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CANADIANS---Seeking financial advice
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nalj



Joined: 13 Apr 2012

PostPosted: Fri Dec 07, 2012 5:22 am    Post subject: CANADIANS---Seeking financial advice Reply with quote

Hello all!

So, recently I was given non-residency status by the International Tax Services Office. I followed their advice to call up banks and let them know that I was no longer a resident for tax purposes, etc.

However, I have hit my first brick wall. Just got off the phone with PC Financial and essentially they are shutting down my bank account. There is something on their website that says:
Quote:
moving out of Canada
If you move out of Canada, you agree:
to pay us all that you owe us without any deductions for any taxes and withholdings that your new country may impose.
to close all of your product holdings with us prior to moving.


Now, before I had moved I explained everything, and of course they had assured me that everything would be fine, etc. Clearly, it is not. I argued that it specifically does not mention non-residency, there is no time frame for 'moving', etc but they were adamant about it and I have to all them back to find out what is going on since there is now a note in my file (of course, they won't call ME). Generally, PC has terrible customer service but I've been with them for years so that's beside the point.

Here's where I'm stuck:

I use PC to pay off my student loans. I wire my money there and pay OSAP off from there. Also, I have a credit card through PC and it is my only credit card. Essentially, if PC shuts me down I will be bankless and credit-cardless.

So, what do I do? I still need a Canadian bank account of sorts to pay of loans and because I need a credit card to do anything online these days (plane tickets, etc). I won't be going back until late next year. I can imagine that I can't open a new bank account from over here and that banks won't open one for me if I'm a non-resident.

Advice? Help? PLEASE?

Still have to notify CRA and OHIP... Sad
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12ax7



Joined: 07 Nov 2009

PostPosted: Fri Dec 07, 2012 6:21 am    Post subject: Reply with quote

Open an account with a credit union. They don't treat their customers like crap.
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Stan Rogers



Joined: 20 Aug 2010

PostPosted: Fri Dec 07, 2012 10:32 am    Post subject: Reply with quote

They think you are about to become a runaway slave.
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jonpurdy



Joined: 08 Jan 2009
Location: Ulsan

PostPosted: Fri Dec 07, 2012 11:47 am    Post subject: Reply with quote

Don't declare it at all. Deal with it all when you get back. Definitely don't tell your other financial institutions.

The only ones you have to tell are your provincial government for health card reasons. You can declare non-residency (and that you're a resident again) when you get back and file tax returns retroactively (since you wont owe any).
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loose_ends



Joined: 23 Jul 2007

PostPosted: Fri Dec 07, 2012 1:18 pm    Post subject: Reply with quote

You don't have to declare anything before you leave. And even if you do, it doesn't actually mean you are a non-resident. Your actions determine if you are such. You can have bank accounts and student loans in your home country and still be a non-resident.

I left Canada for 5 years. I had student loans and a bank account. I dealt with it all when I came back. They saw me as a non-resident for those years because I was, not because I said I was when I left. I didn't declare anything for those years and Revenue Canada is OK with that.
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nalj



Joined: 13 Apr 2012

PostPosted: Fri Dec 07, 2012 5:04 pm    Post subject: Reply with quote

Hey all,

Thanks so much! The issues for me is not about declaring residency or not; it has all been done months ago and I have a confirmation letter from International Tax Services confirming my status as a non-resident. I had to do this because of the tax agreement b/w ROK and CAN as per my employer's advice since I get paid in part in USD which wire transfers into my bank account.

The pickle I am in right now is to do with financial institutions; essentially I am bank-less and credit card-less and over here instead of over there. How do I solve this? Any ideas? I need a CAN bank account to pay off OSAP and other small things; nothing major. Thanks!
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Stan Rogers



Joined: 20 Aug 2010

PostPosted: Fri Dec 07, 2012 7:08 pm    Post subject: Reply with quote

nalj wrote:
Hey all,

Thanks so much! The issues for me is not about declaring residency or not; it has all been done months ago and I have a confirmation letter from International Tax Services confirming my status as a non-resident. I had to do this because of the tax agreement b/w ROK and CAN as per my employer's advice since I get paid in part in USD which wire transfers into my bank account.

The pickle I am in right now is to do with financial institutions; essentially I am bank-less and credit card-less and over here instead of over there. How do I solve this? Any ideas? I need a CAN bank account to pay off OSAP and other small things; nothing major. Thanks!


Scotiabank has a branch in Seoul. Maybe they can help you. I think they are primarily a commerical bank but they might be able to set up an account for you. Worth a check anyway.

http://www.scotiabank.com/ca/en/0,,2702,00.html
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Who's Your Daddy?



Joined: 30 May 2010
Location: The joy's in the ride.

PostPosted: Fri Dec 07, 2012 10:01 pm    Post subject: Reply with quote

Tell PC you changed your mind. Give them your parents address.
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nalj



Joined: 13 Apr 2012

PostPosted: Fri Dec 07, 2012 10:03 pm    Post subject: Reply with quote

Thanks guys so far. I'll check out Scotiabank.

I tried pulling that 'changed my mind' trick with PC and they said they already noted it in my file. Wankers.
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Who's Your Daddy?



Joined: 30 May 2010
Location: The joy's in the ride.

PostPosted: Sat Dec 08, 2012 12:28 am    Post subject: Reply with quote

ING Direct now has a chequing account. You can sign up on line.

http://www.ingdirect.ca/giftcard/
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nalj



Joined: 13 Apr 2012

PostPosted: Sat Dec 08, 2012 12:34 am    Post subject: Reply with quote

Thanks Who's Your Daddy. I currently do bank with ING but they currently do not accept international wire transfers, which means I can't be paid from my employer through them. Also, no credit card (hopefully this will change soon as they have been acquired by Scotiabank). I do appreciate the suggestion though. Thanks!
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Sat Dec 08, 2012 5:11 am    Post subject: Reply with quote

nalj wrote:
Thanks Who's Your Daddy. I currently do bank with ING but they currently do not accept international wire transfers, which means I can't be paid from my employer through them. Also, no credit card (hopefully this will change soon as they have been acquired by Scotiabank). I do appreciate the suggestion though. Thanks!


Your employer will require you to set up an account at THEIR bank for your payday deposits.

If you are so inclined you can open a 2nd bank account at the bank of your choice for your own purposes.

ALL Korean banks operate at arms's length from their international parent banks (HSBC, etc.).

If you are already in Korea and have no bank account remaining in Canada then you will have to pay your loans by cashiers check.

If you are still in Canada then open an account at your local credit union or one of the big 5 banks and don't tell them you are leaving.

If you want a c/c to use while you are in Korea there are options although you may not like them.

.
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Spike



Joined: 24 Aug 2005
Location: Seoul

PostPosted: Sat Dec 08, 2012 6:30 pm    Post subject: Reply with quote

PC specifically has in all of their literature, that you can't have an account with them if you move out of country. It's just the way they run things. Transfer everything to a real bank.
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Captain Corea



Joined: 28 Feb 2005
Location: Seoul

PostPosted: Sat Dec 08, 2012 6:32 pm    Post subject: Reply with quote

Spike wrote:
PC specifically has in all of their literature, that you can't have an account with them if you move out of country. It's just the way they run things. Transfer everything to a real bank.


No joke. In this day and age, WTF are they being so limiting??
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The King of Kwangju



Joined: 10 Feb 2003
Location: New York City

PostPosted: Sun Dec 09, 2012 8:57 am    Post subject: Reply with quote

Banks are awful to deal with in any country. Immigration is also a royal pain, even under the best circumstances.

I've never understood why Canadians would want to make it more complicated by declaring non-residency. If there's a lesson in this thread, it should be: "don't do that."
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