Moving TFSA from PeoplesTrust 1.75% to EQBank Regular Saving 3% | Page 2 | Peoples Trust | Discussion forum

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Moving TFSA from PeoplesTrust 1.75% to EQBank Regular Saving 3%
February 23, 2016
7:49 pm
Saver-Mom
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No problem for Quebecers to open account with DUCA. Still annoyed we cannot access Zag, EQ and others. Now, we aren't welcome on Jeopardy either. I also transferred TFSA money out of Peoples Trust and they did not even ask why (guess they know).

February 23, 2016
11:29 pm
Loonie
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Congratulations, Saver-Mom! If DUCA will take Quebecois, then it will take any Canadian.
Apparently Jeopardy doesn't want any of us, so we're all in the same fix, alas! That's one question they are sure to never ask about on the show, under "Poor Excuses".

February 26, 2016
7:19 am
Save2Retire@55
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Saver-Mom said

No problem for Quebecers to open account with DUCA. Still annoyed we cannot access Zag, EQ and others. Now, we aren't welcome on Jeopardy either. I also transferred TFSA money out of Peoples Trust and they did not even ask why (guess they know).

I wonder what happens to someone already having an account with one of the "Not available to QC" banks after moving to QC? This might happen to me in couple months!

February 26, 2016
3:17 pm
Saver-Mom
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I had wondered the same thing, Yas. I doubt they will try to close your account. I wish I was a lawyer who could fight for equal rights! There are a few nice things about QC, but banking is not one.

February 27, 2016
9:34 am
Save2Retire@55
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Saver-Mom said

I had wondered the same thing, Yas. I doubt they will try to close your account. I wish I was a lawyer who could fight for equal rights! There are a few nice things about QC, but banking is not one.

I think (just my thought) there is some restrictions put by QC government for banking. And if I move there, I will not update my address. It's just an online account so no need for my actual address at all.

February 28, 2016
12:58 am
Loonie
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Be careful about not updating your address, as you will need to receive your T5's for income tax, and they normally come by Canada Post. If it gets returned to sender, they are going to be looking for you.

I know that some FIs will allow you to keep accounts after you leave the province or area. I have read about some that will do this. I recall that they were mostly in Alberta, but perhaps worth asking what would happen "if" you moved to QC.

If it's an online account, you could maybe try updating address online. It's possible that this would not trigger anything.

February 28, 2016
8:06 am
Norman1
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For banking, existing accounts may be okay after moving to Québec.

I wrote earlier that Québec residents can become PC Financial account holders if they open their accounts, using their Québec address, while visiting a PC Financial pavilion outside their province.

February 28, 2016
4:57 pm
Save2Retire@55
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Loonie said

Be careful about not updating your address, as you will need to receive your T5's for income tax, and they normally come by Canada Post. If it gets returned to sender, they are going to be looking for you.

I know that some FIs will allow you to keep accounts after you leave the province or area. I have read about some that will do this. I recall that they were mostly in Alberta, but perhaps worth asking what would happen "if" you moved to QC.

If it's an online account, you could maybe try updating address online. It's possible that this would not trigger anything.

There is a solution for the bounced back mail and that is redirecting address or putting a family member address :)

February 28, 2016
8:57 pm
Loonie
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Yas said

I understand only 50% of the interest on a bank saving account is taxable?

No; not true. Bank interest is fully taxable at whatever your personal marginal tax rate is. It's only "capital gains" that is taxable at 50% somehow - i.e. stock market gains, but I am not too familiar with that.

March 3, 2016
5:08 am
Save2Retire@55
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You are right. Learning new things every day. Thanks Loonie :)

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