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Opening bank account in soft landing?

taimoorsoomro

Member
Oct 24, 2017
17
1
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

Champion Member
Nov 21, 2014
2,947
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Sydney/Ottawa
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AOR Received.
27-01-2017
That should be OK.
 

mahi2020

Hero Member
Oct 7, 2016
284
52
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

Champion Member
Nov 21, 2014
2,947
1,054
Category........
Visa Office......
Sydney/Ottawa
NOC Code......
2172
Job Offer........
Pre-Assessed..
App. Filed.......
12-10-2016
AOR Received.
27-01-2017
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.
 
Last edited:

mahi2020

Hero Member
Oct 7, 2016
284
52
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...
 

21Goose

VIP Member
Nov 10, 2016
5,123
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AOR Received.
Feb 2017
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.
 
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vermas

Champion Member
Jan 12, 2010
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eAPR/AOR 13-08-2018
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

VIP Member
Nov 10, 2016
5,123
1,510
AOR Received.
Feb 2017
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

Champion Member
Jan 12, 2010
1,841
400
NOC Code......
NA
App. Filed.......
eAPR/AOR 13-08-2018
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

Hero Member
Oct 7, 2016
284
52
ppl keep talking about "building" credit history etc etc.

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

Citizenoftheworld

Full Member
Jun 14, 2020
47
1
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

VIP Member
Nov 10, 2016
5,123
1,510
AOR Received.
Feb 2017
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-agency/services/tax/international-non-residents/information-been-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

Full Member
Jun 14, 2020
47
1
Unlikely. If you read the "Deemed Resident" rules here - https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-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

VIP Member
Nov 10, 2016
5,123
1,510
AOR Received.
Feb 2017
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.