Each year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.
I have what I hope is a simple question. If a Canadian resident earns
interest income on money invested in the US, does the Canadian
resident then have to file US income tax? If so, is an ITIN number
needed by the Canadian resident?
Under the US-Canada tax treaty you are not required to pay US tax on interest earned from the US. No ITIN (Individual Taxpayer Identification Number) is required.
Hope that helps.
Phil Hogan, CA