Posted on: 16-06-04 07:14:09
1. I am planning to land in Toronto in mid July and would like your advise on the following:
a. There in an Indian Bank (State Bank of India) in Toronto, have anyone opened account there and since I have a dollar account in SBI Bangalore, is't it easy for me to open account in SBI Toronto and transfer the amount there. Any disadvantage in opening account in SBI ?
b. Citibank also has a branch in Toronto - is it practical opening account there and operating.
c. Any other advantages opening account in TD bank, except more ATM machines available with them ?
d. I understand we can transfer money that we have mentioned on the landing papers as settlement amount without attracting tax for a period of one year from the date of landing. What is the procedure of transfering such money within the year. Is it sufficient to inform the bank that it is settlement amount or do we have to submit some other forms so that tax is not deducted.
3. How to establish credit worthiness in order to avail housing loan against mortgage.
4. Are there any banks in Toronto which gives housing loan against the deposit we have with them at low rate of interest.
5. Can we open an account immediately on arrival or the bank requires our PR card details etc. before they open an account.
5. The above questions may sound naive to experienced desi, but I would request your help, so that will be able to do the right thing when I land in Toronto next month.
Hi Kuwaituser
This is Northwind from Dubai.
Would be thankfull if you could give your timeline i.e when you applied, from where (Kuwait or India), when did you get acknowledgement, IELTS test, medical and Proof of Funds to Stamping of Visa.
With best regards
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Those who want to make their dreams come true dont sleep
Hi Northwind,
We applied in August 2001 to CHC, London on our own without engaging an immigration lawyer. When we applied we had opted for the interview in London, but after one year in May 2002 we asked that our file should be sent to Kuwait for interview. We received a reply confirming the file will be sent in the queue to Kuwait for the interview.
In 2003 we heard the immigration rule has changed and we were asked to submit documents along with the IELTS test etc, which we sent by by September 2003. In January 2004 my employers received letter verifying my employment.
On 10th March 2004 we received a letter stating that our interview is waived and that we should do our medicals. We completed medicals and the same was forwarded to them on May 11th.
We received a reply from CHC on June 1st asking us to send our passports. Our passport were sent to them and received by them on 11th June and we are awaiting the return of our passport with the visas.
How many days do you think they will take to return the passports. I have sent a pre-paid DHL airway bill for them to return my passports along with a self addressed envelop.
Quote:My experience with TD Bank has been that if you have a lot of money, then you are welcome there.
Orginally posted by kuwaituser
c. Any other advantages opening account in TD bank, except more ATM machines available with them ?
If you are a regular Joe Shmo with fixed income and limited savings, then they don't want your business.
If you are Mr. MoneyBags then go to them, else stay away - if they don't want business, they won't get it.
Quote:
5. Can we open an account immediately on arrival or the bank requires our PR card details etc. before they open an account.
You can open an account right away but you will need to show at least some form of identification like Passport or Canadian driving license.
When you apply for any type of credit, then they will want to see PR Card.
Hope this helps.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Though Mr Chopra would be the right person to answer this question, I am trying it since he has not responded:
Quote:
a. There in an Indian Bank (State Bank of India) in Toronto, have anyone opened account there and since I have a dollar account in SBI Bangalore, is't it easy for me to open account in SBI Toronto and transfer the amount there. Any disadvantage in opening account in SBI ?
Transfer from any bank in India to any bank in Toronto in US funds will always be routed thru a bank IN USA. SBI India will not transfer the funds directly to SBI Toronto, but will go thru a US corrospondent, which could or could not be SBI, New York. There will most probably same charges whether you transfer it to SBI Toronto or to say Canada Trust in Toronto.
Keeping money with SBI will be good if you are bringing lot of money since they will usually provide better rate of interest on your deposits. anything below 100k will not really attract them. However, you can get a good service, though not necessarily good rates, even with 25-30 K in any of the local banks.
Quote:
b. Citibank also has a branch in Toronto - is it practical opening account there and operating.
No, Citibank does not have a regular branch (full banking licence) in Canada. They operate either as a rep office or an offshore bank and so they do not keep local accounts. They have an NRI cell which keeps monies of Indians either with any Indian branch, or with Singapore or London offices. And as I have just discovered two days ago, any changes (remittances etc.) you want to do to your deposits or investments kept with other branches, the local office will only act as a post office and the original letter will have to be received by the account holding branch (say Singapore) to be processed - that can take 1-2 weeks!!
Quote:
c. Any other advantages opening account in TD bank, except more ATM machines available with them ?
Lots - with any local bank. More ATMs, more types of accounts, easier Mortgage, more types of investments, more branches (in almost each localilty) etc. etc.
Quote:
d. I understand we can transfer money that we have mentioned on the landing papers as settlement amount without attracting tax for a period of one year from the date of landing. What is the procedure of transfering such money within the year. Is it sufficient to inform the bank that it is settlement amount or do we have to submit some other forms so that tax is not deducted.
There is no time limit I think to transfer your funds-all you have to keep doing is to declare that money (or rather all assets combined) in your tax returns if the value of those assets exceeds 100k Canadian, and declare the income earned on those assets.
Even if the value of the assets in one name is not more than 100k, you have to keep declaring the income from assets in a foreign country and pay taxes here in Canada since Canada charges tax on world income.
Quote:
3. How to establish credit worthiness in order to avail housing loan against mortgage.
Very simple - have a job which pays enough to allow payment of mortage according to the bank's formula (around 35% of your gross income per month) - OR, make a down payment of 35% and no questions asked! The mortgage brokers might have more tricks up their sleeves for this.
Quote:
4. Are there any banks in Toronto which gives housing loan against the deposit we have with them at low rate of interest.
No bank gives a housing loan against your deposits - anywhere I think - technically. What they do is they provide a credit line in form of overdraft or different currency loan (say if your deposit was in US$) against the deposit. The rates can be linked to deposit rate if the deposit and loan are in the same currency, which hardly any Canadian Bank officer understands, and if atall, they would do it only for large amounts and good clients.
Quote:
5. Can we open an account immediately on arrival or the bank requires our PR card details etc. before they open an account.
As far as I think that should not be a problem.
Hope I have been of help!
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Chandresh ji,
After such an elaborate reply there is nothing to add. You have covered all aspects and I believe Mr. Kuwaituser got a clearer picture here.
Mr. Kuwaituser,
Please see your email box as I have sent you an email. Any more questions, you can email me.
Thanks
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Chandreshji
Thank you for your detailed reply, which cleared most of my queries. As you say it is always better to build a relationship with a local bank.
Pramodji
I will review the message you have sent and will reply separately.
