canadians

[donald bathe]

do canadian legal permanent residents have to declare offshore bank accounts like american green card holders? i know that legal permanent residents of the united states cannot hide secret accounts from uncle sam but what about legal residents of canada? is there an uncle sam for canada? whats the deal with this? does anyone know? can someone please tell me. rsvp. thanks.

 

[thegazelle]

Canadians have to declare their worldwide income on their tax returns. If a Canadian has more than 100K Cdn. at any one time in cumulative assets outside Canada, that requires additional forms on the tax return. But any income earned worldwide needs to be reported and that does not matter whether it is in the US or in another far away jurisdiction.

So if you have an interest bearing account somewhere the world and you ear n $10.00 a year, you need to report that $10.00 of interest income. In the US, they will issue you a statement for interest income if it is $10.00 or over. But no matter what, you need to delcare it.