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Your Money Adviser

Should You Move (Your Money) to Canada?

Some anxious Americans say they have at least considered the option of opening bank accounts in Canada, figuring that stashing some money outside of the country may provide peace of mind in uncertain times.

So far, this does not seem to be playing out in a big way. Representatives of Canadian banks and credit unions said they had not seen a stampede of Americans opening accounts. Calls to three TD Canada Trust branches, including one in Ottawa and two closer to the United States border, elicited shrugs.

“I’m not hearing that from my managers,” said Eric Griggs, a district vice president for TD Canada Trust in Ontario.

Cathy Foy, manager at a TD Canada Trust branch in Gananoque, Ontario, across the St. Lawrence River from New York, noted that some Americans had summer homes in the area and that it was not unusual for them to open accounts to pay bills. “We’re seeing nothing but business as usual,” she said.

Scott Windsor, spokesman for Meridian Credit Union, Ontario’s largest credit union, said, “Statistically, we’re not seeing an increase in American requests.” Meridian has 87 branches, including locations in Niagara Falls and Fort Erie.

Canada’s main bank regulators said they did not track such data.

Here are some questions and answers about Americans opening accounts in Canada:

Can I open an account at a Canadian bank, if I’m not a Canadian citizen or resident?

In some cases, yes — but it depends on the bank, and you will have to visit a branch in person.

Annik Faucher, a spokeswoman for the Office of the Superintendent of Financial Institutions, Canada’s national bank regulator, said that decisions about account openings were generally left to each bank’s discretion. Americans should contact the bank they want to do business with and find out their specific requirements. “There’s no one set of rules for all the institutions,” she said.

Banks that welcome nonresident American accounts, when opened in person, include the Canadian Imperial Bank of Commerce, known as CIBC. The bank requires United States citizens who are not Canadian residents to show two pieces of identification, like a United States passport and a driver’s license, Caroline Van Hasselt, a spokeswoman, said.

TD Canada Trust has similar requirements. The bank will make an appointment for you over the phone, a telephone representative said, so you don’t have to wait when you arrive at the branch. Accounts can be held in either United States or Canadian currency, said Daria Hill, a spokeswoman for the TD Bank Group.

Canada’s credit unions, which are regulated mainly by the provinces, also generally require an in-person visit, said Mr. Windsor, the Meridian spokesman. The credit union opens accounts over the phone for American businesses working with a registered “agent,” like a lawyer, he said, but such an approach is rare for individuals.

How do I access funds in a Canadian account?

Typically, once an account is opened, customers can access funds in the usual ways, including using a debit card. TD Canada Trust customers can withdraw funds at A.T.M.s operated by TD Bank in the United States without incurring fees, Ms. Hill said.

If I have an account at a foreign bank, must I disclose it to the federal government?

Yes, depending on the balances in your accounts.

Generally, Americans with $10,000 or more held in foreign banks must submit a Report of Foreign Bank and Financial Accounts, or FBAR form, annually. The form is filed to the Financial Crimes Enforcement Network, or FinCEN, a bureau of the Treasury Department charged with fighting money laundering.

Those with $50,000 or more, depending on their tax filing status, must report foreign accounts on Form 8938 and file it to the Internal Revenue Service with their federal tax return. (Some taxpayers must file both forms).

FinCEN received nearly 1.2 million FBAR forms in 2015, up 8 percent from the year before, according to the Treasury Department. Taxpayers filed more than 300,000 Forms 8938 in 2014 — about the same as the previous year, but up by about 100,000 from 2011, the first year of the form.

An I.R.S. spokesman, Bruce Friedland, attributed the increase to better awareness of (and compliance with) reporting rules, rather than a surge of overseas accounts.

Failure to file the forms when required can incur hefty penalties.

Email: yourmoneyadviser@nytimes.com

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