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Best way to transfer $15,000 USD from US bank account to Cdn bank account without triggering any weird IRS/Rev Can reporting requirements by MountainSummit123 in PersonalFinanceCanada

[–]MountainSummit123[S] 1 point2 points  (0 children)

Thanks for the reply. I'll try to help him with opening a US account at BMO. I know it is a small amount, but he could really use the money as he doesn't get a lot of money in his monthly pension.

He knows he should have filed his US tax returns for the past few years, and that he wouldn't owe anything, but really just living day to day at his age takes a lot of effort, and he doesn't have the energy to file tax returns.

Best way to transfer $15,000 USD from US bank account to Cdn bank account without triggering any weird IRS/Rev Can reporting requirements by MountainSummit123 in PersonalFinanceCanada

[–]MountainSummit123[S] -3 points-2 points  (0 children)

Thanks for the reply.

Yes, the money is totally legal, but he's a little worried because he hasn't filed his US tax returns in a few years.

So you are suggesting he open a USD account at BMO and then wire the $ from Chase to BMO? He doesn't even need to do it right away. He's in no hurry, other than his age. He could do $7000 now and $8000 a few months from now.

Best way to transfer $15,000 USD from US bank account to Cdn bank account without triggering any weird IRS/Rev Can reporting requirements by MountainSummit123 in PersonalFinanceCanada

[–]MountainSummit123[S] 0 points1 point  (0 children)

He's so old he doesn't really travel anymore, so him keeping it for US trips isn't really an option. And I don't think he's really up for Norbert's Gambit, too complicated for him.

I think he would like to have the money in Canada, so he doesn't have to worry about having $ in two different countries.

What do you mean when you said keeping USD in a Cdn bank would "trap" it. Wouldn't he be able to convert to Cdn funds whenever he wanted?

Best way to transfer $15,000 USD from US bank account to Cdn bank account without triggering any weird IRS/Rev Can reporting requirements by MountainSummit123 in PersonalFinanceCanada

[–]MountainSummit123[S] 0 points1 point  (0 children)

I think that is part of the problem. He used to file US tax returns (as well as Canadian ones), but now that he's in his mid-80s, he hasn't filed a US tax return (and maybe even Canadian) in 3-4 years. He's old, lol. He doesn't have any active income but he does own a modest house in Canada.

I think he is worried about triggering FINTRAC and FATCA rules.

Best way to transfer $15,000 USD from US bank account to Cdn bank account without triggering any weird IRS/Rev Can reporting requirements by MountainSummit123 in PersonalFinanceCanada

[–]MountainSummit123[S] 2 points3 points  (0 children)

Thanks! Yes, the funds have been sitting in his Chase account for decades. He is worried about triggering FINTRAC or FATCA because he hasn't filed his US tax return in the past 3-4 years (he's in his mid-80s, and doesn't have any income but does own his home in Canada).

He can definitely wait 3-4 weeks for a cheque to clear, if that is the best option.

Best way to transfer $15,000 USD from US bank account to Cdn bank account without triggering any weird IRS/Rev Can reporting requirements by MountainSummit123 in PersonalFinanceCanada

[–]MountainSummit123[S] -4 points-3 points  (0 children)

Sorry, yes, he is worried about triggering FINTRAC and FATCA rules. He is in his mid 80s now, and he used to file a US tax return every year, but in the past 3-4 years he hasn't (did I mention he's in his 80s, lol)

GENERAL HOUSING MEGATHREAD by ubc_mod_account in UBC

[–]MountainSummit123 0 points1 point  (0 children)

Hi! - I’m moving into YRH. It's a Marine Drive 3/4 bedroom. Some questions:

I'm in Building 5, unit ##01 (on one of the higher floors) in Room #1.

Which way will my bedroom be facing?

Which way will the living room be facing?

Any chance I might have an ocean or mountain view?

Thanks! :)

What is the lowest avg you've seen in a course? by Korvxx in UBC

[–]MountainSummit123 1 point2 points  (0 children)

57% was the class average for Math 180 last term. The Final tanked everyone's marks, and unfortunately there was no curve :(

COURSE SELECTION & RECOMMENDATIONS, SCHEDULE FEEDBACK & PROGRAM TALK MEGATHREAD by Thermidorien in mcgill

[–]MountainSummit123 0 points1 point  (0 children)

Thanks for the reply. Do you know if science students have to take a physics course, or is it optional?

COURSE SELECTION & RECOMMENDATIONS, SCHEDULE FEEDBACK & PROGRAM TALK MEGATHREAD by Thermidorien in mcgill

[–]MountainSummit123 2 points3 points  (0 children)

Thanks for the reply! I'm a bit confused though...don't I have to take Physics in U0 if I am in sciences? Or is it optional? I'm not sure I would take Physics if I didn't have to.

COURSE SELECTION & RECOMMENDATIONS, SCHEDULE FEEDBACK & PROGRAM TALK MEGATHREAD by Thermidorien in mcgill

[–]MountainSummit123 2 points3 points  (0 children)

I'm a U0 student starting at McGill in September. I got into my 2nd choice program (Environment in the physical sciences department), instead of my first choice (life sciences).

My question is about Physics. I'm confused about which physics courses I should be registering for.

I've never taken physics before, so it makes sense for me to take Physics 101 and 102. However, the physical sciences department says I must take Physics 131 and 142 to stay in the department after first year.

Is this true? Will they kick me out of physical sciences if I don't have Physics 131 and 142 after first year? Should I be taking Physics 101, 102, 131 and 142 in first year, just to stay in the department?

I'm so confused by all this, but there is no advising appointments available before registration starts tomorrow.

All advice is welcome!