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montecristo · 7 December 2006, 03:29 AM

For an American that is, can I use a US billing address?

Launch Mini · 7 December 2006, 03:38 AM

To open a Cdn account in a Canadian account, you really just need to be able to show them your US SSN and personal identification ( ie Drivers Licence)
NOW, if you earn any interest on that account, the Bank will generously withhold 15% Tax & send it to the Cdn Tax Guys ( CRA ). You will get credit for this on your 1040.

7 December 2006, 03:41 AM

Quote:

Originally Posted by montecristo

For an American that is, can I use a US billing address?

Just send your $$ to me. I'll look after it.

Muuuuh who, ha, ha, ha, haaaaaaaaaa!

montecristo · 7 December 2006, 03:43 AM

Quote:

Originally Posted by Launch Mini

To open a Cdn account in a Canadian account, you really just need to be able to show them your US SSN and personal identification ( ie Drivers Licence)
NOW, if you earn any interest on that account, the Bank will generously withhold 15% Tax & send it to the Cdn Tax Guys ( CRA ). You will get credit for this on your 1040.

How about if I don't want to let them know that I am American? I have a british passport as well.

C.J. · 7 December 2006, 03:43 AM

Quote:

Originally Posted by Launch Mini

To open a Cdn account in a Canadian account, you really just need to be able to show them your US SSN and personal identification ( ie Drivers Licence)
NOW, if you earn any interest on that account, the Bank will generously withhold 15% Tax & send it to the Cdn Tax Guys ( CRA ). You will get credit for this on your 1040.

I'd listen to him

7 December 2006, 03:49 AM

Quote:

Originally Posted by montecristo

How about if I don't want to let them know that I am American? I have a british passport as well.

I'm guessing they'd need proof of residence and where you work... or something.

Launch Mini · 7 December 2006, 03:54 AM

They require a Canadian Social Insurance Number, meaning you are filing Canadian tax returns.
OR a Number from another country.
Most countries are fine, and similariliy , they will withhold the 15% in interest paid to you.
Unless you need a Canadian bank, Some US banks offer Canadian accounts. That might be the easier way to go.

montecristo · 7 December 2006, 03:56 AM

Quote:

Originally Posted by Atomic

I'm guessing they'd need proof of residence and where you work... or something.

Banks need to know where I work? I am not going to borrow from them.

7 December 2006, 03:59 AM

Quote:

Originally Posted by montecristo

Banks need to know where I work? I am not going to borrow from them.

I was guessing. It's been a LONG time since I opened a new bank account.

montecristo · 7 December 2006, 04:01 AM

Quote:

Originally Posted by Launch Mini

They require a Canadian Social Insurance Number, meaning you are filing Canadian tax returns.
OR a Number from another country.
Most countries are fine, and similariliy , they will withhold the 15% in interest paid to you.
Unless you need a Canadian bank, Some US banks offer Canadian accounts. That might be the easier way to go.

I need one that has nothing to do with US. One that I can withdraw funds in the states via ATM. I am not talking about large sums, 10k and less at all times, withdrawing less than 1k in states but allows me to withdraw more when I am in canada.

Think of it as a discretionary spending account, they can keep the 15% if they want. I don't care if the account doesn't earn interest.

If all this sounds illegal to you, its not. I just need some spending money that my wife wouldn't know about when I go to montreal (casino).

Launch Mini · 7 December 2006, 04:02 AM

One last very important piece of information.

If you make a CASH deposit of $10,000 or more, they will ask you a TON OF QUESTIONS. Our new Financial reporting, for possible illegal activities, Terrorist financing, etc is VERY tight.
You will however, get to meet the bank Manager & meet in a private room for such a deposit.

and NO, they shouldn't ask where you work

montecristo · 7 December 2006, 04:08 AM

Quote:

Originally Posted by Launch Mini

One last very important piece of information.

If you make a CASH deposit of $10,000 or more, they will ask you a TON OF QUESTIONS. Our new Financial reporting, for possible illegal activities, Terrorist financing, etc is VERY tight.
You will however, get to meet the bank Manager & meet in a private room for such a deposit.

and NO, they shouldn't ask where you work

Same thing in the states, but banks usually don't care much when the cheque is cut by a casino. Problem is that I have to pay tax on those winnings.

Want to set it up so only england can collect from me if they want to. Problem is that I do not live or work in england and pay their income tax, so I will probably get away without having to pay my gambling winning tax.

This is probably too complicated and when I go and do it they will probably think I am up to something no good. Oh well, guess I won't bother until I my next trip to montreal.

Launch Mini · 7 December 2006, 04:27 AM

Cheque deposits not a problem at all.
When in Montreal, just take the cheque & some Id to a bank.
You can request a NON INTEREST bearing account.
Canada & the US talk to each other about interest etc. SO , if you do earn interest in CDA, you will get a slip ( like a 1099) and the IRS will know you have a Canadian account.
Non Interest bearing with a debit card & your set

7 December 2006, 04:31 AM

Quote:

Originally Posted by C.J.

I'd listen to him

Me too!

montecristo · 7 December 2006, 04:37 AM

Quote:

Originally Posted by Launch Mini

Cheque deposits not a problem at all.
When in Montreal, just take the cheque & some Id to a bank.
You can request a NON INTEREST bearing account.
Canada & the US talk to each other about interest etc. SO , if you do earn interest in CDA, you will get a slip ( like a 1099) and the IRS will know you have a Canadian account.
Non Interest bearing with a debit card & your set

I don't want the IRS to know, the Queen is okay but not the IRS.

7 December 2006, 04:41 AM

Quote:

Originally Posted by montecristo

If all this sounds illegal to you, its not.

Quote:

Originally Posted by montecristo

I don't want the IRS to know, the Queen is okay but not the IRS.

Hmmmm, so tax evasion is now legal in the US?

Launch Mini · 7 December 2006, 04:46 AM

I have made no tax evasion type consultations here.
As an American or Canadian tax payer, one is obliged to report their worldwide income.
Just avoiding questions from the IRS about interest income from foreign jurisdictions & trying to figure out foreign tax credits on a 1040 return.

montecristo · 7 December 2006, 04:48 AM

Quote:

Originally Posted by Avalon

Hmmmm, so tax evasion is now legal in the US?

If I pay UK tax, I don't need to pay US tax again right?

Technically if UK don't want my money, I don't need to pay the US if I am a British citizen, correct?

Its not tax evasion, but since I file my taxes with my wife, its more like wife evasion.

Launch Mini · 7 December 2006, 04:50 AM

no no no no no

I just saw your location as NY.
I am not a US Tax practitioner.
BUT, if you have one of a number of US Visa's you may have to pay US Taxes.

montecristo · 7 December 2006, 04:53 AM

Quote:

Originally Posted by Launch Mini

no no no no no

I just saw your location as NY.
I am not a US Tax practitioner.
BUT, if you have one of a number of US Visa's you may have to pay US Taxes.

What US visa are we talking about here? Visa card or visiting visa? I have a US passport also.

Launch Mini · 7 December 2006, 04:55 AM

Quote:

Originally Posted by montecristo

What US visa are we talking about here? Visa card or visiting visa? I have a US passport also.

Various US Work or Residency Visas ( Green Card etc)
Visitors are generally okay, unless you spend more than a certain number of days a year in the US ( Canadians doing this are called Snowbirds)

montecristo · 7 December 2006, 05:00 AM

Quote:

Originally Posted by Launch Mini

Various US Work or Residency Visas ( Green Card etc)
Visitors are generally okay, unless you spend more than a certain number of days a year in the US ( Canadians doing this are called Snowbirds)

So if I open the account with nothing but my british passport, technically the only people I money to is the brits right? Now being that I want a non interest earning account, the brits won't even know about that account correct?

Now, what about gambling earnings, what about the tax on those?

Launch Mini · 7 December 2006, 05:12 AM

YOu will need your British equivalent to a Social Security Number.
In Canada, there are NO withholdings on lottery or gambling winnings.
If you file US taxes, the US taxes lottery winnings.
BUT, you can deduct the costs associated with those winnings. ( ie trip to Montreal, the cost of ALL your bets etc etc)
So you would only pay US taxes ( assuming you are filing in the US) on the NET Gambling winnings in a year.

montecristo · 7 December 2006, 05:19 AM

With this much work involved, I'd probably just be better off not to gamble at all.

Thanks for answering my questions.

7 December 2006, 03:29 AM	#1
montecristo "TRF" Member Join Date: Nov 2006 Real Name: Ken Location: New York Watch: 116234 DateJust Posts: 1,769	What do I need in order to open a Canadian checking account? For an American that is, can I use a US billing address?

7 December 2006, 03:38 AM	#2
Launch Mini "TRF" Member Join Date: Jan 2006 Real Name: John Location: Canada, eh Watch: can I? Posts: 6,240	To open a Cdn account in a Canadian account, you really just need to be able to show them your US SSN and personal identification ( ie Drivers Licence) NOW, if you earn any interest on that account, the Bank will generously withhold 15% Tax & send it to the Cdn Tax Guys ( CRA ). You will get credit for this on your 1040. __________________ Something witty to go here. Member # 293

7 December 2006, 03:54 AM	#7
Launch Mini "TRF" Member Join Date: Jan 2006 Real Name: John Location: Canada, eh Watch: can I? Posts: 6,240	They require a Canadian Social Insurance Number, meaning you are filing Canadian tax returns. OR a Number from another country. Most countries are fine, and similariliy , they will withhold the 15% in interest paid to you. Unless you need a Canadian bank, Some US banks offer Canadian accounts. That might be the easier way to go. __________________ Something witty to go here. Member # 293

7 December 2006, 04:02 AM	#11
Launch Mini "TRF" Member Join Date: Jan 2006 Real Name: John Location: Canada, eh Watch: can I? Posts: 6,240	One last very important piece of information. If you make a CASH deposit of $10,000 or more, they will ask you a TON OF QUESTIONS. Our new Financial reporting, for possible illegal activities, Terrorist financing, etc is VERY tight. You will however, get to meet the bank Manager & meet in a private room for such a deposit. and NO, they shouldn't ask where you work __________________ Something witty to go here. Member # 293

7 December 2006, 04:27 AM	#13
Launch Mini "TRF" Member Join Date: Jan 2006 Real Name: John Location: Canada, eh Watch: can I? Posts: 6,240	Cheque deposits not a problem at all. When in Montreal, just take the cheque & some Id to a bank. You can request a NON INTEREST bearing account. Canada & the US talk to each other about interest etc. SO , if you do earn interest in CDA, you will get a slip ( like a 1099) and the IRS will know you have a Canadian account. Non Interest bearing with a debit card & your set __________________ Something witty to go here. Member # 293

7 December 2006, 04:46 AM	#17
Launch Mini "TRF" Member Join Date: Jan 2006 Real Name: John Location: Canada, eh Watch: can I? Posts: 6,240	I have made no tax evasion type consultations here. As an American or Canadian tax payer, one is obliged to report their worldwide income. Just avoiding questions from the IRS about interest income from foreign jurisdictions & trying to figure out foreign tax credits on a 1040 return. __________________ Something witty to go here. Member # 293

7 December 2006, 04:50 AM	#19
Launch Mini "TRF" Member Join Date: Jan 2006 Real Name: John Location: Canada, eh Watch: can I? Posts: 6,240	no no no no no I just saw your location as NY. I am not a US Tax practitioner. BUT, if you have one of a number of US Visa's you may have to pay US Taxes. __________________ Something witty to go here. Member # 293

7 December 2006, 05:12 AM	#23
Launch Mini "TRF" Member Join Date: Jan 2006 Real Name: John Location: Canada, eh Watch: can I? Posts: 6,240	YOu will need your British equivalent to a Social Security Number. In Canada, there are NO withholdings on lottery or gambling winnings. If you file US taxes, the US taxes lottery winnings. BUT, you can deduct the costs associated with those winnings. ( ie trip to Montreal, the cost of ALL your bets etc etc) So you would only pay US taxes ( assuming you are filing in the US) on the NET Gambling winnings in a year. __________________ Something witty to go here. Member # 293

7 December 2006, 05:19 AM	#24
montecristo "TRF" Member Join Date: Nov 2006 Real Name: Ken Location: New York Watch: 116234 DateJust Posts: 1,769	With this much work involved, I'd probably just be better off not to gamble at all. Thanks for answering my questions.

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