Canadian Tax Law help?

[BradM]

Specific help needed. Let's say I have 100k in the US and I want to transfer it to my Canadian accounts. Will I pay tax on this? I am unsure how that works

[Agent 488]

http://www.howlandtax.com/articles/foreign.htm

[JayDeeZee]

Good question.

Bump

[d-null]

you pay tax on that $100k in the year that you made the money, where the money is sitting is irrelevant

if you made the money in the U.S. then the IRS requires tax returns to be filed as well, but there is a tax treaty where you are not taxed twice on the same income, but you must file in both countries


this is my understanding and how I have done it, but I am not a tax expert so my disclaimer is that the above is only my opinion and should not be taken as legal or taxation advice

[d-null]

did you get it worked out?

[grumpy]

you only pay tax in the country where you made the money. You can only be taxed once on income no matter where you transfer your money to.

[d-null]

you only pay tax in the country where you made the money. You can only be taxed once on income no matter where you transfer your money to.

by my understanding, that is not all true, you may be taxed in your own country of residence for money made in other countries