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Discussion forum General comparisons Legal: Canadian Citizen with an existing USA bank account

Legal: Canadian Citizen with an existing USA bank account  
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7:36 pm
September 12, 2007


Sam

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I am a Canadian Citizen now, but for several years before becoming Canadian citizen I worked and lived in USA. I had a USA bank account with Wells Fargo and ING USA and these accounts still continue to exist. Now I am living and working in Canada.

Does anyone know if it is illegal for me to continue to have my USA bank accounts and if anyone has any experience, I will greatly appreciate the feedback.

11:06 pm
September 14, 2007


Kit

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My experience is that you must claim interest earned from funds in the USA bank accounts. The claim will be with Canada Revenue Agency. They do work with conjunction with the IRS and do address checks (cross reference) unless you have an american address for the bank down there to forward your mail.

So NO it is not illegal along as income generated is declared to Canada. Otherwise they (CRA or whatever they call themselves these days) will assume this is an out of country (i.e. off shore) account used to hide income.

Tax bastards.
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