Comments on: Tax problems from getting money transferred to your account? http://darlees.com/2010/07/tax-problems-from-getting-money-transferred-to-your-account/ Tax issues and help with tax Thu, 09 Feb 2012 19:55:50 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: CanadianBlondie http://darlees.com/2010/07/tax-problems-from-getting-money-transferred-to-your-account/comment-page-1/#comment-688 CanadianBlondie Thu, 01 Jul 2010 12:34:08 +0000 http://darlees.com/2010/07/tax-problems-from-getting-money-transferred-to-your-account/#comment-688 Be aware that transfers of money can be tracked, and are required to be in certain circumstances by the FINTRAC laws. I hope the friend is not using you in a money laundering sort of scheme. From a tax standpoint, as another poster noted, you could certainly owe taxes on the interest earned, since the account is in your name. Be aware that transfers of money can be tracked, and are required to be in certain circumstances by the FINTRAC laws. I hope the friend is not using you in a money laundering sort of scheme.

From a tax standpoint, as another poster noted, you could certainly owe taxes on the interest earned, since the account is in your name.

]]> By: Diane http://darlees.com/2010/07/tax-problems-from-getting-money-transferred-to-your-account/comment-page-1/#comment-687 Diane Thu, 01 Jul 2010 12:13:00 +0000 http://darlees.com/2010/07/tax-problems-from-getting-money-transferred-to-your-account/#comment-687 If it is not income, it is not taxed. The person for whom you are holding the money paid taxes on it, right? Although if you made interest on the money (is it in a high interest savings account?), you will have to pay taxes on that. If it is not income, it is not taxed. The person for whom you are holding the money paid taxes on it, right?

Although if you made interest on the money (is it in a high interest savings account?), you will have to pay taxes on that.

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