Banking - What to do in Canada First (Information supplied on this topic is from experience only, and in no way reflects policies, regulations, or laws from either Canada, USA, Manitoba, or Minnesota.

General:
Weeks before you actually plan on leaving Winnipeg (or Canada, for that matter), there are lots of loose ends regarding your banking that you have been doing in Canada. Investments, RRSP's, savings, Mutual Funds, Chequing Accounts, Credit Card accounts - lots to thing about. Neither myself or Brenda are financial wizards. Before, we are going to supply you with some tips. Remember - these tips are from our experiences only, and do not necessarily mean they are the "right" thing to do!

Meeting with your Banker:
Set up a meeting with your banker as soon as you find out you plan on leaving Canada, either temporarily or permanently. Let your banker know you are leaving. Here are some of the things you are going to want to discuss:

• Change of Address
• Use of your Credit Card while in the USA
• Money left in Canadian Accounts
• Money left in RRSP Accounts
• Letter of Reference/Introduction - this one is VERY  important. Have your bank manager, or your account manager write a "To Whom It May Concern Letter". In this letter, ask your bank manager to state (if true of course) all previous loans, and mortgages, and that you have fulfilled all financial commitments completely and on time (ie you never defaulted any loans,etc). Have him or her provide you with 10 originals (signed) of such letter. Such a letter will have an incredible positive impact when opening up your first accounts in the USA.
• Take out a US Dollar Bank Draft, enough to last you a week or so in the USA. We took out $3,000 US$. You will use this money when opening up your accounts in the USA.

Cash Left in Canada:
We do not recommend closing all your Canadian accounts. Firstly, chances are you will return to Winnipeg, or other Canadian cities to visit periodically. You will want access to Canadian funds either at the bank itself, or using your bank card (or ATM card). We recommend keeping a chequing account open, with a float of cash in it. Keep in mind, any interest earned will be taxable in Canada (interest income), and possibly also in the USA.

Credit Cards:
Out of all the things that we did smartly, obtaining a US Dollar VISA card from the Royal Bank was the smartest thing we could have done. The card and account is administered by the Royal Bank, but when you use the card in the USA, and buy something for say $50.00 US$, it will show up on your statement as $50.00 USD$. Payment for the balance is also due in US dollars. The Royal Bank also have a GOLD VISA card, which effectively rebates back to you 1% of your purchases using a program called "Royal Rewards". There is a yearly fee for this card. Depending on your financial clout at your bank, you can negotiate to get this fee reduced or removed. I highly recommend getting a US dollar VISA card from a Canadian bank, such as the Royal Bank.

(Update: 10/11/98) I have been advised the CIBC also offer a US Dollar Gold VISA card. I am sure many other larger charter banks also offer such cards.  Best advise, ask your banker.

Internet Banking:
This may seem strange - but banks in Canada are far ahead of Americans when it comes to banking on-line. And it is much cheaper as well. If you plan of keeping a few accounts fairly active in Canada, you might want to consider taking advantage of some sort of internet banking. Do this before you leave-you may not be able to get it set up (legally) once you are living in the USA.

Automated or Monthly Debits:
Review your last monthly bank statement for each of your accounts. If you have thrown these out, review them when you are meeting with your bank manager on-line. If you were like me, I had about 10 automatic debit (as well as automatic credit) transactions occurring each month. Think about it - each of the utilities (gas, water, hydro, cable, phone, long distance carrier) was authorized to debit my account, as well as my mortgage payment, an automated RRSP withdrawal, car lease payment, car insurance (Autopac) payment, house insurance monthly payment, my monthly city properly tax payment, and the list goes on! Use this list to notify each appropriate company that you are moving. In the case of house insurance, you will be cancelling such payments. You may want to continue with any RRSP withdrawals for your current tax year, but remember, you probably will not have any Canadian income for the next tax year, and you will not be eligible to make any RRSP contributions.

Investments and RRSP Laws:
Did you know that you must be a Canadian resident to continue some aspects of your banking? Make sure you discuss this with your banker. Most of such regulations apply to investments, stocks, mutual funds, and RRSP's. But make sure you ask! Depending on your situation, you may wish not to advise you banker you are moving to the USA, but simply to provide an alternate Canadian mailing address (such as your parent's or relative's), who will then forward such mail to you.

Canadian Credit Bureau Reports:
Ask your bank manager to obtain a Canadian Credit Bureau report (Equifax, or other), and to put it in your file. They may or may not charge to run such a report. Under many circumstances, you will find yourself contacting your Canadian bank from Minneapolis asking them to fax a copy of such a report to your US bank once you arrive in the USA. We did, are were able to obtain instant credit approval when applying for credit cards, etc in the USA.

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