mich1s

my one year work visa has just about expired. i have a bank account here in canada. am i allowed to keep it as an account? i wish to continue coming back as a tourist ( the initial work visa wasn't used for work in the first place - i just wanted to spend a longer time here than the usual 6 months )

if i come back with a larger amount than 10,000 dollars - for example to last me the 6 months. is it ok for me to deposit it in my canadian bank account or do i have to close this now that the work visa is expired?

personally, i would like to keep this account open - it's just more convenient for me when i come here to visit and travel.

thanks, michael

iaink

Many non residents have bank accounts. Just be carefull about income from interest..not sure where that would have to be reported.

mich1s

whatever income i'd have from interest would be much at all, and regardless, i wouldn't try and hide it and claim it as my own. thanks for ur help though - that's one thing i feel is a little clearer now.

cheers,

michael

Biiiiink

My bank in Canada sends me a yearly statement of the interest they have deducted and passed on to Revenue Canada. It's called an NR something<insert number here, I've forgotten it!>.

OP, tell your bank, they'll do the necessary and get your NR payments made for you. I even have statments sent to me overseas, no problem.

mhhp

Yes Biiiiink,

It is the same for me. I believe it is called a Foreign (or Non) Residents tax ant it is about 1/3 of the capital gains. The other thing to watch out for, is that if you have no movements on your account for 6 months (my bank at least) zour account is locked, and you have to unlock it by showing up at your branch in person before you can do any further transactions.