If this person is a non-US citizen or resident, there would be US taxes (via withholding at a 30% rate...or lower tax treaty rate) on interest and dividends. But there are generally no taxes on capital gains. You can read more about this in IRS Publication 519. You'll also need Pub. 901, Tax Treaties, to see whether this person qualifies for benefits as a citizen of Canada or a resident of India.
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