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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Tax
Satisfied Customers: 2415
Experience:  25 years in practice
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I am a Canadian who has an investment in the us. All taxes

Customer Question

I am a Canadian who has an investment in the us. All taxes have been paid prior to going to the us and any interest money earn taxes have been paid on the sum.
Will I need to pay more taxes if I bring it back to Canada? which government will I need to pay taxes to?
Submitted: 2 years ago.
Category: Canada Tax
Expert:  Tom B. replied 2 years ago.
This really is a question for an accountant not a lawyer. Having said that, a Canadian is taxed on his/her international income. That means all foreign holdings and investments must be reported on your Federal income tax return. So, it is on your federal tax return where the issue comes up.
Having said that, we have a tax treaty with the USA so paying extra taxes can be avoided. But a Canadian must report all income worldwide.
Whatever the asset/investment, you are dealing with the Canada Revenue Agency (Federal).
If the investment is in property held in the US, each tax return should disclose that reality or heavy fines can be levied.
You need to discuss your personal details with an accountant to start. If there is big trouble then contact a tax lawyer later. But for now, an accountant should suffice.