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Tax on money transferred from US savings account to Canada

Jancy

Star Member
Oct 18, 2017
152
46
I have some money in US savings accounts which was accumulated over a 5 year period mainly from salary. I would like to open an EQ bank account and transfer the money from US bank accounts via transferwise.

Will CA tax me on this transfer, considering that I have already paid tax on this money in US itself?
 

KRP

Hero Member
Jan 13, 2012
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YVR123

VIP Member
Jul 27, 2017
6,431
2,460
I have some money in US savings accounts which was accumulated over a 5 year period mainly from salary. I would like to open an EQ bank account and transfer the money from US bank accounts via transferwise.

Will CA tax me on this transfer, considering that I have already paid tax on this money in US itself?
No tax on transferring savings. Only interest that you earned from that savings needed to be reported. And I assumed you did that for your 2019 tax return.
 

vivek901

Full Member
Jul 2, 2014
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micheal_tye

Newbie
Jul 28, 2020
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According to the Money Advice Service, the safest way to send money overseas is with your bank. But your bank is highly unlikely to offer a good rate. If you want to calculate fees you can use tax calculator software online.