Often1

This isn't the place for a discussion, but to answer your question, the answer is that generally speaking USN's report all worldwide income to US tax authorities and take a credit for what they have paid overseas. If I make $150K in the USA and the equivalent of US$150K in Canada. I report $300K in the USA and the C$ equivalent of US$150K in Canada, pay the tax on that sum and then take a credit on my US return.

It's actually more complicated than that and a good reason for anybody with foreign income to make sure they've got highly competent tax assistance.

jamar

At any rate, it looks like I don't need the FBAR as long as I keep all my balances total under US$10k. So that's one bullet dodged.

tentseller

The cannot force you to give them your SIN but they will not give you interest/dividends unless you give them you SIN.

jamar

Sorry to bump up this old thread, but my current result is that I have a savings account at TD Canada Trust. It took less than an hour and was pretty painless. I can even get US$ cashier's checks with them (though I can't quite wrap my head around why TD Canada Trust draws their US cashier's checks on Wells Fargo and not TD Bank USA). But they wouldn't give me a credit card, so I'm going to ask the people at CIBC about that.

aster

Which is why more and more US citizens are dumping their citizenship as soon as they qualify for and acquire a different one.

Even then though I don't believe their tax obligations to Uncle Sam stop instantly...

tentseller

I know of many non-resident who got Canadian bank credit card by making a term deposit with auto renewal to guarantee the credit limit on their card, TD-CT is one of them.

longwaybackhome

I actually used to have a savings account at TD Canada Trust as well, as I thought I'd end up spending more time in Canada than I actually did when I had the account, and I didn't want to pay ATM fees. I ended up taking out all the money at once and blowing most of it at Sam the Record Man (RIP) on Yonge Street. Since I don't need the chip and PIN yet, I'm just using Scotiabank ATMs now that I know that there's reciprocity between Scotiabank and Bof(yuck).

*note to self - print out list of Scotiabanks near hotels*

jamar

Looks like I need to find a different branch, then. The one I went to flat-out told me that was only an option for resident immigrants, not non-residents.

And I ended up not trying for a CC at all this time. Couldn't stay long enough to make sure I would be there when they mail it out and nobody else would be at the mailing address for a while.

asandrs

I got a HSBC Canada savings account (as a US citizen) when I was living in Montreal in the summer of 2009. The guy I was renting a room from allowed me to use his address and as soon as the account was opened I changed the statement / correspondence address to web only. They told me I would need to close it when I left Canada but I left about $100 in it and it's still open and paying me a few pennies in interest. Like other posters have found, I couldn't get a checking a/c or credit card. The savings account charged a couple of dollars each time I made a withdrawal but that was acceptable and it's just a thing of mine, I like to open some sort of bank account in whatever country I'm (temporarily) living in just in case I decide to live there again and I will at least have some sort of banking history. I'm HSBC Premier in the US and UK now so I'll see what sort of difference that makes as it looks like I'll be spending this summer back in Montreal.

jamar

Lucky you. The main difference is that your Premier status will carry over to Canada. No more withdrawal fees and you can get a checking a/c.

bkafrick

(bumping an old thread... sorry)

Is there any update on this? I travel to Canada monthly, but have no citizenship, residence, or anything. I live in NY close to the border.

I would like to get a real Canadian credit card, with chip-and-pin, and drawn in CAN$.

I can pretty easily open a Canadian savings account in person with my US Passport and Drivers License....

Wondering if anyone has more recent info on applying for a Canadian card?

Thanks.

tentseller

I have heard of bank manager opening a credit card for someone in your situation without Canadian income or credit history by having them place a sum on deposit equal to the credit limit requested.

Many oversea student have a Canadian credit card by parents guaranteeing the balance by such a deposit.

bkafrick

I'm guessing that in this case, the student has a canadian local address, which I will not.

tentseller

Give it a try when you are in Toronto.

I have a US address on one of my Canadian credit card for shipping to "verified address" purposes. There is also the option of not paying for a paper statement and downloading your statement online.

B407

TD Bank allows you withdraw cash at TD Canada Trust with no fees. The account would be in US dollars though and they would simply convert the currency.

Is there a reason why you want a Canadian credit card? Non-chip and PIN cards are widely accepted here in Canada.