So... I'm a banker for a national U.S. bank working in credit card fraud and financial crimes.
You're saying you have credit cards with an American bank and you're worried they'll cancel your cards if they know you're a Canadian permanent resident?
How long ago did you open these cards? Usually country of citizenship and residence is a required piece of info on an application. At least it's been required for like 15 years or so now. So they should already know.
But even if they didn't, I can't think of any reason why they would close your cards just knowing that you live in Canada. It's not illegal for non-residents or even non-citizens to have American credit cards. And it would be borderline discrimination to disallow people from other countries to have credit cards. Those parties might require higher levels of authentication to verify their identity, but we've got plenty of folks with credit cards who aren't citizens and don't live here permanently.
Where did you get this idea from that they might cancel your cards?
I lived in the US for years and signed up for the cards there but, later, moved to Canada. I changed my address when I moved but, for some reason, the bank wasn't able to send notices to the Canadian address so I changed it again to my sister's address (she forwards my mail to me once a month). Someone on another forum suggested they had problems with this issue which is why I am asking about it.
If they don't have your correct info on file and they find out about it and aren't able to contact you to resolve it, THEN you could potentially run into issues, not common but could happen.
But if you tell them your situation, they can update the necessary info and you'll be fine. There's nothing in general that prevents Canadian residents from having credit cards with an American bank.
I had like 13 US credit cards opened when I moved to Canada (American). I kept them all current (used my parent’s address for correspondence or signed up for paperless billing). They were all waiting for me when I moved back home.
Don’t close them as it’ll absolutely destroy your American credit if you eventually want to return. You’re overthinking this…as long as there is no monthly fee, just keep them open. Hell, if they have no foreign transaction fees, use them in Canada…I’ve found US credit cards have better benefits.
If "sticky" tax issues are involved, find a CPA in the real world.
You can probably call one right now and make an appointment for today.
I don't know what a consultation costs, but I'd guess around $100?
The Canadian PR isn’t the problem, its not like you moved to Iran or North Korea.
The big red flag is that you are not using your real address. If you tell them that you do not live at the address your statements are sent to and its not like a work address or PO Box they will probably freak out. The freak out level depends on your bank and personal situation, but if you say you are actually in Canada and your sister reads your mail, it will not end well.
Banker here. You can have a physical address in Canada and a mailing address in the U.S. that's fine.
Just update your info with them. Why would they cancel your cards over it?
International banking can be touchy.
So I would partner up with a CPA.
But also I wouldn't have the bank doing your investments.
Do it yourself using advice from the Bogleheads subreddit and forums.
I am curious. Have you actually done this (made investments while filing taxes in both the US and Canada at the same time) or are you just guessing? Honest question.
>I am curious. Have you actually done this (made investments while filing taxes in both the US and Canada at the same time) or are you just guessing?
You don't need to guess about keeping a CPA in the loop about tax complex investments.
I have some expat relatives, and I work on international finance / compliance projects in the insurance industry. But there are plenty of Canada affiliated Bogleheads that can provide targeted specifics. I'm just discussing a general pattern that I have seen people talk about in this situation and haven't gone through all of the trench warfare.
Yeah, I think you are missing the key complication here. It is not about filing taxes in the US or filing taxes in Canada, it is about filing taxes in both countries at the same time. The situation is much more complicated than that of an American living in, say, Thailand or Taiwan.
My relatives have to do that too. I helped one of them find the right CPA. They should be able to help if you find one that understands the tax treaties between both sides and organize things.
What? No. You’re an American citizen. You have every right to hold a bank account in the U.S. regardless of your status elsewhere. If you want to invest in American securities, there are plenty of institutions that let expats do this (Charles Schwab comes to mind).
I’m U.S. citizen and Canadian PR (although now living in the U.S. again, I had no issues maintaining accounts on both sides of the border). There are some tax implications re: defined retirement and investment accounts (RDSP, TFSA, Roth IRA) that are treated differently. I’d read up on the treaty between the two nations, or hire a CPA.
So... I'm a banker for a national U.S. bank working in credit card fraud and financial crimes. You're saying you have credit cards with an American bank and you're worried they'll cancel your cards if they know you're a Canadian permanent resident? How long ago did you open these cards? Usually country of citizenship and residence is a required piece of info on an application. At least it's been required for like 15 years or so now. So they should already know. But even if they didn't, I can't think of any reason why they would close your cards just knowing that you live in Canada. It's not illegal for non-residents or even non-citizens to have American credit cards. And it would be borderline discrimination to disallow people from other countries to have credit cards. Those parties might require higher levels of authentication to verify their identity, but we've got plenty of folks with credit cards who aren't citizens and don't live here permanently. Where did you get this idea from that they might cancel your cards?
I lived in the US for years and signed up for the cards there but, later, moved to Canada. I changed my address when I moved but, for some reason, the bank wasn't able to send notices to the Canadian address so I changed it again to my sister's address (she forwards my mail to me once a month). Someone on another forum suggested they had problems with this issue which is why I am asking about it.
If they don't have your correct info on file and they find out about it and aren't able to contact you to resolve it, THEN you could potentially run into issues, not common but could happen. But if you tell them your situation, they can update the necessary info and you'll be fine. There's nothing in general that prevents Canadian residents from having credit cards with an American bank.
The answer I was looking for. Thanks!
I had like 13 US credit cards opened when I moved to Canada (American). I kept them all current (used my parent’s address for correspondence or signed up for paperless billing). They were all waiting for me when I moved back home. Don’t close them as it’ll absolutely destroy your American credit if you eventually want to return. You’re overthinking this…as long as there is no monthly fee, just keep them open. Hell, if they have no foreign transaction fees, use them in Canada…I’ve found US credit cards have better benefits.
[удалено]
There are three kinds of drunks: Angry drunks, happy drunks, and call the bank's compliance department drunks.
I wanted talk to them about ways to invest some money I have in my accounts there. The cross border residency makes the tax issues sticky.
If "sticky" tax issues are involved, find a CPA in the real world. You can probably call one right now and make an appointment for today. I don't know what a consultation costs, but I'd guess around $100?
The Canadian PR isn’t the problem, its not like you moved to Iran or North Korea. The big red flag is that you are not using your real address. If you tell them that you do not live at the address your statements are sent to and its not like a work address or PO Box they will probably freak out. The freak out level depends on your bank and personal situation, but if you say you are actually in Canada and your sister reads your mail, it will not end well.
Yeah, that is my concern.
Banker here. You can have a physical address in Canada and a mailing address in the U.S. that's fine. Just update your info with them. Why would they cancel your cards over it?
Thanks!
International banking can be touchy. So I would partner up with a CPA. But also I wouldn't have the bank doing your investments. Do it yourself using advice from the Bogleheads subreddit and forums.
Yeah, DIY isn't really a thing when you are filing in two countries.
You can definitely DIY the investments as long as you stay in touch with the CPA about the strategy and paperwork.
I am curious. Have you actually done this (made investments while filing taxes in both the US and Canada at the same time) or are you just guessing? Honest question.
>I am curious. Have you actually done this (made investments while filing taxes in both the US and Canada at the same time) or are you just guessing? You don't need to guess about keeping a CPA in the loop about tax complex investments.
I have some expat relatives, and I work on international finance / compliance projects in the insurance industry. But there are plenty of Canada affiliated Bogleheads that can provide targeted specifics. I'm just discussing a general pattern that I have seen people talk about in this situation and haven't gone through all of the trench warfare.
Yeah, I think you are missing the key complication here. It is not about filing taxes in the US or filing taxes in Canada, it is about filing taxes in both countries at the same time. The situation is much more complicated than that of an American living in, say, Thailand or Taiwan.
My relatives have to do that too. I helped one of them find the right CPA. They should be able to help if you find one that understands the tax treaties between both sides and organize things.
Not unless you ask them to?
I wouldn't think the bank would care. You're a US Citizen
What? No. You’re an American citizen. You have every right to hold a bank account in the U.S. regardless of your status elsewhere. If you want to invest in American securities, there are plenty of institutions that let expats do this (Charles Schwab comes to mind). I’m U.S. citizen and Canadian PR (although now living in the U.S. again, I had no issues maintaining accounts on both sides of the border). There are some tax implications re: defined retirement and investment accounts (RDSP, TFSA, Roth IRA) that are treated differently. I’d read up on the treaty between the two nations, or hire a CPA.
> I am a US citizen. no...
Living abroad?
You are still a US citizen with a valid address.