Growing up in a foreign country (Germany), I still have a foreign investment that is tax-free there ("Kapitallebensversicherung"). How do I report that in TurboTax?

Forum|Forum|2 years ago
March 12, 2024
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This "Kapitallebensversicherung" is a life insurance that invests my contributions in the stock market. In Germany, it grows my contributions tax free (similar to an RRSP). Should I live until the end of the contract (2032), it will pay out my contributions and any dividend or capital gains back to me. Until then it's locked. I have been in Canada for decades and reported that to the German tax office. Therefore, they consider me a "tax foreigner" in Germany and do not require me to submit a German tax report. How would I report this on my Canadian tax report?

TurboTaxSusan

I would contact the CRA to check how to report the Kapitallebensversicherung, as it might not need to be reported as part of the Germany/Canada tax treaty.

If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency