Hi folks,
I'm trying to protect my euro savings and am considering opening a canadian dollar bank account in another EU country. I have a number of questions and am looking for a bit of guidance please.
1. Does anyone know what tax is applicable on personal savings in an EU bank or Non EU bank where the currency is canadian dollars. I've read conflicting opinions on this forum in the past whereby the tax could be 25% or 40% and there was also discussion on whether the interest earned would be subject to PAYE and levys. Would anyone be able to clarify what the correct applicable taxes would be please.
2. Does anyone know what "witholding tax" is? Its a yes/no option on the form for the setting up of the new bank account?
3. If I had e.g. €10,000 and converted it into Canadian dollars in the offshore bank to get e.g. $13,800 CAD, would I have to pay tax on the interest regardless of whether when converted back to Euro / Punt Nua it was worth less than it was at the time of initial conversion? i.e. is there a writing off of tax on interest gained against the loss or would this only apply when the money is repatriated?
Thanks in advance for the help!
I'm trying to protect my euro savings and am considering opening a canadian dollar bank account in another EU country. I have a number of questions and am looking for a bit of guidance please.
1. Does anyone know what tax is applicable on personal savings in an EU bank or Non EU bank where the currency is canadian dollars. I've read conflicting opinions on this forum in the past whereby the tax could be 25% or 40% and there was also discussion on whether the interest earned would be subject to PAYE and levys. Would anyone be able to clarify what the correct applicable taxes would be please.
2. Does anyone know what "witholding tax" is? Its a yes/no option on the form for the setting up of the new bank account?
3. If I had e.g. €10,000 and converted it into Canadian dollars in the offshore bank to get e.g. $13,800 CAD, would I have to pay tax on the interest regardless of whether when converted back to Euro / Punt Nua it was worth less than it was at the time of initial conversion? i.e. is there a writing off of tax on interest gained against the loss or would this only apply when the money is repatriated?
Thanks in advance for the help!