign accounts exceeds $10,000 USD at any time in the year. In addition, provide form NR301 (available for download from the CRA's website) to the bank so they can issue a non-resident reporting slip for interest paid to you.