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ok im a canadian citizen living in canada, my question is if i put X amount of canadian dollars in a swiss bank, do i have to pay capital gains tax in switzerland?

do i have to pay taxes to Revenue Canada on any money made outside of canada?

last question regarding divorce, now the Swiss and Canada have cooperation agreement in divorse cases, but only if the plaintiff can prove that an account exists. Does the plaintiff just have to name the banks or do they actually have to have both the banks name and the actual account #??

2007-02-21 23:44:49 · 1 answers · asked by abc x 1 in Business & Finance Taxes Canada

1 answers

In Canada, all your worldwide income is taxable, with the exception of property income in other countries. So in fact, interest gained on a Swiss bank account would be taxable in Canada.

In Switzerland, there is no "capital gain tax", but a "tax deducted at source" on all interests gained in Switzerland (35%). But it's possible to get around this tax by letting a Swiss bank placing your money in a Luxemburg money market fund or non-Swiss bonds or funds of any kind.

I do not know the situation about divorce - but as long someone is married to you, he/she would have the right to ask the bank on common assets, at least with a court decision (also Canadian). It would be quite dangerous/stupid to let the plaintiff know the name of the bank!

2007-02-22 18:43:51 · answer #1 · answered by swissnick 7 · 0 0

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