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Tax on money moved to CA before moving there?
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Topic: Tax on money moved to CA before moving there? (Read 556 times)
farrelli
Newbie
Posts: 6
Tax on money moved to CA before moving there?
«
on:
March 24, 2009, 10:44:53 pm »
Hey,
I'm planning to move to CA in the next year or two and the conversion rates are approaching a point where I will want to move a few hundred thousand US dollars into a CA bank account that I've had for years. I know that I'll have to pay tax on the interest I make on that money over time, but is the initial money that I make through the conversion taxable?
Thanks.
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haver
Full Member
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Posts: 25
Re: Tax on money moved to CA before moving there?
«
Reply #1 on:
July 15, 2009, 07:29:15 pm »
The first you have to understand that US dollars in Canadian bank account are not insured in Canada.
The taxation for non-residents and for residents are different.
NR has to pay withholding taxes from the earned interest. It depends on country of residence and vary 10%-35%.
Resident pays income taxes on anual basis depending on total income earned.
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