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Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Question for you. I am a dual citizen of Canada and the US.

Customer Question

Hi. Question for you. I am a dual citizen of Canada and the US. I am the beneficiary of life insurance money (~61,0000 CAD) that is currently in my Canadian bank account. I am thinking about wiring the money from my Canadian account to my US account and want to be sure there no tax implications prior to transferring the money. Please help.
JA: The expert will know how to help. Is there anything else the expert should be aware of?
Customer: I currently live in the US and am transferring it to buy a house.
Submitted: 2 months ago.
Category: Tax
Expert:  Tax.appeal.168 replied 2 months ago.

Hello. Thank you for choosing this Q&A service for assistance. We appreciate your trust in us.

Q: I am thinking about wiring the money from my Canadian account to my US account and want to be sure there no tax implications prior to transferring the money.

A: You do not have to report the transfer of funds from your foreign bank account to a U.S. account. However, keep in mind the currency exchange rate.

REFERENCE SOURCE:

https://ttlc.intuit.com/questions/3364151

You can also refer to the following thread:

http://www.expatforum.com/expats/expat-tax/518490-transferring-money-us-account-tax-implications.html

Let me know if I can be of further assistance to you regarding this matter. On the other hand, if I have provided you with the information requested in this thread, please take the time to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. Thank you in advance.

Expert:  Tax.appeal.168 replied 2 months ago.

Hello again. I see that this question has not yet been rated. Do you require additional information? If not, please take the time to scroll to the top of the page and select 3 or more stars to positively rate my response. A positive response is the only way that I can receive credit for assisting you.