Expat Tax Tip #8 – Don’t Forget Bank Accounts Abroad
Even if you’ve moved overseas, your foreign bank accounts might still be reportable to your home country.
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- Australians: The ATO may ask about your offshore accounts if you’re still tax resident, or if money is flowing back to Australia.
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- Canadians: If your foreign assets exceed CAD $100,000, you must file Form T1135 (Foreign Income Verification Statement) — even if the accounts don’t earn much interest.
Ignoring these reporting rules can lead to hefty fines (the CRA penalty starts at CAD $25 per day!).
For strategies on handling foreign assets, check out my Canada Expat Tax Guide and my Australia Expat Tax Guide.
Helpful external resource: CRA Form T1135 Guide
Tip: Even small overseas accounts count. Always disclose to stay compliant.
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