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Email this7:39 pm
October 21, 2013
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A surprising number of Americans are ignorant and uncurious about most of the rest of the world. Canada is just one example - one with whom they share an enormous border, so, yeah, it does matter.
I will have no further comment as this tangent is off-topic.
7:47 pm
December 17, 2016
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Western Canadians express that same sentiment about the ignorance of easterners and in particular, Torontonians.
6:46 am
November 19, 2014
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Can we please stop the xenophobia and drive by insults.
If you have an opinion about other people, please keep it to yourself. Nobody wants to hear it.
11:16 am
August 27, 2016
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Open a brokerage account and buy ETFs: SHV/MINT/GSY
1:35 pm
November 30, 2018
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AndreasChen said
Open a brokerage account and buy ETFs: SHV/MINT/GSY
Can I do this in Canada without converting my USD funds?
What's the cheapest brokerage you reckon?
Thanks
3:37 pm
December 1, 2016
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I haven't read all posts, so maybe I'm missing something, but I'm surprised no one mentioned Hubert's 0.75%. I believe they have the highest rate for a flexible and simple HISA.
Thoughts or corrections?
4:38 pm
November 30, 2018
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moneyhelp said
I haven't read all posts, so maybe I'm missing something, but I'm surprised no one mentioned Hubert's 0.75%. I believe they have the highest rate for a flexible and simple HISA.Thoughts or corrections?
That's very low, though. They easily get 2.2% in US.
4:39 pm
December 1, 2016
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blahuenga said
That's very low, though. They easily get 2.2% in US.
In US, but I believe in Canada Hubert has the highest rate available.
6:48 pm
March 17, 2018
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blahuenga said
That's very low, though. They easily get 2.2% in US.
Probably not worth the hassle having a US HISA bank account to store your US dollars since you will have to file a US tax return. If I ever open a US bank account I will just have a zero interest chequing account to avoid that hassle.
7:17 pm
December 2, 2018
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Briguy said
Probably not worth the hassle having a US HISA bank account to store your US dollars since you will have to file a US tax return. If I ever open a US bank account I will just have a zero interest chequing account to avoid that hassle.
Are you saying you have to pay taxes for interest for a USA dollar HISA on deposit in a Canadian FI?
It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
9:52 pm
December 1, 2016
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Retep said
Are you saying you have to pay taxes for interest for a USA dollar HISA on deposit in a Canadian FI?
You should be claiming all income to the CRA, including that at, for example, Hubert. Generally, most FI will issue a T5 when you've earned at least $50 CAD or more, so I don't know if that's the same for USD.
10:40 am
April 5, 2017
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Have a look at this ETF also.
https://products.purposeinvest.com/funds/purpose-us-cash-etf/?ser=1
Questrade has no fee on buying ETFs. Fee on sale.
Trades in Toronto. Trades in USD.
4:24 pm
May 28, 2013
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moneyhelp said
You should be claiming all income to the CRA, including that at, for example, Hubert. Generally, most FI will issue a T5 when you've earned at least $50 CAD or more, so I don't know if that's the same for USD.
Perhaps Retep was asking if one had to pay taxes to the US for having a US$ account at a Canadian FI. No, but of course one does pay taxes to Canada for that income. However, perhaps having a US$ account at a US FI would trigger US taxes.
6:34 pm
December 1, 2016
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rhvic said
However, perhaps having a US$ account at a US FI would trigger US taxes.
I would imagine, yes.
7:49 pm
March 17, 2018
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Retep said
Are you saying you have to pay taxes for interest for a USA dollar HISA on deposit in a Canadian FI?
NO, I'm saying that you would be required to file a US tax return and pay US taxes if you earn interest in a US bank that's situated in the US. I'm by no means an expert and I don't have a US bank account, just my opinion.
8:56 am
February 1, 2016
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Canada and USA have a tax treaty to provide relief from taxation in both USA and Canada for $ earned by Canadians in USA. The W8BEN form is completed and provided to the income provider and declares that you will declare the income on your Canadian tax return so you do not have to file with the IRS in USA.
Canadians are taxed on their world wide income regardless of denomination so all income should be declared.
Using the United States-Canada Income Tax Treaty to Reduce Double Taxation
10:58 am
April 6, 2013
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rhvic said
… However, perhaps having a US$ account at a US FI would trigger US taxes.
It actually doesn't.
Under the US Internal Revenue Code, interest paid by a US bank/credit union/savings & loan/insurance company to non-resident aliens is not taxable in the US.
Previous post has the details.
11:04 am
April 6, 2013
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rodeworthy said
Canada and USA have a tax treaty to provide relief from taxation in both USA and Canada for $ earned by Canadians in USA.…
Using the United States-Canada Income Tax Treaty to Reduce Double Taxation
Relief from double taxation does not mean relief from taxation in both countries.
US dividends I receive are taxable in both US and Canada. Under the Canada-US tax treaty, there is a 15% tax in US and the normal income tax in Canada. The 15% is withheld at the source and sent to IRS. That 15% is credited against any income taxes payable in Canada.
The net effect is I pay whichever is higher: 15% or the rate in Canada, with the US getting 15%.
1:45 pm
November 15, 2018
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Norman1 said
rodeworthy said
Canada and USA have a tax treaty to provide relief from taxation in both USA and Canada for $ earned by Canadians in USA.…
Using the United States-Canada Income Tax Treaty to Reduce Double Taxation
Relief from double taxation does not mean relief from taxation in both countries.
US dividends I receive are taxable in both US and Canada. Under the Canada-US tax treaty, there is a 15% tax in US and the normal income tax in Canada. The 15% is withheld at the source and sent to IRS. That 15% is credited against any income taxes payable in Canada.
The net effect is I pay whichever is higher: 15% or the rate in Canada, with the US getting 15%.
I believe the exception to the above is if the US$ income is held within an RRSP or similar.
3:05 pm
February 1, 2016
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Norman1 said
rodeworthy said
Canada and USA have a tax treaty to provide relief from taxation in both USA and Canada for $ earned by Canadians in USA.…
Using the United States-Canada Income Tax Treaty to Reduce Double Taxation
Relief from double taxation does not mean relief from taxation in both countries.
US dividends I receive are taxable in both US and Canada. Under the Canada-US tax treaty, there is a 15% tax in US and the normal income tax in Canada. The 15% is withheld at the source and sent to IRS. That 15% is credited against any income taxes payable in Canada.
The net effect is I pay whichever is higher: 15% or the rate in Canada, with the US getting 15%.
Norman, you are correct. I misworded my original statement. I meant to say relief from 'filing' taxes in both countries. It has been a while since I have dealt with $US income. You have reminded me that the WBEN is used to reduce the normal 30% tax withholding rate to 15% and that amount withheld is applied to Canadian tax return. Thanks for the clarification.
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