Opening bank account in soft landing?

[taimoorsoomro]

Dear All

I had a query that is it advisable to open a bank account once I do my soft landing as i don't intend to move there permanently for the next 1-2 years.

Would it affect in any case regarding opening a bank account and getting a credit card if I do it after 1-2 years?

Thanks in advance.

 

[APPNOV2014NY]

That should be OK.

 

[mahi2020]

Dear All

I had a query that is it advisable to open a bank account once I do my soft landing as i don't intend to move there permanently for the next 1-2 years.

Would it affect in any case regarding opening a bank account and getting a credit card if I do it after 1-2 years?

Thanks in advance.

not advisable since thr are NO free accounts in Canada, you usually pay a monthly fee, unless you keep avg balance of 4000$ etc.

 

[APPNOV2014NY]

not advisable since thr are NO free accounts in Canada, you usually pay a monthly fee, unless you keep avg balance of 4000$ etc.

All Big 5 banks ( Scotia, BMO , TD , RBC , NBC ) have free checking accounts for 6 months to 3 years for newcomers.

 

[mahi2020]

All Big 5 banks ( Scotia, BMO , TD , RBC , CIBC ) have free checking accounts for 6 months to 3 years for newcomers.

good to know that...didnt know 3yrs free banking is also available...in Canada....thought 3 yrs free banking is only available in La La Land...

 

[APPNOV2014NY]

good to know that...didnt know 3yrs free banking is also available...in Canada....thought 3 yrs free banking is only available in La La Land...

https://www.nbc.ca/personal/accounts/newcomers.html

 

[21Goose]

You should open a bank account and also get a credit card. As a new immigrant, you'll be given a low-limit card ($1000-$1500), but this establishes your credit history which is EXTREMELY important in Canada.

Heck, open two bank accounts and get two credit cards. That's even better (that's what I did). There's no bar on opening multiple accounts.

 

[vermas]

You should open a bank account and also get a credit card. As a new immigrant, you'll be given a low-limit card ($1000-$1500), but this establishes your credit history which is EXTREMELY important in Canada.

Heck, open two bank accounts and get two credit cards. That's even better (that's what I did). There's no bar on opening multiple accounts.

I am an Indian, working in Myanmar and will be soft landing on 22 June. Will stay with my brother for 3 weeks and return to Myanmar for 2 years to complete my contract.
1-For POF, can I carry approx 2000USD in cash and an updated bank statement for my foreign currency account for the remaining amount?
2- If I open a bank account in Canada during soft landing and take a credit card, will I be establishing ties that may attract Canadian Tax on my foreign earnings?
Thanks in advance

 

[21Goose]

I am an Indian, working in Myanmar and will be soft landing on 22 June. Will stay with my brother for 3 weeks and return to Myanmar for 2 years to complete my contract.
1-For POF, can I carry approx 2000USD in cash and an updated bank statement for my foreign currency account for the remaining amount?
2- If I open a bank account in Canada during soft landing and take a credit card, will I be establishing ties that may attract Canadian Tax on my foreign earnings?
Thanks in advance

1. Yes
2. Yes, it may. If you aren't coming back for two years, then maybe you shouldn't

 

[vermas]

1. Yes
2. Yes, it may. If you aren't coming back for two years, then maybe you shouldn't

Thanks, I was considering of taking credit card and use it regularly to creat credit history. If it's going create taxation issues, will avoid it.

 

[mahi2020]

ppl keep talking about "building" credit history etc etc.

Just 6 months of banking is enough to create a decent credit history.

 

[Citizenoftheworld]

You should open a bank account and also get a credit card. As a new immigrant, you'll be given a low-limit card ($1000-$1500), but this establishes your credit history which is EXTREMELY important in Canada.

Heck, open two bank accounts and get two credit cards. That's even better (that's what I did). There's no bar on opening multiple accounts.

Hey 21Goose, I have a query please that is related to this, does opening an account and issuing a credit card deem me a tax resident (no cash in the account, didnt use the credit card at all not even once)
I soft landed 6 months ago

 

[21Goose]

Hey 21Goose, I have a query please that is related to this, does opening an account and issuing a credit card deem me a tax resident (no cash in the account, didnt use the credit card at all not even once)
I soft landed 6 months ago

Unlikely. If you read the "Deemed Resident" rules here - https://www.canada.ca/en/revenue-ag...-moved/determining-your-residency-status.html

It says that "bank accounts" is a secondary tie that may be relevant. If the ONLY tie you have to Canada is a bank account that you never even used, it's hard to see how that could make you a deemed resident.

Of course, I'm not a tax lawyer, so keep that in mind.

 

[Citizenoftheworld]

Unlikely. If you read the "Deemed Resident" rules here - https://www.canada.ca/en/revenue-ag...-moved/determining-your-residency-status.html

It says that "bank accounts" is a secondary tie that may be relevant. If the ONLY tie you have to Canada is a bank account that you never even used, it's hard to see how that could make you a deemed resident.

Of course, I'm not a tax lawyer, so keep that in mind.

Thank you 21Goose, appreciated
I have another question which is unrelated to the post but related to the soft landing experience, I am sorry for that but its just making me nervous
Now I was asked to fill the cbsa declaration card on the plane and in that form I didnt fill the visitor section ( even though I was soft landing but I didnt think this section implied to me). Also in the resident part where it asked to check yes or no for going above the limit of the customs I did declare no which was truthful but I didnt know if I was actually a resident . Was that misrepresentation and will it cause any issues to me in the future (citizenship application).
One more thing in that form in the home address section, I didnt know what was that so I filled in my relatives address (the one where the PR card was sent to) but I didnt stay at that address and I was staying in an airbnb but I thought that this address is the address that I am supposed to fill in order to send the cards to.
What should I do was that wrong?

 

[21Goose]

Thank you 21Goose, appreciated
I have another question which is unrelated to the post but related to the soft landing experience, I am sorry for that but its just making me nervous
Now I was asked to fill the cbsa declaration card on the plane and in that form I didnt fill the visitor section ( even though I was soft landing but I didnt think this section implied to me). Also in the resident part where it asked to check yes or no for going above the limit of the customs I did declare no which was truthful but I didnt know if I was actually a resident . Was that misrepresentation and will it cause any issues to me in the future (citizenship application).
One more thing in that form in the home address section, I didnt know what was that so I filled in my relatives address (the one where the PR card was sent to) but I didnt stay at that address and I was staying in an airbnb but I thought that this address is the address that I am supposed to fill in order to send the cards to.
What should I do was that wrong?

Don't worry, none of this is an issue or any form of misrepresentation. You'll be fine.

Also, as soon as CBSA signed your CoPR you became a PR. And that means that you have rights in Canada - including the right to live anywhere you like.