Advantages of keeping a canadian bank account while living abroad

[litagalarza]

Hi

I have a bank account in Canada. Currently I am living in Southamerica taking care of parents. As I do not have a return date, would it be better to move my savings from Canada to my home country? Or should I keep open my bank account while living abroad? What would be the advantages and disadvantages? Should I invest in Canada while living abroad? Should I close my bank account as my debit card will expire soon and I will not have access to the money?

Thank you

 

[Naturgrl]

Hi

I have a bank account in Canada. Currently I am living in Southamerica taking care of parents. As I do not have a return date, would it be better to move my savings from Canada to my home country? Or should I keep open my bank account while living abroad? What would be the advantages and disadvantages? Should I invest in Canada while living abroad? Should I close my bank account as my debit card will expire soon and I will not have access to the money?

Thank you

What does this have to do with immigration? Your choice.

 

[foodie69]

Hi

I have a bank account in Canada. Currently I am living in Southamerica taking care of parents. As I do not have a return date, would it be better to move my savings from Canada to my home country? Or should I keep open my bank account while living abroad? What would be the advantages and disadvantages? Should I invest in Canada while living abroad? Should I close my bank account as my debit card will expire soon and I will not have access to the money?

Thank you

I got this

 

[litagalarza]

I already migrated to Canada and left the country to take care of parents. That is why I am asking in this forum in the section “Canadian FINANCE and Taxation”.

 

[Naturgrl]

I already migrated to Canada and left the country to take care of parents. That is why I am asking in this forum in the section “Canadian FINANCE and Taxation”.

It is your choice whether to keep it open or not. If your account has service fees then close it. You can open another one if you return.

 

[Shmiler]

Personally I'd keep my money as far away from South America as is possible. Keep your Canadian account open. You will get a replacement debit card mailed to your Canadian address, or it can be collected from the branch.

Suerte!

 

[litagalarza]

Personally I'd keep my money as far away from South America as is possible. Keep your Canadian account open. You will get a replacement debit card mailed to your Canadian address, or it can be collected from the branch.

Suerte!

Thank you.

The problem is that I am no longer in Canada. And I left the country with all my belongings (no canadian address now).

I guess I will have to go back just to pick the debit card.

 

[canuck78]

Hi

I have a bank account in Canada. Currently I am living in Southamerica taking care of parents. As I do not have a return date, would it be better to move my savings from Canada to my home country? Or should I keep open my bank account while living abroad? What would be the advantages and disadvantages? Should I invest in Canada while living abroad? Should I close my bank account as my debit card will expire soon and I will not have access to the money?

Thank you

You need to advise CRA that you have left the country. You will need to ask them to determine whether you remain a tax resident or not. This will depend on your ties to Canada like property ownership, employment, family (children and dependent children), financial accounts, etc. Whether you want to keep your financial accounts in Canada may depend on the outcome of your tax residency status and whether moving your financial accounts will change your tax residency status.

 

[Shmiler]

Additionally, what was your status in Canada? Citizen, PR or some form of temporary visa?