Keeping money in Canada, please advice

[sho78]

Please advice, Can we keep money in a bank account in Canada with no candian residial status if so what are the issues.

1. Is tax is applicable on the money kept in Canadian bank.
2. Is there any problem in keeping the money in Canadian bank while earning outside Canada with no Canadian resitial status.
3. Or any other issues.

Please I need your advice, waiting for your reply.

Regards.

 

[sho78]

Please advice, Can we keep money in a bank account in Canada with no candian residial status if so what are the issues.

1. Is tax is applicable on the money kept in Canadian bank.
2. Is there any problem in keeping the money in Canadian bank while earning outside Canada with no Canadian resitial status.
3. Or any other issues.

Please I need your advice, waiting for your reply.

Regards.

Please advice.

 

[Leon]

1. No tax on the money, just on the interest. The bank with withdraw it automatically as they pay your interest out.
2. No problems
3. If you do not have your PR yet or a work permit in Canada, you would not have a SIN so you would not be able to open an interest bearing account. You could have an account that bears no interest though.

 

[jnathan]

I thought Canada was Open for Investment regardless of PR/Citizenship status.

 

[explorer101]

I thought Canada was Open for Investment regardless of PR/Citizenship status.

no money laundering is permitted. To open a bank account one needs 2 pieces of ID.

 

[qorax]

Qorax,

would you please shed some lights here?

http://www.canadavisa.com/canada-immigration-discussion-board/keeping-money-in-canada-please-advice-t96437.0.html

I need to know this too.

1. Yes, u can.
2. No taxes on the principal, only interest generated by it needs to be declared on the IT assessment form. But u wouldn't file it unless u have residential ties in Canada.
3. None.

Qorax