Personal Finance

Rbc US Saving Account

  • Last Updated:
  • May 23rd, 2021 4:33 pm
[OP]
Newbie
Aug 11, 2013
1 posts
BURNABY

Rbc US Saving Account

Just a few questions regarding the Rbc US Saving Account.

1. If I were to open a US account through Rbc, do I need to deposit US or can CAD be transfer into it
2. Do I need file tax while living in Canada.


Thanks! Sorry for the questions.
2 replies
Deal Addict
May 16, 2017
1829 posts
2321 upvotes
Presuming you mean a $US savings account at RBC Royal Bank - Canadian branch.

1. You can deposit anything you want at a branch, as long as you are willing to pay the exchange rate RBC charges - and similarly, transfer from a CAD$ account at RBC to the $USD account and pay the exchange rate.
2. Simply having an account that earns interest doesn't mean you necessarily have to pay Canadian taxes, but you will most certainly have to provide a SIN or other tax ID # to RBC before they will open an interest bearing account. Whether you pay income taxes to Canada is a far more complex question that depends on where you are deemed to be a tax resident amongst other things.
Deal Addict
Sep 14, 2012
1851 posts
1325 upvotes
Montreal, QC
JussB271 wrote: Just a few questions regarding the Rbc US Saving Account.

1. If I were to open a US account through Rbc, do I need to deposit US or can CAD be transfer into it
2. Do I need file tax while living in Canada.


Thanks! Sorry for the questions.
1) You can transfer/deposit whatever currency that RBC accepts into the account and it will be converted to US dollars at RBC's conversion rate (which isn't that great in my opinion)

2) You will need to provide your social insurance number when opening up any bank account in Canada and any interest that you get in your accounts (including a USD account) should be declared on your income tax regardless of whether the institution gives a tax receipt for the interest. You will need to convert the USD interest to Canadian dollars when filing your Canadian income tax

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