Thank you for you reply. These years my mother has not received any T5 slips for our joint savings. I guess that is mostly because she does not have a SIN # & that would explain it all. Do we need to apply for SIN # for her or it is not necessary as she is just a visitor here in Canada?
Can we...
Thank you for you reply. Could you please explain more - I am just trying to understand, if it is the same joint savings account (the same money), why both holders need to pay tax on it? Will not it be a double taxation?
Thank you for your reply, Amadan123. Appreciate it a lot.
Just another follow-up question. If a Canadian citizen and a visitor to Canada have for example "a joint savings account", can a visitor pay the taxes on income generated on it?
Some banks require SIN#. Otherwise there's no problem to open the bank account with your passport and landing papers. As you are landing in Ontario, you can apply and get the SIN# the same day. So there should be no problem to open the bank account at all.
You can do it both ways. Just remember that it will take longer than 2 moths to process if you mail the application. I would just go to the border service and honestly explain the situation.
The same here. Is the income generated from investments which is less than $10,000 taxed on reporting/filing (if there's no other income to report)?
Thanks for any inputs.