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Apr 10, 2018, 8:33 AM

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Problems with Canadian bank accounts

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Last Fall, I made the mistake of giving Scotia iTrade my Mexican address, and the result was, they told me they were going to liquidate my accounts there, except for the RRIF.
To make a long story short, I transferred my acounts there (RRIF, TFSA, and brokerage) to TD. TD has a Canadian address for me. However, I just received a letter from TD Direct Investing asking me to complete and return a "Tax Residency Self-Certification for New Clients" form, even though I'm not really a new client. The form says that if my permanent resident address is not in Canada or the US, I have to provide a "reasonable explanation". Examples of reasonable explanations are student, diplomat, teacher... and "retiree" is not one of them.
I definitely don't want a repeat of what happened with Scotia. Has anyone else here run into this situation? And advice?

P.S. I found this in Qtrade's customer agreements and disclosure documents: "In the event a client becomes a non-resident of Canada, automatic rebalancing of the account will be suspended and and only sell transactions will be permitted." So, it's not just Scotia iTrade, and it sounds like becoming a non-resident of Canada is a bad idea.

(This post was edited by roberb7 on Apr 10, 2018, 9:29 AM)

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Post edited by roberb7 (User) on Apr 10, 2018, 9:29 AM

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