For Canadian tax purposes, the fact that you have foreign bank accounts will make you to be subject to filing requirements if the total cost amount of your foreign property at any time during the year is more than $100,000.In addition, any income generated from the foreign bank accounts will have to be declared annually in your Canadian tax return. Foreign tax credits may be available in Canada in order to reduce the impact of double taxation if the income is subject to tax in another jurisdiction.
Disclaimer
The nature of this facility is to provide a general response to a general question. Under no circumstances should anyone act on this information without obtaining analysis and counsel from a qualified advisor with respect to the specific situation.
Phillip Nadler, CA
Richter Usher & Vineberg
http://www.richter.ca
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