Bank Account

[easylover]

I have some questions
- Is it possible for some one on a visitor's visa in Canada to open a Bank account in Canada?

- Is it possible to keep this bank account opened when the visitor returns home, with the plan to come back a visit Canada again after a year or less? Essentially does the visitor need to close the account once they leave Canada

- What are the tax implications?

Thanks

 

[Leon]

I am sure you can open a bank account. I did not have a SIN when I opened my first Canadian account, just my passport. If you have a checking account, most of the time they cost you a few $ per month. You can go to a few banks and discuss your options with that. There should not be any tax implications. The bank takes the tax off your interest.

 

[MARLENA]

You can open a bank account on the website with Scotiabank... you don't need your sin #

 

[easylover]

Thanks for the replies, however one question do you have to close this bank account when you leave the country?

 

[MARLENA]

Nope.

 

[haver]

If your bank account earns any interest than withholding tax will apply.
It will depend from what country you are.

 

[Suin]

yes, we opened the account recently - it worked ok

 

[MARLENA]

Suin if you don't mind asking was it Scotiabank???