What is the best bank that doesn't require SIN?
If you are an international student or such...
I believe ING requires SIN.
I believe ING requires SIN.
Aug 23rd, 2012 9:36 am
Aug 23rd, 2012 9:57 am
A SIN is not required to open a bank account provided you have 2 pieces of ID from those listed in Part A or B of the Schedule of Acceptable Identification (see link below), at least one of which must be from Part A.
Aug 23rd, 2012 10:06 am
Aug 23rd, 2012 10:38 am
Aug 23rd, 2012 12:16 pm
Aug 23rd, 2012 12:39 pm
Aug 23rd, 2012 2:29 pm
Where did you get this idea? Or are you suggesting that there are savings accounts that pay no interest in which case, what's the point?
http://www.servicecanada.gc.ca/eng/abou ... ion4.shtml4.2 Questions and Answers about SIN Use in the Private Sector
1.Why do some private sector organizations request the SIN?
Private sector organizations, such as banks, credit unions and trust companies have a legal obligation to ask for a customer's SIN for any accounts and investments that pay interest. If an account is not interest-earning, the organization is not required by law to ask for the customer's SIN and the customer is not required to provide it.
Aug 23rd, 2012 2:30 pm
Aug 23rd, 2012 3:02 pm
Subsection 4 of the Access to Basic Banking Services Regulations lists the conditions to be met when opening an account.Conquistador wrote: ↑Where did you get this idea?
The bank can ask for your SIN to prepare your T5 but its not needed to open the account.Conquistador wrote: ↑ Or are you suggesting that there are savings accounts that pay no interest in which case, what's the point?
http://www.servicecanada.gc.ca/eng/abou ... ion4.shtml
Aug 23rd, 2012 3:07 pm
You're splitting hairs. At the end of the day, the bank is legally obligated to ask for it.Milfman wrote: ↑Subsection 4 of the Access to Basic Banking Services Regulations lists the conditions to be met when opening an account.
http://laws-lois.justice.gc.ca/eng/regu ... T3xt3.html
The bank can ask for your SIN to prepare your T5 but its not needed to open the account.
Aug 23rd, 2012 3:08 pm
That is a horrifically inaccurate interpretation of the law.Milfman wrote: ↑Subsection 4 of the Access to Basic Banking Services Regulations lists the conditions to be met when opening an account.
http://laws-lois.justice.gc.ca/eng/regu ... T3xt3.html
The bank can ask for your SIN to prepare your T5 but its not needed to open the account.
Aug 23rd, 2012 3:34 pm
I guess reading and comprehension are not your strong points
All I said was that it was not mandatory to open an account.Conquistador wrote: ↑You're splitting hairs. At the end of the day, the bank is legally obligated to ask for it.
Aug 23rd, 2012 5:53 pm
Aug 24th, 2012 8:49 am
When it comes to finance, splitting hairs is relevant.Conquistador wrote: ↑You're splitting hairs. At the end of the day, the bank is legally obligated to ask for it.
Aug 24th, 2012 9:47 am
The law is pretty simple. You're entitled to a basic retail banking account without a SIN. (I.e. a basic chequing account at an institution that does not require you to have an account at another institution). Nothing more. No interest, no overdraft, no waived holds, no savings accounts. TD didn't have my SIN when I first opened my chequing account, but they did require it when I tried to open a savings account.
Aug 24th, 2012 11:55 am
The point I am making is that a SIN is not mandatory to open a savings or chequing account period. The bank can ask for your SIN to prepare your T5 but it is not a requirement to open the account.CorSter wrote: ↑The law is pretty simple. You're entitled to a basic retail banking account without a SIN. (I.e. a basic chequing account at an institution that does not require you to have an account at another institution). Nothing more. No interest, no overdraft, no waived holds, no savings accounts. TD didn't have my SIN when I first opened my chequing account, but they did require it when I tried to open a savings account.
The bank only has to show that they made a reasonable effort to obtain your SIN to comply with tax law. And yes they can issue a T5 without a SIN.CorSter wrote: ↑Canadian Tax Law requires if you want to open an account that pays interest, you are legally obligated to provide the bank with a SIN number so they can prepare your T5 (which they cannot issue without a SIN). Very similar in the US - I have a chequing account at TD in the US, but I can't open a savings account without a SSN or ITIN.
If the individual does not give you his or her SIN, you should be able to show that you made a reasonable effort to get it. For example, if you contact a recipient by mail to ask for his or her SIN, record the date of your request and keep a copy of any correspondence that relates to it. If you do not make a reasonable effort to get a SIN, you may be subject to a penalty of $100 for each failure. If you cannot get a SIN from the recipient, file your information return, without the SIN, no later than the due date. If you do not, you may be subject to a penalty.
Aug 24th, 2012 2:43 pm
Yes, but they're also under no obligation to open a savings account for you if you don't provide one. And they won't.Milfman wrote: ↑The point I am making is that a SIN is not mandatory to open a savings or chequing account period. The bank can ask for your SIN to prepare your T5 but it is not a requirement to open the account.
The bank only has to show that they made a reasonable effort to obtain your SIN to comply with tax law. And yes they can issue a T5 without a SIN.
http://www.cra-arc.gc.ca/E/pub/tg/t4015 ... #P108_6981
Aug 24th, 2012 2:53 pm
Aug 24th, 2012 5:52 pm
Thats probably because there's some conflicting data or cross-ref conflicts within HSBC's systems.
Aug 24th, 2012 8:04 pm
lolmikeymike1 wrote: ↑Thats probably because there's some conflicting data or cross-ref conflicts within HSBC's systems.
Why you all think disclosing your SIN is the evil of all evil's boggles my mind.
When I apply for any credit products you better believe I will disclose my SIN. Not because I know how messed up the bureaus are but rather I want that institution to find me directly and precisely without any presumed alias.
Here's food for thought for all of you. Identity fraud is much more probable when your bureau account or cross-ref accounts are not associated with a SIN.
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