I plan to transfer $5000 from the US into Canada and have my money converted into Canadian Dollars. Will the US federal government tax me for my transfer? Will Canada tax me for my money transfer? Any information would be greatly appreciated. Thanks
2007-07-05 07:42:23 · 4 answers · asked by ub6ib9 1 in Business & Finance ➔ Taxes ➔ United States
No. Merely transferring funds to another account has no tax consequences. If any interest is earned then that will be taxable in both the US and Canada in most cases. If you are a US citizen or resident you will get a credit on your US tax return for any Canadian income taxes paid on the interest.
2007-07-05 08:29:11 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
and what form of a freelance grow to be this for and approximately for this objective and time on your existence making use of your above enclosed suggestion would not supply any kind of advice approximately it. And once you're doing issues in this way you need to o.k. be turning out to be some plenty larger issues for your self by skill of the tip of this tax twelve months and once you do your 2012 earnings tax return in the process the 2013 tax submitting season for this objective and time on your existence. regulations that could desire to be met which you would be able to waiting to qualify to make contributions to an IRA account in the process the tax twelve months. as quickly as you do qualify and do have the required mandatory qualified EARNED earnings for this objective then you definately are constrained to the quantity which you would be able to truly make contributions on your IRA account in the process each and every tax twelve months for this objective. So purely take the contract funds and then confirm if any of the quantity would be taxable earnings to you in case you're able to try this different sensible after the tip of the TAX twelve months and you're able to acquire a 1099 kind from the payer of the quantity then you definately will now for helpful which you probably did acquire some TAXABLE earnings which you're able to could desire to checklist on your 2012 1040 earnings tax return in the process the 2013 tax submitting season. wish which you hit upon the above enclosed suggestion functional. 07/03/2012
2016-11-08 05:55:16 · answer #2 · answered by Anonymous · 0⤊ 1⤋
no no only interest on cash needs to b reported to irs annually
2007-07-05 07:45:48 · answer #3 · answered by Texas Hold em King 2 · 0⤊ 1⤋
Consult an accountant!!!!!!!!!!!!!!!
2007-07-05 07:46:50 · answer #4 · answered by Juliu C 6 · 0⤊ 2⤋