Switching bank shorting after landing?

[wyho007]

Not landing until a month. Already have bank account open in Canada. I found a better deal at another bank just recently. Is there a problem switching my money from one bank to another shortly after landing?

Yes, I'm being cost sensitive and seek higher return on interest rate. However, at the same time, I don't want to raise red flags to CRA. Read posts regarding individuals being questioned on the "source of funds" by banks especially these few months. I certainly don't want to go about proofing to 2 banks my source of funds are legal when I need to deal with other settlement issues. Nor, do I want to be bombarded by the first bank with questions why I switch.

Any one has experience?

 

[APPNOV2014NY]

Moving funds from one Canadian bank to another Canadian bank won't raise any red flags with CRA and also you won't need to provide proof of funds to second bank.

Nor, do I want to be bombarded by the first bank with questions why I switch.

I found better deal at 2nd bank is a perfectly good answer.

 

[wyho007]

Moving funds from one Canadian bank to another Canadian bank won't raise any red flags with CRA and also you won't need to provide proof of funds to second bank.

I found better deal at 2nd bank is a perfectly good answer.

Good to know. Glad to have found this forum. It can be such a difference in how things are being dealt with in a new country.

 

[NetMecca]

It is not an issue to change banks and as often as you like (except for some inconvenience perhaps.)

 

[wyho007]

It is not an issue to change banks and as often as you like (except for some inconvenience perhaps.)

Great!

From where I am currently at, less than 6 months of history at one bank is enough to create problems switching to another bank.

I've picked the right place to move to.

 

[NetMecca]

Sounds like it ;D