Can I keep an account open with a Canadian bank for transactions?

It is becoming increasingly common for people to return to their home country or move to another country after living in Canada for a long time. In such a situation, it is important to understand whether it is safe and convenient to keep your Canadian bank account open. How does this affect your financial security, credit history, and tax status? In this article, we will look at the conditions under which banks allow you to keep your account active, what problems may arise, and how to best organize remote management of your funds.

Bank rules for non-residents

Each of the major Canadian financial institutions (RBC, TD, Scotiabank, BMO, CIBC, etc.) has its own rules for servicing non-residents. In general, banks are willing to allow foreigners and former residents to maintain accounts if they meet a few key conditions:

  • Current contact information. The bank must have a valid email address and at least one valid phone number (preferably international).

  • Minimum balance or fees. You must not violate the minimum balance requirements or pay higher monthly fees for non-residents (usually $10–15 CAD per month).

  • Update your non-resident status. When banking online or speaking with a manager, you must indicate that you no longer reside in Canada and are officially a non-resident.

Experience shows that if you maintain at least the recommended minimum balance, banks rarely initiate account closure solely because of residence abroad.

Advantages of keeping a Canadian account

  • International transfers without double conversion. With a CAD account, you avoid additional currency conversion fees and double exchange fees.

  • Automatic payments. If you rent out property or have a mortgage, PADs and other regular payments will continue to be processed without interruption.

  • Credit history preservation. An active account with a clean history makes it easier to obtain credit or open new banking products in the future.

  • Investment opportunities. Managing Canadian stocks, ETFs, or RRSPs is easier through a single bank interface.

Potential risks and limitations

  • Fees for non-residents. Banks may impose fees of $15–20 CAD per month, which is not justified for low activity.
  • Blocking due to KYC/AML. In the absence of activity or updates, the bank may request additional documents. Otherwise, the account may be suspended.
  • Tax status. If you are abroad for more than 183 days a year, the CRA may consider you a “non-resident” for tax purposes. This affects reporting of investment income and use of benefits (TFSA, RRSP).
  • Product restrictions. Some deposits and credit cards may not be available to non-residents.

How to keep your account open: practical recommendations

  1. Update your contact information. Immediately after moving, change your address and phone number in your online banking profile.

  2. Set up automatic payments. PADs, credit cards, utility bills — all of these keep your account active.

  3. Make small transactions periodically. Even a small deposit or card payment once a month demonstrates activity.

  4. Maintain a minimum balance. This will help you avoid fees and additional requirements.

  5. Keep an eye on your email. Banks send KYC requests, rate updates, and suspension notices to your email address.

Alternatives

  • Online banks (EQ Bank, Simplii Financial) — often more flexible for non-residents and less commission-based.

  • Fintech platforms (Wise Borderless, Revolut) — allow you to open a CAD account with low transfer fees.

  • Power of Attorney. Transfer account management rights to a trusted person in Canada who can respond quickly to bank requests.

Conclusion

Keeping a Canadian bank account open after leaving the country is entirely realistic and beneficial, provided that you update your information in a timely manner, maintain account activity, and monitor fees. This will ensure uninterrupted transfers, preservation of your credit history, and access to financial instruments in Canada. If standard banks offer inconvenient terms, there are always online banks and fintech platforms with more favorable rates for non-residents.