Declaring foreign bank accounts to the CRA
#1
Declaring foreign bank accounts to the CRA
Ok, tax time question.
I have a bank account in Malta that has about 1000EUR in it that I make transfers to throughout the year from my Canadian accounts via Transferwise to pay expenses down there. It's a normal chequing/savings account, and I have a credit card there as well.
Form T1135 only indicates declaring assets over C$100,000 so I assume I don't have to declare anything here?
I have a bank account in Malta that has about 1000EUR in it that I make transfers to throughout the year from my Canadian accounts via Transferwise to pay expenses down there. It's a normal chequing/savings account, and I have a credit card there as well.
Form T1135 only indicates declaring assets over C$100,000 so I assume I don't have to declare anything here?
#2
Re: Declaring foreign bank accounts to the CRA
You said it's a savings account, so presumably you'd have to declare any interest.
#3
Joined: Sep 2008
Posts: 12,830
Re: Declaring foreign bank accounts to the CRA
Ok, tax time question.
I have a bank account in Malta that has about 1000EUR in it that I make transfers to throughout the year from my Canadian accounts via Transferwise to pay expenses down there. It's a normal chequing/savings account, and I have a credit card there as well.
Form T1135 only indicates declaring assets over C$100,000 so I assume I don't have to declare anything here?
I have a bank account in Malta that has about 1000EUR in it that I make transfers to throughout the year from my Canadian accounts via Transferwise to pay expenses down there. It's a normal chequing/savings account, and I have a credit card there as well.
Form T1135 only indicates declaring assets over C$100,000 so I assume I don't have to declare anything here?
#4
Re: Declaring foreign bank accounts to the CRA
I believe in the last year i earned 32 cents in interest or something absurdly low like that. I would hope I don't need to report that
It was set up as a savings account, not sure why though as I didn't specify that when I opened it, I just wanted a generic chequing account. But in Malta i'm not sure there's much difference. I don't pay any fees on it.
#5
Joined: Sep 2008
Posts: 12,830
Re: Declaring foreign bank accounts to the CRA
So I only need to report investment earnings *over* 100k, meaning this account would not apply?
I believe in the last year i earned 32 cents in interest or something absurdly low like that. I would hope I don't need to report that
It was set up as a savings account, not sure why though as I didn't specify that when I opened it, I just wanted a generic chequing account. But in Malta i'm not sure there's much difference. I don't pay any fees on it.
I believe in the last year i earned 32 cents in interest or something absurdly low like that. I would hope I don't need to report that
It was set up as a savings account, not sure why though as I didn't specify that when I opened it, I just wanted a generic chequing account. But in Malta i'm not sure there's much difference. I don't pay any fees on it.
#6
Re: Declaring foreign bank accounts to the CRA
Yeah, it's not great. But I didn't put it down there as an investment, its spending money. If I ever wanted to invest there I would do something else for sure, but I think it's easier to concentrate on TFSA and RRSP here in Canada at least for now.
#7
Re: Declaring foreign bank accounts to the CRA
I think you have to report assets on the T1135 as well as income but there is now simplified reporting or more detailed reporting depending on the amount of assets/income.
#8
Joined: Sep 2008
Posts: 12,830
Re: Declaring foreign bank accounts to the CRA
Assets of over $100,000 cost on the T1135 not all assets. Foreign income or CGT can be reported on a T1. A T1135 is a verification form that accompanies the T1.
#9
Re: Declaring foreign bank accounts to the CRA
Yes I knew over $100K. The tax person does for us. Simplified reporting is under $250K. (but over $100K). If you have a house in the UK you're almost certainly going to be filing one.