Moved to US, should I keep one Canadian credit card?

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wpower6
Posts: 6
Joined: Sun Jul 12, 2020 6:34 pm

Moved to US, should I keep one Canadian credit card?

Post by wpower6 »

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 :).
nelsona
Posts: 17014
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moved to US, should I keep one Canadian credit card?

Post by nelsona »

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 am taking my usual break from this site until May. Always too many tax-form specific questions at this time of year...
nelsona non grata. Non pro. Search previous posts. Happy Browsing :D
nelsona
Posts: 17014
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moved to US, should I keep one Canadian credit card?

Post by nelsona »

None of this would impact residency
I am taking my usual break from this site until May. Always too many tax-form specific questions at this time of year...
nelsona non grata. Non pro. Search previous posts. Happy Browsing :D
wpower6
Posts: 6
Joined: Sun Jul 12, 2020 6:34 pm

Re: Moved to US, should I keep one Canadian credit card?

Post by wpower6 »

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.
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