Personal Finance

Social Insurance Number - Open Records

  • Last Updated:
  • Apr 18th, 2018 8:28 am
[OP]
Banned
Jan 3, 2018
321 posts
60 upvotes

Social Insurance Number - Open Records

I applied for CIBC Investors Edge and the CIBC branch asked for my SIN which I didn't want to give, but the branch rep just looked in the system and automatically populate it. The forms were then faxed to Investors Edge and then mailed all the forms including my identity documents over.

(Not sure how secure that is)

Question:

Can I ask CIBC Bank and Investors Edge to delete my SIN from their system?

It seems that any staff member can access it and not sure how comfortable I am with them just sending all my ID documents/SIN etc through their mailing system.

Thoughts/experience?

J/
16 replies
Deal Addict
User avatar
Jul 31, 2007
1984 posts
144 upvotes
In this case, it is not the bank wants your SIN, they are forced by our government to do so for tax purposes.
Newbie
User avatar
Aug 22, 2014
43 posts
14 upvotes
Rideau Ferry
Any kind of investment account requires your SIN for tax purpose.
Member
Jun 10, 2013
497 posts
217 upvotes
Yep...If there's tax tied to it, a SIN will be involved. It sucks =/. I'm sure my data has been spilled out everywhere before.
[OP]
Banned
Jan 3, 2018
321 posts
60 upvotes
Thanks everyone

I was just surprised that all of the staff have open access to it. The bank staff and the Investors Edge staff. Shouldn't those numbers be at least masked, I wonder.

J/
Deal Addict
Jan 2, 2015
1393 posts
402 upvotes
Toronto, ON
Jakinthe wrote:
Feb 25th, 2018 2:10 pm
I applied for CIBC Investors Edge and the CIBC branch asked for my SIN which I didn't want to give, but the branch rep just looked in the system and automatically populate it. The forms were then faxed to Investors Edge and then mailed all the forms including my identity documents over.
This is a bit worrisome. I do not agree with opening up an investing account without a SIN. Even if it's a TFSA the CRA still needs to know about the account (to check it off against any other TFSAs you may have).

Having said that, if you didn't or couldn't provide a SIN, they should have not opened the account, and should not have access to your SIN from other sources.
Can I ask CIBC Bank and Investors Edge to delete my SIN from their system?
You could refer to PIPEDA, but if you have any other sort of relationship with them, you can't, as it need it for other things.
It seems that any staff member can access it and not sure how comfortable I am with them just sending all my ID documents/SIN etc through their mailing system.
Generally that information is on a "need to know" basis. In that case, the agent "needed to know", assuming you already had a relationship with CIBC so they already knew your SIN (although I think they should have had to stop the process right there instead).
Last edited by FoFai2015 on Feb 25th, 2018 4:32 pm, edited 1 time in total.
Deal Addict
Apr 5, 2007
1308 posts
404 upvotes
Canada
Jakinthe wrote:
Feb 25th, 2018 2:10 pm
I applied for CIBC Investors Edge and the CIBC branch asked for my SIN which I didn't want to give, but the branch rep just looked in the system and automatically populate it. The forms were then faxed to Investors Edge and then mailed all the forms including my identity documents over.

(Not sure how secure that is)

Question:

Can I ask CIBC Bank and Investors Edge to delete my SIN from their system?

It seems that any staff member can access it and not sure how comfortable I am with them just sending all my ID documents/SIN etc through their mailing system.

Thoughts/experience?

J/
If you bank with CIBC, you have provided your consent to CIBC to use your SIN number for matching purposes (there's a discussion where SIN is optional. However, that part does not apply to you because it's not for credit matching purposes (i.e. a loan). Collecting SIN for investment based account is a legal requirement)

"we may also use and share information within the CIBC Group* and with other parties in order to protect you and us from error, to prevent and detect criminal activity, and to meet our legal and regulatory obligations."
https://www.cibc.com/en/privacy-securit ... lance.html

"Perform our everyday business and operations including record keeping or internal reporting (e.g. if you have provided your SIN it can be used as an internal identification number to accurately identify you from clients having the same or similar names)"
https://www.cibc.com/en/privacy-securit ... ml#choices
Deal Addict
Feb 24, 2008
1720 posts
325 upvotes
Jakinthe wrote:
Feb 25th, 2018 2:10 pm
I applied for CIBC Investors Edge and the CIBC branch asked for my SIN which I didn't want to give, but the branch rep just looked in the system and automatically populate it. The forms were then faxed to Investors Edge and then mailed all the forms including my identity documents over.

(Not sure how secure that is)

Question:

Can I ask CIBC Bank and Investors Edge to delete my SIN from their system?

It seems that any staff member can access it and not sure how comfortable I am with them just sending all my ID documents/SIN etc through their mailing system.

Thoughts/experience?

J/
From which system did the rep get your SIN? I don't think the bank can get your SIN from any external sources except maybe their own CIBC internal systems and that too only if you have ever provided your SIN to them in the past.

In any case, you have to provide your SIN to open a trading investment account whether it be registered or non-registered.
[OP]
Banned
Jan 3, 2018
321 posts
60 upvotes
Yes it was from their CIBC system but the point was any and every rep can open it and retrieve it..I didn't know that before.

J
Deal Guru
User avatar
Mar 9, 2007
11338 posts
6143 upvotes
Think of the Childre…
Scary stuff eh?
Jakinthe wrote:
Feb 26th, 2018 3:26 pm
Yes it was from their CIBC system but the point was any and every rep can open it and retrieve it..I didn't know that before.

J

WOULD SOMEBODY THINK OF THE CHILDREN!!!
[OP]
Banned
Jan 3, 2018
321 posts
60 upvotes
Weird that's for sure.

WOULD SOMEBODY THINK OF THE CHILDREN!!!

J
[OP]
Banned
Jan 3, 2018
321 posts
60 upvotes
So today I learnt that Tangerine is the same - and you are supposed to update your SIN with Tangerine over the phone.
Deal Addict
User avatar
Mar 9, 2012
2622 posts
1428 upvotes
Kitchener
Won't disagree with you. I am really not comfortable with my SIN floating out there at financial institutes for anyone to see. Not sure what kind of checks and balances they have to discourage staff from looking at SIN.
How can we fly like eagles, when we're governed by Turkeys?
Deal Addict
Dec 22, 2008
2081 posts
864 upvotes
Victoria
Jakinthe wrote:
Mar 2nd, 2018 1:33 pm
So today I learnt that Tangerine is the same - and you are supposed to update your SIN with Tangerine over the phone.
What do you mean Tangerine is the same? It’s the law for all banks that they need to tie your account to a SIN number? Same for all banks.

Or is your concern that CIBC still had your sin from a previous relationship with them?
Member
Dec 3, 2009
280 posts
125 upvotes
Simcoe County
Actually it's only required when their is income generated. IE the account pays interest. A chequing account with 0 interest, your sin number is NOT required.

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