Holding funds in a High Interest Savings Account as a Non-Resident? | Motive Financial | Discussion forum

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Holding funds in a High Interest Savings Account as a Non-Resident?
August 13, 2021
8:14 am
dutter
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March 18, 2020
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Can you still hold funds in a High Interest Savings Account ( Ex. EQ Bank, Motive Financial etc) once you become a non-resident? You can open an account as a tax resident but what are your obligations once you become a non-resident?

August 13, 2021
9:23 am
Bill
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September 11, 2013
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Probably best to check with the bank, they may differ in their policies. For example, RBC says:
"You are eligible to open a Personal Bank Account in Canadian dollars if you are a:
Canadian resident
Non-Resident emigrating to Canada
Non-Resident coming to work or study in Canada".

August 13, 2021
9:33 am
AltaRed
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October 27, 2013
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Most national (at least) FIs such as banks should allow one to keep a bank account while a non-resident for tax purposes (but will withhold non-resident withholding tax on interest). I don't know about CUs but I assume they would permit it (members going ex-pat and all that).

Regardless, as post #2 says, you need to ask them before becoming a non-resident so that you can move your funds before you leave if you have to do so.

August 13, 2021
10:06 am
Norman1
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Legally, Canadian bank accounts can be held by a non-resident. But, banks are allowed refuse. Just like an RRSP can legally hold yen and euros. But, most RRSP issuers only allow Canadian dollars and maybe US dollars.

For example, in EQ Bank's FAQ, they do not allow non-resident holders:

Can I use EQ Bank if I live outside of Canada?

You can continue to access your existing account while travelling outside of Canada. However, all EQ Bank account holders must be Canadian residents in order to maintain their account.

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