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Email this11:32 pm
September 30, 2013
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Hello all,
My wife and I are non-residents for tax purposes. I've got a couple questions.
1) Anyone know which Canadian credit unions paying decent interest rates do business w/ expat Canadians? I'm finding a jumble of contradictory (and outdated) info in cyberspace.
2) Anyone recommend a wealth manager who has extensive experience working with non-resident Canadians?
Thanks
1:40 am
September 30, 2013
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FYI - expat Canadians:
- Implicity (Manitoba) can open new accounts for CANADIAN RESIDENTS ONLY.
- Achieva (Manitoba) can open new accounts for CANADIAN RESIDENTS ONLY.
What all this means is that if you're a NON-RESIDENT FOR TAX PURPOSES, they won't open an account for you. Even if you're a Canadian citizen holding a valid Canadian passport.
Boo hoo.
5:19 am
February 22, 2013
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You likely know of the Canadians Resident Abroad magazine, but I am pointing it out in case you don't:
I have no idea how good or bad it is or how helpful they might be.
Greg
5:26 am
February 22, 2013
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And on further reflection (and a quick look at Form NR-73), I thought being a Non--Resident for Tax Purposes really precluded you from having Canadian banking ties.
Greg
7:33 pm
September 30, 2013
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The wording is very fuzzy. This is what I understand, as do many accountants: Having a Canadian bank acc't is considered a secondary tie. In and of itself it cannot be the sole determining factor of a person's residency status. From what I gather if you had a Canadian bank, investments in a Canadian brokerage, a house in Canada, registered cars, etc, then someone could argue that you have no basis for declaring yourself a non-resident for tax purposes. With this in mind, closing one bank account, because you don't like them anymore, to open another in its place seems insignificant and irrelevant.
