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Forum: Canada

Dec 15th 2008, 4:02 am

Replies: 25

Off shore bank accounts

Views: 2,006

Posted By Aviator

Re: Off shore bank accounts

No kidding. You are one sharp cookie!

Forum: Canada

Dec 15th 2008, 4:02 am

Replies: 25

Off shore bank accounts

Views: 2,006

Posted By Aviator

Re: Off shore bank accounts

That is a UK document, not Canadian. Currency gains are taxable in Canada, personal or not.

http://www.cra-arc.gc.ca/E/pub/tp/it95r/it95r-e.html

Forum: Canada

Dec 14th 2008, 11:57 pm

Replies: 25

Off shore bank accounts

Views: 2,006

Posted By Aviator

Re: Off shore bank accounts

It is quite straightforward, I though posts 8 & 14 were quite clear, but seemingly not. To earn interest in an off shore account one must first invest a sum on which to earn the interest. If this...

Forum: Canada

Dec 14th 2008, 6:15 am

Replies: 25

Off shore bank accounts

Views: 2,006

Posted By Aviator

Re: Off shore bank accounts

How many millions are we talking about to make it worth all the grief and risk?

Forum: Canada

Dec 13th 2008, 8:40 pm

Replies: 25

Off shore bank accounts

Views: 2,006

Posted By Aviator

Re: Off shore bank accounts

If you get audited is the time you'll find out for sure. The capital sum is also subject to currency gain/loss tax if and when that is converted. Any foreign assets valued at over $100,000 has to be...

Forum: Canada

Dec 13th 2008, 6:35 pm

Replies: 25

Off shore bank accounts

Views: 2,006

Posted By Aviator

Re: Off shore bank accounts

In addition to interest, you also need to report any currency gain when you convert the funds. If the rate is $1.85 when you receive the funds and $2.10 when you exchange, the 25c gain is also...

Showing results 1 to 6 of 6