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    nj_butler's Avatar
    nj_butler Posts: 1, Reputation: 1
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    #1

    Jan 29, 2007, 09:22 PM
    US tax requirements on foreign bank interest
    Hello tax helper,

    I am a US citizen who went to medical school in Canada. After graduating in 2005, I sold my apartment and kept all the money in a Canadian funds GIC account. I have earned several thousand in Canadian dollars in 2006. I am trying to figure out what my tax obligations are to both the IRS and Canadian Rev. Agency. Is this part of my taxable income for my US filing and do you think I also have to file in Canada?

    Thanks for your help.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 29, 2007, 10:10 PM
    Do not know about Canada, but you MUST report the interest earned on your U.S. tax return.
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