Canadian Bank wants my ITIN

[KelsJosh 100]

My bank in Canada is requesting my ITIN, I am a permanent resident now and I don't think I was ever issued one (I got my SSN 2 weeks after entering the U.S.) 

 

I am super confused on the difference between the two and online all I can find is that if I have a SSN already I can't get apply for a ITIN nor do I need one? anyone know?

thanks

[Redro 4,611]

1 hour ago, KelsJosh said:

My bank in Canada is requesting my ITIN, I am a permanent resident now and I don't think I was ever issued one (I got my SSN 2 weeks after entering the U.S.) 

 

I am super confused on the difference between the two and online all I can find is that if I have a SSN already I can't get apply for a ITIN nor do I need one? anyone know?

thanks

Inform them you have an SSN and give that to them OR just give them your SSN. Generally banks request ITIN OR SSN… ITINs are for people who have financial ties to the US but for various reasons can’t obtain an SSN. 

Edited December 2, 2022 by ROK2USA

[OldUser 6,771]

Out of curiosity, why would a Canadian bank be interested in your US taxpayer status? Do you use a Canadian bank account for income you earn in the US?

 

Why wouldn't you open and use a US bank account for living in the US?

Edited December 2, 2022 by OldUser

[Chancy 6,241]

12 hours ago, OldUser said:

Out of curiosity, why would a Canadian bank be interested in your US taxpayer status?

 

It's a US government requirement, actually.  Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to report on foreign assets owned by US tax persons.  If the foreign bank does not comply with FATCA requirements, the bank will be heavily fined when they do certain US-based transactions.

 

[Redro 4,611]

On 12/1/2022 at 9:16 PM, OldUser said:

Out of curiosity, why would a Canadian bank be interested in your US taxpayer status? Do you use a Canadian bank account for income you earn in the US?

 

Why wouldn't you open and use a US bank account for living in the US?

When I had no ties to the US my Korean bank would request my ITIN or SSN once a year to make sure I didn't have any tax obligations to the US.

If a foreign bank suspects a person has ties to the US they are required to report your bank account details... 

[grant2 15]

On 12/1/2022 at 6:16 PM, OldUser said:

Why wouldn't you open and use a US bank account for living in the US?

Obviously having a US bank is great for doing living in the USA.   

 

But having canadian bank accounts is also useful for any stuff you do in Canada.  If you visit there, own properties there, etc.

[OldUser 6,771]

10 minutes ago, grant2 said:

Obviously having a US bank is great for doing living in the USA.   

 

But having canadian bank accounts is also useful for any stuff you do in Canada.  If you visit there, own properties there, etc.

Never objected that.

My suggestion was to use a US bank for finances in the US.

I myself have bank accounts in different countries. Just was never asked for SSN / ITIN anywhere outside of US yet. Hence the question why a Canadian bank needed it.

[grant2 15]

34 minutes ago, OldUser said:

Just was never asked for SSN / ITIN anywhere outside of US yet. Hence the question why a Canadian bank needed it.

I believe the basic reason is the major canadian banks also do a lot of business in the USA so they are extra vigilant to ensure they're reporting correctly on US persons.

 

[Redro 4,611]

On 12/4/2022 at 7:07 PM, OldUser said:

Never objected that.

My suggestion was to use a US bank for finances in the US.

I myself have bank accounts in different countries. Just was never asked for SSN / ITIN anywhere outside of US yet. Hence the question why a Canadian bank needed it.

If you have over $10K outside the US in foreign bank accounts you should be reporting those bank accounts to the US. 

Some banks will ask you if you have connections to the US if it is UNDER $10k sometimes because they assume you have multiple bank accounts and are trying to avoid reporting that money to the US. 

[OldUser 6,771]

12 minutes ago, ROK2USA said:

If you have over $10K outside the US in foreign bank accounts you should be reporting those bank accounts to the US. 

Some banks will ask you if you have connections to the US if it is UNDER $10k sometimes because they assume you have multiple bank accounts and are trying to avoid reporting that money to the US. 

100% agree with that. In my case no, I'm very far from having 10K combined anywhere outside of the US. Just have few hundred bucks here and there to cover minimal things like some subscriptions.

 

Occasionally would use the funds to cover small charges such as public transit or Uber abroad once in many moons.

[iwannaplay54 985]

On 12/1/2022 at 6:36 PM, KelsJosh said:

My bank in Canada is requesting my ITIN, I am a permanent resident now and I don't think I was ever issued one (I got my SSN 2 weeks after entering the U.S.) 

 

I am super confused on the difference between the two and online all I can find is that if I have a SSN already I can't get apply for a ITIN nor do I need one? anyone know?

thanks

Provide your SS number.  Almost anywhere we go or live overseas reports bank info back to the US:

[Lil bear 4,239]

On 12/1/2022 at 8:16 PM, OldUser said:

Out of curiosity, why would a Canadian bank be interested in your US taxpayer status? Do you use a Canadian bank account for income you earn in the US?

 

Why wouldn't you open and use a US bank account for living in the US?

US has reporting financial assets interest agreements  across many countries   Worldwide banking has changed many many things  

FACTFA   https://home.treasury.gov/policy-issues/tax-policy/foreign-account-tax-compliance-act

[Lil bear 4,239]

On 12/4/2022 at 6:44 PM, grant2 said:

I believe the basic reason is the major canadian banks also do a lot of business in the USA so they are extra vigilant to ensure they're reporting correctly on US persons.

 

No. Its because of FACTFA 

https://home.treasury.gov/policy-issues/tax-policy/foreign-account-tax-compliance-act

[KelsJosh 100]

On 12/1/2022 at 6:16 PM, OldUser said:

Out of curiosity, why would a Canadian bank be interested in your US taxpayer status? Do you use a Canadian bank account for income you earn in the US?

 

Why wouldn't you open and use a US bank account for living in the US?

I of course have a US bank as well. I travel back to Canada frequently so I have just kept it. 

 

 

[KelsJosh 100]

On 12/1/2022 at 6:11 PM, ROK2USA said:

Inform them you have an SSN and give that to them OR just give them your SSN. Generally banks request ITIN OR SSN… ITINs are for people who have financial ties to the US but for various reasons can’t obtain an SSN. 

The lady at my bank was super confused but I gave her my SSN and that worked lol thank you.