Can I Keep My Canadian Bank Accounts While Living Abroad Long-Term?
If you're a Canadian planning to live abroad for an extended period, you might be wondering what to do with your Canadian bank accounts. The good news is that yes, you can generally maintain your Canadian bank accounts while living overseas long-term. However, there are some important things to consider.
Keeping Your Accounts Active
While living abroad, it's usually possible to keep your Canadian bank accounts open. Many Canadians choose to do this for various reasons, such as:
- Maintaining financial ties to Canada
- Ease of managing Canadian investments or property
- Simplifying finances if you plan to return to Canada eventually
However, you'll need to take some steps to keep your accounts in good standing:
- Inform your bank about your plans to live abroad
- Ensure you have a way to access online banking
- Keep your contact information up-to-date with the bank
Tax Considerations
One crucial aspect of maintaining Canadian bank accounts while living abroad is understanding your tax obligations. Your residency status for tax purposes can affect how you're taxed on income earned in Canada[3].
If you're considered a non-resident for tax purposes, you may still need to file a Canadian tax return for certain types of Canadian-source income. It's a good idea to consult with the Canada Revenue Agency (CRA) or a tax professional to determine your specific obligations[3].
Practical Tips
Here are some practical tips for managing your Canadian bank accounts while living abroad: