What happens to bank accounts when PR card expires

[qqtina]

Hi all, my PR card is going to expire and I am not planning to renew it. I have bank accounts in Canada, so I wonder what will happen to my bank accounts. Can I still keep the accounts or I have to move money out? Thanks a lot for any tips.

 

[armoured]

Hi all, my PR card is going to expire and I am not planning to renew it. I have bank accounts in Canada, so I wonder what will happen to my bank accounts. Can I still keep the accounts or I have to move money out? Thanks a lot for any tips.

Nothing happens to your bank accounts. The PR card is not your PR status, which does not 'expire.'

Note: if you're living abroad, it may get complicated eventually, but that's nothing to do with the PR status itself.

 

[canuck78]

Hi all, my PR card is going to expire and I am not planning to renew it. I have bank accounts in Canada, so I wonder what will happen to my bank accounts. Can I still keep the accounts or I have to move money out? Thanks a lot for any tips.

If you have moved out of Canada would suggest contacting CRA to determine your tax residency status. If still a tax resident and don’t want to have to pay Canadian taxes you can consider moving your money abroad if possible.

 

[ktmerritt]

To add to this - I used to work for TD bank. Your accounts will be considered dormant after 10 years of no activity, meaning no transactions. As long as you do a small transaction at least once every 10 years (such as transferring from chequing to savings, even $1) then your accounts will stay active. I'm not sure of the policy for other banks though. Your PR status will not change anything, it is your money.