Checking Account - Any Taxation Implication?

Hi,
I'm moving to the US(Washington state) for a new job and I'm wondering if there's any taxes implication on large amount of money kept in a checking account (50k) that I kept for potential house down payment.

Is this something that I can keep in the Canada or transfer to the US without being taxed ? Any form to fill ?

Thanks in advance,
Anthony

This is my first ever post here at Canuck Abroad, so please take it with a grain of salt....please, please spend a little money and go ask an accountant for a professional opinion. I know people mean well on this site, but inevitably your post will end up with someone saying, 'yes it's no problem' only to be followed up with 'no, you will get arrested when you cross the border', and then a 'I know a guy where the CRA shot his dog' which is followed by another 'oh it's no problem at all'.

Just go ask a pro, and best of luck in your move.

When you move to US, you become taxable on your world income. 2 key words there, is "world", meaning that it doesn't matter where you keep the money, and "income". Merely having money is not considered income.

So, if you have a bank account in US, canada, or outer Mongolia, if it produces income (otherwise known as interest), it is taxable in US.

The actual principal in your account is not considered income, and is not taxed whether it stays in canada or is moved to US.

Then you shoot DJWELLS' dog. , which is not taxable.

Fluffy? Fluffy? Daddy, is Fluffy asleep?

.....gee, thanks AGN. I assume this means Chiefs has his accounts worked out>