how to build credit history in Canada while being in the US
Nov 18th 2002, 3:32 am
#16
Guest
Posts: n/a
Re: how to build credit history in Canada while being in the US
Although I am not sure about this, I thought that the bank had no
right to be given your SIN number. Although they can ask for it, I
believe that they cannot demand it.
I remember when getting a credit card some years ago when I was a work
permit (and thus had a SIN that started with 9), I handed in the
application form at a branch where it was checked by the bank employee
and he told me to fill another form but to leave the SIN blank this
time otherwise I wouldn't get the card. I did and I did (I already
had a cheqing account and another credit card at this time)
Also Bodza Bodza referred to the difference between a permanent
resident and a citizen. SIN cannot be used to distinguish between
these since you don;t change your SIN when you become a citizen. You
do change your SIN when you change from a work permit to a citizen.
I know people how have left Canada and maintain chequing accounts here
with a mailing address overseas, but this may be a completely
different thing.
Richard
>"Bodza Bodza" wrote:
> > Well first of all, how will the Canadian financial institution
> > *know* you are a permanent resident or a citizen unless you
> > have told them in the first place . . . ?
>They would have asked you for your SIN (Social Insurance Number) when
>you first applied for a card -- and if your number started with a 9,
>they would have known right away that you weren't a PR or a citizen,
>and they would most likely have refused to do business with you.
> > Secondly, how will they *know* you have moved permanently
> > outside as opposed to being temporarilly relocated . . . ?
>If you tell them to change your address to something outside Canada.
>If you still have a Canadian mailing address, the credit card issuer
>will assume you're still a resident of Canada. Of course, so will
>the CCRA (tax people).
>Rich Wales [email protected] http://www.richw.org
>*NOTE: I've lived in both Canada and the US and have dual citizenship.
>*DISCLAIMER: I am not a lawyer, professional immigration consultant,
> or consular officer. My comments are for discussion purposes only and
> are not intended to be relied upon as legal or professional advice.
right to be given your SIN number. Although they can ask for it, I
believe that they cannot demand it.
I remember when getting a credit card some years ago when I was a work
permit (and thus had a SIN that started with 9), I handed in the
application form at a branch where it was checked by the bank employee
and he told me to fill another form but to leave the SIN blank this
time otherwise I wouldn't get the card. I did and I did (I already
had a cheqing account and another credit card at this time)
Also Bodza Bodza referred to the difference between a permanent
resident and a citizen. SIN cannot be used to distinguish between
these since you don;t change your SIN when you become a citizen. You
do change your SIN when you change from a work permit to a citizen.
I know people how have left Canada and maintain chequing accounts here
with a mailing address overseas, but this may be a completely
different thing.
Richard
>"Bodza Bodza" wrote:
> > Well first of all, how will the Canadian financial institution
> > *know* you are a permanent resident or a citizen unless you
> > have told them in the first place . . . ?
>They would have asked you for your SIN (Social Insurance Number) when
>you first applied for a card -- and if your number started with a 9,
>they would have known right away that you weren't a PR or a citizen,
>and they would most likely have refused to do business with you.
> > Secondly, how will they *know* you have moved permanently
> > outside as opposed to being temporarilly relocated . . . ?
>If you tell them to change your address to something outside Canada.
>If you still have a Canadian mailing address, the credit card issuer
>will assume you're still a resident of Canada. Of course, so will
>the CCRA (tax people).
>Rich Wales [email protected] http://www.richw.org
>*NOTE: I've lived in both Canada and the US and have dual citizenship.
>*DISCLAIMER: I am not a lawyer, professional immigration consultant,
> or consular officer. My comments are for discussion purposes only and
> are not intended to be relied upon as legal or professional advice.
Nov 18th 2002, 3:40 am
#17
Guest
Posts: n/a
Re: how to build credit history in Canada while being in the US
Richard wrote:
>
> Although I am not sure about this, I thought that the bank had no
> right to be given your SIN number. Although they can ask for it, I
> believe that they cannot demand it.
If you open an interest bearing account of one sort or another, the bank
must, by law, have your SIN.
Stuart
>
> Although I am not sure about this, I thought that the bank had no
> right to be given your SIN number. Although they can ask for it, I
> believe that they cannot demand it.
If you open an interest bearing account of one sort or another, the bank
must, by law, have your SIN.
Stuart
Nov 18th 2002, 4:15 am
#18
BE Enthusiast
Joined: Jul 2002
Posts: 741
Re: how to build credit history in Canada while being in the US
they cant, if you want credit... the law says, a person may not be denied products and services that you pay for, if you refuse to give them your sin... credit is such a service that cannot be denied based on your refusal to give your sin #... (they may refuse you on other grounds, but they cant use 'didnt give sin # as a reason if you file a complaint against them)...
but they can ask for, and will ask for, your sin # if you open an account that bears interest...
the mandate is that if an account bears interest (usually over 50 bucks) then the bank is required to report it to the ccra, because revenue canada consider's it investment income, and its taxable... and they (the bank) cant unless they have your sin #..
any interest you make on the account is taxable to you, even if its a buck, but if the amount is small enough, the banks dont send a special report to revenue canada about it, and rely on your honesty to report it in your td1...
but they can ask for, and will ask for, your sin # if you open an account that bears interest...
the mandate is that if an account bears interest (usually over 50 bucks) then the bank is required to report it to the ccra, because revenue canada consider's it investment income, and its taxable... and they (the bank) cant unless they have your sin #..
any interest you make on the account is taxable to you, even if its a buck, but if the amount is small enough, the banks dont send a special report to revenue canada about it, and rely on your honesty to report it in your td1...
Originally posted by Richard
Although I am not sure about this, I thought that the bank had no
right to be given your SIN number. Although they can ask for it, I
believe that they cannot demand it.
I remember when getting a credit card some years ago when I was a work
permit (and thus had a SIN that started with 9), I handed in the
application form at a branch where it was checked by the bank employee
and he told me to fill another form but to leave the SIN blank this
time otherwise I wouldn't get the card. I did and I did (I already
had a cheqing account and another credit card at this time)
Also Bodza Bodza referred to the difference between a permanent
resident and a citizen. SIN cannot be used to distinguish between
these since you don;t change your SIN when you become a citizen. You
do change your SIN when you change from a work permit to a citizen.
I know people how have left Canada and maintain chequing accounts here
with a mailing address overseas, but this may be a completely
different thing.
Richard
>"Bodza Bodza" wrote:
> > Well first of all, how will the Canadian financial institution
> > *know* you are a permanent resident or a citizen unless you
> > have told them in the first place . . . ?
>They would have asked you for your SIN (Social Insurance Number) when
>you first applied for a card -- and if your number started with a 9,
>they would have known right away that you weren't a PR or a citizen,
>and they would most likely have refused to do business with you.
> > Secondly, how will they *know* you have moved permanently
> > outside as opposed to being temporarilly relocated . . . ?
>If you tell them to change your address to something outside Canada.
>If you still have a Canadian mailing address, the credit card issuer
>will assume you're still a resident of Canada. Of course, so will
>the CCRA (tax people).
>Rich Wales [email protected] http://www.richw.org
>*NOTE: I've lived in both Canada and the US and have dual citizenship.
>*DISCLAIMER: I am not a lawyer, professional immigration consultant,
> or consular officer. My comments are for discussion purposes only and
> are not intended to be relied upon as legal or professional advice.
Although I am not sure about this, I thought that the bank had no
right to be given your SIN number. Although they can ask for it, I
believe that they cannot demand it.
I remember when getting a credit card some years ago when I was a work
permit (and thus had a SIN that started with 9), I handed in the
application form at a branch where it was checked by the bank employee
and he told me to fill another form but to leave the SIN blank this
time otherwise I wouldn't get the card. I did and I did (I already
had a cheqing account and another credit card at this time)
Also Bodza Bodza referred to the difference between a permanent
resident and a citizen. SIN cannot be used to distinguish between
these since you don;t change your SIN when you become a citizen. You
do change your SIN when you change from a work permit to a citizen.
I know people how have left Canada and maintain chequing accounts here
with a mailing address overseas, but this may be a completely
different thing.
Richard
>"Bodza Bodza" wrote:
> > Well first of all, how will the Canadian financial institution
> > *know* you are a permanent resident or a citizen unless you
> > have told them in the first place . . . ?
>They would have asked you for your SIN (Social Insurance Number) when
>you first applied for a card -- and if your number started with a 9,
>they would have known right away that you weren't a PR or a citizen,
>and they would most likely have refused to do business with you.
> > Secondly, how will they *know* you have moved permanently
> > outside as opposed to being temporarilly relocated . . . ?
>If you tell them to change your address to something outside Canada.
>If you still have a Canadian mailing address, the credit card issuer
>will assume you're still a resident of Canada. Of course, so will
>the CCRA (tax people).
>Rich Wales [email protected] http://www.richw.org
>*NOTE: I've lived in both Canada and the US and have dual citizenship.
>*DISCLAIMER: I am not a lawyer, professional immigration consultant,
> or consular officer. My comments are for discussion purposes only and
> are not intended to be relied upon as legal or professional advice.
Nov 18th 2002, 7:52 am
#19
Guest
Posts: n/a
Re: how to build credit history in Canada while being in the US
I moved to Canada from US too. I was rejected by almost all the credit card
companies like GM, CITI (In spite of having the US GM and CITI credit cards
with good credit history in US, Probably they have a bad customer service
representatives, They just tell you that you should fill out a online
application, with out giving any importance to your US Credit History at
all) But the American Express gladly helped me to get the Canadian American
Express!. I had American express card in US.
They just gave me an initial credit card with 8000CAD
So my advice is to anybody moving from US is to get an American express from
US first and when you move here just call the customer service.
So far I am happy with American Express
Rajesh
"thanchaur" wrote in message
news:[email protected]...
> I have excellent credit history in the US but I hear that it doesn't
> matter in Canada.
> So, is it possible to build credit history in Canada while being in the
> US as I will land after 7 or 9 months later.
> Can I open account in Canadian bank while being in the US ?
> thank you,
> --
> Posted via http://britishexpats.com
companies like GM, CITI (In spite of having the US GM and CITI credit cards
with good credit history in US, Probably they have a bad customer service
representatives, They just tell you that you should fill out a online
application, with out giving any importance to your US Credit History at
all) But the American Express gladly helped me to get the Canadian American
Express!. I had American express card in US.
They just gave me an initial credit card with 8000CAD
So my advice is to anybody moving from US is to get an American express from
US first and when you move here just call the customer service.
So far I am happy with American Express
Rajesh
"thanchaur" wrote in message
news:[email protected]...
> I have excellent credit history in the US but I hear that it doesn't
> matter in Canada.
> So, is it possible to build credit history in Canada while being in the
> US as I will land after 7 or 9 months later.
> Can I open account in Canadian bank while being in the US ?
> thank you,
> --
> Posted via http://britishexpats.com
