Hi folks, I moved to the US and closed all my Canadian credit cards. A friend told me that I should at least keep one card to keep my credit file active in Canada, in case if I may move back in the future. I am wondering if it is feasible to keep a Canadian credit card if I am using US address? I still have a Canadian address for now but will soon lose it. If feasible, should I apply for a new Canadian credit card in order to keep Canadian credit score/file? Will that play negatively on tax planning because CRA may consider me as deemed resident?
May be a pretty silly question and thanks for your insights :).
Moved to US, should I keep one Canadian credit card?
Moderator: Mark T Serbinski CA CPA
Re: Moved to US, should I keep one Canadian credit card?
Anyone is allowed to keep a Cn credit card while leaving in US and with a US address. We have for many years. Also a Cdn bank account is useful for any future Cdn transactions you will (not might) have. Credit rating is a secondary reason. Was there a particular reason you closed all of them? You might try to open or reopen one asap since you no longer live in Canada.
I always advise keeping both.
I always advise keeping both.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Re: Moved to US, should I keep one Canadian credit card?
None of this would impact residency
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Re: Moved to US, should I keep one Canadian credit card?
nelsona wrote:
> Anyone is allowed to keep a Cn credit card while leaving in US and with a
> US address. We have for many years. Also a Cdn bank account is useful for
> any future Cdn transactions you will (not might) have. Credit rating is a
> secondary reason. Was there a particular reason you closed all of them? You
> might try to open or reopen one asap since you no longer live in Canada.
>
> I always advise keeping both.
Thank you very much for the responses. I closed them all by mistake as I thought I had one left. I probably should re-open at least one of the cards soon. Thanks a lot for the advice again.
> Anyone is allowed to keep a Cn credit card while leaving in US and with a
> US address. We have for many years. Also a Cdn bank account is useful for
> any future Cdn transactions you will (not might) have. Credit rating is a
> secondary reason. Was there a particular reason you closed all of them? You
> might try to open or reopen one asap since you no longer live in Canada.
>
> I always advise keeping both.
Thank you very much for the responses. I closed them all by mistake as I thought I had one left. I probably should re-open at least one of the cards soon. Thanks a lot for the advice again.