My wife is a Canadian citizen, I am a US citizen. We live in the US, but make frequent trips to Toronto. The problem we face each time we cross the border into Canada is that we have to change our money each time. Not only does take time we don't always have, but it subjects us to having to change money at whatever exchange rate that USD/CAN happens to be at the moment.
I would like to just start a joint account at a Canadian bank and keep money in it, use debit card when we are there, and transfer money in anticipation of going on a trip.
My wife is afraid that there will be unforeseen tax consequences with maintaining a bank account out of the country. She is also concerned that when she applies for citizenship here, that having a bank account there will count against her.
My thoughts are that many people have bank accounts overseas; it shouldn't be a huge problem. I just need some guidance about potential tax consequences (as we aren't extraordinarily wealthy, and do our own taxes), before I attempt to do this.