Why I Didn’t Close My Canadian Bank Accounts
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At Nomad Capitalist, we always say you need a backup plan to protect yourself and your wealth. It would be best to have second passports, second residences, and multiple bank accounts.
Banking in Canada is one of Canada's most important industries, with several banks being among its most significant and most profitable companies. But what if you're not going to live in Canada? Then why do you need to keep it? In this video, Andrew shares why he didn't close his Canadian bank accounts.
00:00 Start
0:32 Opening Bank Account in Canada
3:00 Banks In Canada
4:29 Investing in Cambodia
5:00 Taxes in Canada
5:48 Banking in Singapore
6:57 The Best Plan B for Canadians
7:25 Taxes in California
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Beware EU banks! The Hungarian tax office made a mistake and thought I did not pay my property tax (I did and I had proof). But instead of sending me a warning, they contacted the other EU country tax office where I 'officially' resided and emptied my account without warning! It took over a month to fix even after they admitted their mistake. So all EU banks and tax offices are connected.
Gotta love a bank threatening to sue you for giving them an honorable mention, sheesh. Personally I would never do banking in Canada after seeing what they have done but I understand your perspective keeping options open.
I am Canadian and only keep in Canada what I need to pay my bills.
Never ever ever have a significant amount of currency in any bank in any country. Full stop
EXACTLY !
Fucking right!
@@vladimirrevenko4868 not a bad idea these days ;) My boss buries tins of money in her orchard. hahaha!
New subs here
We couldn't get our money out fast enough 🙂
Moved to Mexico Yucatan peninsula Oct 14th 2021 best decision we ever made
Cheers J&D ✌️🇨🇦🇲🇽🙏
We just sold our house and are headed to Mexico as well.
@@johnreimerfamily Awesome friend what part of Mexico are you headed to. yup we sold everything we owned packed up 3 suitcases each n our 12 year old Maltese n got the heck outta Dodge haha safe travels amigos
PS we are in Progreso Yucatan was in Merida for 6 months but moved to the beach
what do you do for credit cards?
@@shoshi06 we are debt free n will remain debt free but we use an American CC to book hotels n our Canadian cc
We have our Canadian bank account with no cash in it lol but we need it for direct deposit as the wife works remotely for a Canadian company
But we transfer that money to our Mexican bank account asap.
Hope that helps
Feel free to follow our journey 🙂
Cheers J&D ✌️🐶👩❤️👨
Great,thx so much!
I have an account in Australia and when I moved to Spain, they locked me the account with a few bucks in there. It´s scare putting money in banks. Things seems to be easy when you move country, but it´s a pain, Too many stupid laws, and every year is worse
I have two nationality and it´s a headache, I would like to revoke my australian one. That country is getting a Police Estate.
@Mark Yes, The "good" countries are not so good, that´s why I like to listen to Andrew. Many people complaint what he saying because they don´t like to hear bad about their countries.
Why would you revoke it? Just keep it lol
@@davidgarciag What is the benefit? paying taxes?
@@Al-yu6bq i mean australia tax based on residency, so just leave the country. Is not like american
Same thing happening in Canada
Definitely not a good idea to have money in Canadian banks if you live in Canada. They're an extension of the current and most corrupt govt. in Canadian history. NC's advice is the way to go, shuffle and diversify your money. Do your homework, move to where you are treated well and lower your tax burden.
Cibc ScotiaBank are less likely than the others to screw your over like the other banks have. From my understanding
thank you for useful content
Thanks for the video
A great video as usual.
Problem with the Canadian situation was this: The truckers *were* law abiding citizens until the government required them to carry a vaccine passport to cross the border. This resulted in substantial delays amongst other things, leading to a drop in income that had already been reduced due to the pandemic. Overnight, law abiding citizens became non-law abiding citizens. Their only recourse was to protest in the capital. The mainstream media gave them negative coverage. The opposition party is a toothless tiger and the courts sided with the government. Many of the truckers had no financial reserves, so they couldn't just leave. The government freezing the bank accounts is the action of an undemocratic dictatorship with a clear message: you disagree with the ruling party, your funding will be cut.
Yep. 100% truth. Canada is rapidly devolving into some banana republic headed by an arrogant and inept regime. I'm counting the days until I take all my toys and go and play in a different sandbox.
Your plan only works if you are not a citizen or permanent resident of Canada. Having a Canadian bank account is one of the triggers CRA uses to claim that you are resident for tax purposes. Doesn't matter if true or not, they will bend you over the table with taxes and penalties etc and you need to go through years of legal issues to prove you are not resident. Given the limited value that Canadian banks offer compared to all the other options available, I would suggest it is not worth the effort.
Well, as I'm a hundred dollar aire, I'll keep my Canadian account for paying bills and maybe bring up the amount so I'm a thousand dollar aire. But never more than that. They've lost my trust.
Bank accounts are secondary ties, so that alone should not be sufficient for CRA to bend you over. If you established strong residential ties elsewhere, you should be able to make a case for CRA to bugger off and find someone else to annoy, even with a Canuck bank account.
I just relocated to canada... And thanks for this video, cause ive been meaning To find a way to go around the whole bank stuff
Look into USDC stablecoin.
As an Expat Canadian citizen (and a US citizen living in the US and a US taxpayer) I kept my Canadian bank account open. Although dormant and with no money in it, it may become useful and since I will be retiring and It may be useful to deposit some Canadian government benefits, if they are coming to me. Although I am more qualified for Social Security in the US.
I'm truly paranoid about this, because I did have the IRS erroneously empty my bank account. Now, I always have three months of cash on hand. Whatever they do to me, I've got three months to fix it.
The IRS in which country empty your bank account?!
I just sent my passport up to Canada for renewal. Massive delays! Talk about government incompetence. And course, to top it off, I have to pay double the fees because I’m a “traitor” who dared to bolt for the USA. Maybe I should have just burnt my passport instead 😖
I don’t really get what you’re saying)l? You’re a traitor? You have to pay double? Something is missing in your story? But remember this is the Canada, Canadians have always cheered on.
True totally incompetent and xenophobic on the top of everything else....
5:55 "Not to say you can't say certain things in Singapore... :cough:"
Sound policy for sure. Just don't park money in an Australian bank account for a rainy day for more than 12 months. The government there will seize it as their own, and you have to apply to get it back. Total cash grab!
The same thing happened to my bank account in the states after 3 years of inactivity! Also, Canadia Bank in Cambodia did it too!!!
@@benkim2016 Wow
Australia sounds like a bad place... Half of the land is desert, super feminine oriented society and too many restrictive legislations
Same here, Queensland government, dirty corrupt thieving bastards, I sent the required information to the bank, Worstpac, those bastards did not reply. When I phoned, they said that the application was denied, and every document had to be notarised, I said that the cost would eat up half of my stolen account, so the dirty government still has my money.
Just curious, if you diversified your bank accounts in various countries is it not more risky?
When you are not resident or citizen in a country and put million there what happen if political issue or government go against your money first cause you are easy target .
Okay so, diversification to another country would cost tax and brokerage but to save the security of your partial assets?
I removed business from Canada .
Must be those Antifa and BLM
Ok
Why?
I've sold my home in Toronto and leaving Canada next month. Just a quick question, where is a good place to park my money when I get the proceeds from the home sale, while I wait to open a new account overseas? I don't want to leave it all in my Canadian bank. I have looked at XE and Wise.
Following, we just sold in Vancouver and are asking the same question.
GIA account with an insurance company. Like a GIC, GIA is a Guaranteed Investment Account, non-registered. Good place to store $, vs a bank or credit union. Free and easy to set up.
Wise is great. I highly recommend. Do it now so you have time get their debit card mailed to you before you leave the country.
I took proceeds of home sale gave it to my stock brokerage firm to hold it for me and they sent me the cash to buy my 4 properties in Budapest
However I still hold stocks with my brokerage firm an they wire my dividends every 3 months to my Budapest bank accounts
HSBC , they have international branches were you can access your money and withdrawal
Why not just hold USDC on ethereum? I hate dealing with banks I would rather self custody
Simply state the Convoy bank entity then! Stopped access to accounts, unfounded just because they feel like it for over 2 years and continues. 2019 the games started and continue
Big 5
The parasite class, as well as most institutions here in Canada, and around the world have done irreparable damage to my already critical view, and mistrust of them.
Diversification is a lesson well learned for my family and I, during these past two years!
Thanks again Andrew, for the timely sage advice of being truly diversified!
Understood.
If you have to report the bank accounts to your government wouldn't that government still be able to seize your money abroad? I know for the USA we have to file if we have more than 10k in a bank account.
In fact, in the US you have to report foreign bank accounts if you have more than $10,000 in ALL your accounts combined. So, if you have two accounts with $6,000 in each you have to report them. It’s not simply good enough to keep less than $10,000 in each account to avoid having to report the account unless you have one and only one foreign bank account.
Of course, even if you don’t have to report your account you are required to pay tax in any earnings in that account.
On top of that, determining if you have exceeded the $10,000 limit is based on the highest amount that was in that account for the year. For example, suppose you only have $7,000 in bank accounts abroad, but you have it in two accounts, and you transfer the money between the accounts. At one point in the year you have $6,000 in account 1 and $1,000 in account 2. Later in the year you have $2,000 in account 1 and $5,000 in account 2. Determining whether you have to report the accounts is based on the sum of the highest value you had in all your accounts in that year. The highest value in account 1 is $6,000 and the highest value in account 2 is $5,000. Since that adds up to $11,000 you would be required to report all your foreign bank accounts, even though you never had more than $7,000 in total in your foreign bank accounts and no account held more than $6,000.
@@SCGMLB thank you for the explanation.
thanks for this .. I had been debating this question
Thank you, Andrew.
Timely, as always.
Our pleasure!
@@nomadcapitalist PLEASE MAKE ONE MORE VIDEO ABOUT AUSTRIAN CITIZENSHIP.LAST VIDEO WAS FOR MORE THAN 2 YEARS
Have you tried to get your money out of your Canadian bank? My Canadian friends living outside of Canada cannot. They are required to physically walk into their bank to get their money. Canadian banks are doing everything possible to keep all Canadian dollars in Canada. Most use the solution of having a relative send them money outside of Canada and they transfer the money back to them (since both accounts are Canadian). This is NOT a good place to keep your money.
Use Wise... I transfer using Wise.
No issues
My husband & I just had a hell of a time getting a large lump sum of our money out. The best work around we could come up with is to open a new account online (with a bank we have an existing relationship with), add a trustworthy family member to that new account so it is now a joint account (I added my financial POA so I wasn't concerned). Transfer the amount you want to wire into that account upon opening. Get the family member to go to the bank and wire it to your oversea's bank account. Let that account remain empty or with minimal funds until/unless you have to do it again. Good luck!
... if you have money, you have a problem.
If you don’t have a money = no problem.
Think about that 😉
There's a difference between being right and being rich. Once you're rich, you're a little bit cushioned from the costs of being right.
Why would you let go of your USA citizenship ? Why not keep it , but have another one else where .
What about storing your money in Bitcoin? Good idea or nah?
It’s a good idea only if you don’t mind losing 100% of your investment. A far better (and safer) strategy would be to purchase a traveler’s card (or travelers cheques) denominated in Swiss francs. This can be done at your local US bank or online. You then have the advantage of a strong currency (almost 1 to 1 exchange rate), plus the potential to make a (paper) profit on currency fluctuations. As an added bonus, it makes travel to Switzerland easier-no foreign exchange issues. Cheers.
Nah. Put in a small amount to speculate with, but never anything that would hurt you if it was gone the next morning ;)
@@fumble_brewski5410 Bitcoin has been the best performing asset of the last 10 years by far even with the 80 percent pullback. Are you living under a rock? The future is digital and Bitcoin will go beyond 1 million USD.
@@xrpfreak7881 BTC is no different than earlier asset bubbles, going all the way back to the “tulip mania” craze during the 1600’s, or the Florida real estate frenzy of the 1920’s. As far as BTC being the “best performing asset” of the past 10 years, so what? People can’t invest in the past, unless you somehow have access to a time machine. Regardless, 10 years is just a minuscule slice of market history.
BTC is merely a novel pyramid scheme, whereby greedy promoters try to artificially inflate otherwise worthless ideas, make a “profit” on paper, and then sell them to a greater fool before they collapse-as we’re witnessing now. A modern “Ponzi” scheme, if you will. An historically tried and true store of value-gold-cannot be created from thin air, like BTC or FRN’s. Gold has a 5,000 year track record of value, and will be around long after BTC has vanished back into cyberspace. My advice is only put into BTC what you can afford to lose, because you surely will lose it all. Wishing you health, long life and prosperity.
@@xrpfreak7881 It's crashing now. lol and soon will be taxed heavily
this is nice advice! always have a side hustle
I seen a video in Mexico that you had to be a citizen or status as a landed immigrat to open a bank account. So am I wrong in thinking other countries are the same.
There one bank in Mexico that a tourist can open. Maybe that has changed.
I opened a bank account in Colombia, and I think I was just on a 90 day tourist stamp at the time. I had a friend who said they wouldn't open one for him without all sorts of document requirements. I told him to try a different branch. He had his new account in about 30 minutes.
There are several countries you can open bank accounts in without being a citizen of them. But being a US citizen does limit your off shore banking options as Nomad Capitalist has mentioned previously.
@@tandanielle3875 name?
Unless it has changed recently, it is posible to open accounts with just a temporary resident document. Years ago one could open an account with just a tourist document.
sounds like Andrew is with like a Tangerine or a Desjardins or something
Is everything OK with you and your family, Andrew? Did Fidel Castro Jr. force you to record this video? 😏
Great content!
🦓💨🇨🇦
*whats Canada is turning to.. should make Canadians extremely happy. I don’t get why they’re leaving? This is what they’ve always cheered on.*
"If you're a Canadian you probably have 100% of your net worth in Canada." YIKES!!
Sums me up currently. I regret selling my US rental properties, time to buy more though
If you're Canadian, your net worth will probably fit into a soup can after you're done paying all the &$#@ing taxes!
@@realalexmackenzie yeah they're brutal thanks to trudeau and this scumbag liberal commie government
You didn’t because JT closed your account for free for you 😬
It wasn't about a differing political opinion, it had to do with them BREAKING THE LAW. Obviously if it was just having a different political opinion, it would be more of concern. That wasn't it.
@silkeotd7194 - That is simply not true. And you know it.
I don’t think the Unvaxxed are free to fly out of 🇨🇦 as yet.
as of june 22nd u can mike
@@elliotmanson8673 what happens to those that fly IN? I refuse to go back to my own Country until I am treated properly. I will NOT be treated like a fugitive or criminal by these criminals.
@@SaltyShaman quarantine 2 weeks, upload arrivecan app and be tracked.
@@tr8760 yeah, I'll wait till the Dicktator is removed.
God don't live in Canada
Full of Muslims in Toronto
Yes that's the worst place on earth right now
This could have been a shorter video
To become a non-resident Canadian you are required to close your bank accounts.
nope not true..
Not necessarily true, its one of the big 3 things they can use to try and deem you resident (the first being a home available for personal use and then a car) but if you just have a bank account and are never/rarely there, you can still be non resident for tax purposed I believe - I am not your tax lawyer or a tax lawyer!
Significant residential ties to Canada include:
a home in Canada
a spouse or common-law partner in Canada
dependants in Canada
Secondary residential ties that may be relevant include:
personal property in Canada, such as a car or furniture
social ties in Canada, such as memberships in Canadian recreational or religious organizations
economic ties in Canada, such as Canadian bank accounts or credit cards
a Canadian driver's licence
a Canadian passport
health insurance with a Canadian province or territory
Not true but it helps.
@@yellowwducky Yes. If you have no home maintained in Canada and your family (spouse and kids) are also no longer living in Canada then hopefully you are ok.