Banking in Canada - Please leave in Cdn. Forum, Thanks

[Reba 2]

The RBC probably wants to verify that you have taken up residence in the US to change your account to a "non-resident" account. They will issue you a tax receipt for any interest earned at the year end for your taxes. There should be no problem what so ever keeping your RBC account. I have my RBC account and know of many US residents that have a accounts with the RBC banks along the many border towns.

that would be my first guess as well. If you still have Canadian bank accounts, then you're earning (interest) income on them which needs to be reported on your taxes, and they need to know how to tax you, as a resident or non-resident.

[Carlawarla 1]

Thanks everyone for your replies! I've had company for a few days now, and with the holidays haven't got back to RBC yet. I hope to do so today and tomorrow, so will let you know what transpires.

Carla

[Carlawarla 1]

Well, I phoned the Royal Bank, and the lady who wrote me the letter wasn't there, however her replacement was. She wanted to confirm my address, telephone number etc. I asked her why, and she said, I think it's probably about income tax codes. I said, okay...so I can have a bank account in Canada if I'm living here...and she said, hmm, I'm not sure about that...are you living there permanently? *sigh* So I told her, I'm not sure as of yet...I'm living here right now, but I don't want my Canadian account closed as I'm still doing business in Canada. She said, okay, I don't see that there is an issue there, but again, I think the other lady just wanted to confirm your address for income tax purposes. I said okay.

If this other lady has any other questions or needs clarification, apparently she's going to call me back when she returns from vacation.

Just thought I'd update.

Carla

[dearheart 0]

I don't bank with RBC, however a call will probably clear it up.

I was just looking at their website and found information on a U.S. account with them - the RBC access U.S.A. account. They can pull your Canadian credit rating as well for mortgages etc, so this sounds interesting! Plus they have branches in Florida. I think I will be giving them a call.

Trailmix, we are using the RBC Access USA account. it is very convieninet for transferring money over the border, but I am in California with no branches in my state. When I was inquiring into the possibility of making deposits I was told twice, by two different representives that I would be able to make a deposit at any ATM for a small fee. WRONG. I can withdraw no problem. But the only way to deposit money into the account I need to mail it North Carolina.

If you are on the East Coast it may be fine for you.

[trailmix 77]

I don't bank with RBC, however a call will probably clear it up.

I was just looking at their website and found information on a U.S. account with them - the RBC access U.S.A. account. They can pull your Canadian credit rating as well for mortgages etc, so this sounds interesting! Plus they have branches in Florida. I think I will be giving them a call.

Trailmix, we are using the RBC Access USA account. it is very convieninet for transferring money over the border, but I am in California with no branches in my state. When I was inquiring into the possibility of making deposits I was told twice, by two different representives that I would be able to make a deposit at any ATM for a small fee. WRONG. I can withdraw no problem. But the only way to deposit money into the account I need to mail it North Carolina.

If you are on the East Coast it may be fine for you.

Thanks for the info, that's helpful. So depositing cheques may be a problem but I assume direct deposits, say for wages etc isn't a big deal, do you know?

[Colin Wilson 0]

Back in 2004 I called presidents choice and asked about leaving my acct open in Canada, while I resided in the USA. They said no,they don't allow that! I didnt make any further inquiries, I just changed my address to my parents in Stoon! After 6 months they do put a"freeze" on the acct due to inactivity, but I just have to phone, and they "unfreeze" it.

Hello every one... Living happy in Tennessee.. Using Canadian bank account (Plus there RBC Centrua US accounts)

All's well using them.... ( they will charge you 25 % holding on withdrawing RRSP's)

Hello to all on Can form..

Colin

[trailmix 77]

Back in 2004 I called presidents choice and asked about leaving my acct open in Canada, while I resided in the USA. They said no,they don't allow that! I didnt make any further inquiries, I just changed my address to my parents in Stoon! After 6 months they do put a"freeze" on the acct due to inactivity, but I just have to phone, and they "unfreeze" it.

Hello every one... Living happy in Tennessee.. Using Canadian bank account (Plus there RBC Centrua US accounts)

All's well using them.... ( they will charge you 25 % holding on withdrawing RRSP's)

Hello to all on Can form..

Colin

Hi Colin,

That's funny I was just referencing your interview review (re using Canadian income) in another thread just now.

Glad to hear you are doing well down in Tennessee, I'm sure the weather is nicer than it is here in cowtown!

[Flames9_RN 358]

if u file cdn taxes, you may be able to get some of that 25% they deduct back. I cant recall which section it is. I think it may be section 217, but not sure. may work for getting some of that 25% deducted for Ei as well, but it all depends on ur $$ situation!

[spar-kee 0]

Well, I phoned the Royal Bank, and the lady who wrote me the letter wasn't there, however her replacement was. She wanted to confirm my address, telephone number etc. I asked her why, and she said, I think it's probably about income tax codes. I said, okay...so I can have a bank account in Canada if I'm living here...and she said, hmm, I'm not sure about that...are you living there permanently? *sigh* So I told her, I'm not sure as of yet...I'm living here right now, but I don't want my Canadian account closed as I'm still doing business in Canada. She said, okay, I don't see that there is an issue there, but again, I think the other lady just wanted to confirm your address for income tax purposes. I said okay.

If this other lady has any other questions or needs clarification, apparently she's going to call me back when she returns from vacation.

Just thought I'd update.

Carla

I am also using the RBC Centura embassy account here in the US and it is connected to my RBC accounts in Canada. I was told that they (RBC Centura) can access my RBC credit history from my Canadian accounts to see about getting a credit card here in the US - just waiting to hear back the outcome of that. My area has RBC Centura branches and it's been a breeze to deal with. I've even deposited cheques in canadian funds into my RBC Centura account and they work out the exchange rate for me - so simple. I was told before leaving Canada that I must change my address with the bank for my debit card and the credit card division too so they don't flag my card since it would be used in the States from now on. No one told me I had to close my accounts and I was very forthright with them before moving to the US. I haven't received any letters, just monthly statements. I wouldn't worry too much.