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.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Moved to US, should I keep one Canadian credit card?
None of this would impact residency
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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.