Setting up a bank account in Canada

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rhondaNew Member
Topic author
Posts: 1
Joined: 14 Jun 2010

Setting up a bank account in Canada

Post Mon Jun 14, 2010 8:04 pm

Is there any advantage to setting up a bank account in Canada if I live in Asia? My plan is to set up an account so that I can get a credit card and eventually (in 10 years) establish residency. Would I have to pay taxes on cash transferred from my account abroad to my Canadian account? What is the best way to transfer money from Asia to Canada? Thanks.
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karelsJunior MemberUser avatar
Posts: 13
Joined: 20 Jun 2010

Re: Setting up a bank account in Canada

Post Sun Jun 20, 2010 10:06 pm

If you are planning on making a bank account with a Canadian bank, you could see if there is a branch of one of the five major Canadian banks where you live. If you go to a branch, they might be able to set up an account for you now that would be able to be used when you come here. The five major banks are The Royal Bank of Canada (RBC), Canadian Imperial Bank of Commerce (CIBC), Toronto Dominion (TD), Bank of Montreal (BMO), and Bank of Nova Scotia (BNS). If you are planning on staying with your bank, you would have to see if there is a branch in Canada if you wanted to make a Canadian account. Because paper-work needs to be signed, and is generally not accepted if faxed, you wouldn't be able to make an account remotely.
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