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Canadian Citiaen with US income

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    Canadian Citiaen with US income

    I cannot find a reference but a Canadian citizen who lives in Canada want to invest in Notes Receivable secured by US real estate and will earn interest income on these notes....I assume this Cdn citizen needs to file and pay US income taxes on those earnings...All other earnings are in Canada...Thanks,,,Duane Anderson

    #2
    Where have you looked....

    Originally posted by Duane Anderson View Post
    I cannot find a reference but a Canadian citizen who lives in Canada want to invest in Notes Receivable secured by US real estate and will earn interest income on these notes....I assume this Cdn citizen needs to file and pay US income taxes on those earnings...All other earnings are in Canada...Thanks,,,Duane Anderson
    Because a number of your prior posts are about foreign issues! By now, would think that you are an expert in this area of foreign tax issues. How do you get involved with these type of clients?

    There are many posts on this website addressing Canadian tax issues. Also, have you referenced TTB?
    Last edited by TAXNJ; 11-30-2017, 10:07 PM.
    Always cite your source for support to defend your opinion

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      #3
      Us earned interest-canadian citizen/resident

      Originally posted by Duane Anderson View Post
      I cannot find a reference but a Canadian citizen who lives in Canada want to invest in Notes Receivable secured by US real estate and will earn interest income on these notes....I assume this Cdn citizen needs to file and pay US income taxes on those earnings...All other earnings are in Canada...Thanks,,,Duane Anderson
      Perhaps this issue, who pays which taxes on what income, is covered by the U.S. Canada Tax Treaty.

      However, you really didn't pose a question as such.

      Your post suggests readers cannot assume you have consulted with IRS Publication 597 and perhaps 519.

      PUB 597 would be a good place to start your research.

      Other issues may be present, including taxpayer identification number, foreign ownership of certain notes receivable and others.
      Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.

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