Tax on money transferred from US savings account to Canada

[Jancy]

I have some money in US savings accounts which was accumulated over a 5 year period mainly from salary. I would like to open an EQ bank account and transfer the money from US bank accounts via transferwise.

Will CA tax me on this transfer, considering that I have already paid tax on this money in US itself?

 

[Buletruck]

No.

 

[Jancy]

No.

Do I atleast need to declare when I file taxes for 2020? We moved here in Dec 2019 and already filed our taxes for 2019

 

[MidoRafa]

Do I atleast need to declare when I file taxes for 2020? We moved here in Dec 2019 and already filed our taxes for 2019

No

 

[KRP]

I have some money in US savings accounts which was accumulated over a 5 year period mainly from salary. I would like to open an EQ bank account and transfer the money from US bank accounts via transferwise.

Will CA tax me on this transfer, considering that I have already paid tax on this money in US itself?

https://www.taxback.com/blog/declaring-foreign-income-in-canada

 

[MidoRafa]

https://www.taxback.com/blog/declaring-foreign-income-in-canada

OP's question is about savings, which aren't taxable. The link you posted is about income, which is -with few exceptions- taxable of course.

 

[YVR123]

I have some money in US savings accounts which was accumulated over a 5 year period mainly from salary. I would like to open an EQ bank account and transfer the money from US bank accounts via transferwise.

Will CA tax me on this transfer, considering that I have already paid tax on this money in US itself?

No tax on transferring savings. Only interest that you earned from that savings needed to be reported. And I assumed you did that for your 2019 tax return.

 

[vivek901]

No

 

[micheal_tye]

According to the Money Advice Service, the safest way to send money overseas is with your bank. But your bank is highly unlikely to offer a good rate. If you want to calculate fees you can use tax calculator software online.