topic Foreign bank accounts in Deductions & credits

Foreign bank accounts

binchois — Tue, 04 Jun 2019 01:13:42 GMT

am a US citizen. My mother is Canadian, living in Canada. I have a joint account with her that I do not use. She pays tax in Canada on the interest. It seems wrong that I should pay tax on the interest here as well.

Does Mom get a slip for the interest also?

ee-ea — Tue, 04 Jun 2019 01:13:44 GMT

Does Mom get a slip for the interest also?

She does, I do not.

binchois — Tue, 04 Jun 2019 01:13:45 GMT

She does, I do not.

Just saw a similar question. Answer was"No, if you did no...

binchois — Tue, 04 Jun 2019 01:13:47 GMT

Just saw a similar question. Answer was"No, if you did not actually receive any of the interest income, you are not required to report it on your tax return." But I guess I expected a requirement for some kind of paperwork or confirmation of that. I don't have it. I have another Canadian account, but it's an RSP and actually says "interest paid to you = ZERO."

Paperwork needed to show that you do not owe on this acco...

ee-ea — Tue, 04 Jun 2019 01:13:49 GMT

Paperwork needed to show that you do not owe on this account is the slip with only Mom`s name on it.