Is it OK to have theses as a Canadian resident? Do you just report any winnings as foreign income?

I asked this before. JonboyE said winnings are not taxed, so I've not been reporting them.

Edit: i'm remembering this wrong as a search comes up with nothing from me. But I do recall him suggesting that they are probably not taxable. Not that the tax woukd amount to much for me

Its fine to have them as a Canadian resident. You have to send them a form with your Canadian SIN no. or something like that I recall (we did that for the kids anyway). I think its like winning the lottery in that you don't have to declare winnings.

Thank you both, that's what I thought too.

Unless this is something new, we never did. Never sent a form, just a card with new address. We have moved a few times and this is all we do.

Is income (winnings) from premium bonds really not taxed in Canada?

Yes. Any interest earned from investing said winnings is liable for tax.

I won £25 a few months ago. My SIN was not required.

S

SIN was required for my daughter because she was a 'brand new' client and had never lived in the UK. Not required if you have them already.

Fairy 'nuff. I've had my PBs forever, almost .

S

I think there is a new rule (new to me, anyway) that says you can't buy Premium Bonds on behalf of anybody else (who's over 16) anymore ... See this link, go to line 15 under the section 'Live outside of the UK?' http://www.nsandi.com/contact-us-hel...proof-identity 'Purchases must be by cheque in pounds sterling, drawn on a UK bank in the name of the purchaser.' I discovered this last year when I tried to buy some PBs for my adult kids but had the applications rejected because I was trying to pay for them from my bank account. Earlier last year I was able to buy PBs for them, but not any more.

From 1 June they are upping the limit of the number each person can hold, to 40,000 pounds from 30,000. And next year it will go up to 50,000 pounds per person. http://www.nsandi.com/media-centre-g...ed-%C2%A340000

I may be missing something, but why would anyone in their right mind spend 50,000 pounds on Premium Bonds?

Perhaps people who've got a bit of money and want a risk free investment with the chance of a big return in their portfolio. The fools.

I know somebody that has the max amount invested, tens of thousands of pounds. He wins an awful lot each year, which he reckons is more than any interest he'd get if he invested it anywhere else.

I've only got £200 of them though, so not quite in the same league of winnings.

I have had two whole pounds invested for 50 years. I haven't won a penny. The b*st*rds.