Tax on money moved to CA before moving there?

[farrelli]

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.

[haver]

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.