Reply
 
Thread Tools Search this Thread Display Modes
 
Old 01-14-2017, 09:17 AM   #1
Senior Member
 
David Rive's Avatar
 
City: Markham
Country: Canada
Vessel Name: currently boatless
Join Date: Apr 2015
Posts: 279
Question for Canucks Cruising in US

As retirement approaches, the Admiral and I are thinking about money while cruising. We intend to be snowbirds, cruising the Florida Gulf and Keys, with side trips to the Bahamas. We are curious how other Canadians organize their banking, credit cards etc. to manage things in USD for 6 months. Is there any advantage to having an account with a US bank? We already have USD accounts with our Canadian bank. Any suggestions are appreciated.

David & Maria
__________________
Advertisement

David Rive is offline   Reply With Quote
Old 01-14-2017, 10:33 AM   #2
Guru
 
mbevins's Avatar
 
City: Windsor
Country: Canada
Vessel Name: Keeper IV
Vessel Model: 44 Viking ACMY
Join Date: Nov 2013
Posts: 1,305
Quote:
Originally Posted by David Rive View Post
As retirement approaches, the Admiral and I are thinking about money while cruising. We intend to be snowbirds, cruising the Florida Gulf and Keys, with side trips to the Bahamas. We are curious how other Canadians organize their banking, credit cards etc. to manage things in USD for 6 months. Is there any advantage to having an account with a US bank? We already have USD accounts with our Canadian bank. Any suggestions are appreciated.

David & Maria
David..If you bank with TD Bank they have a US version. The accounts can be managed from your CDN online application. Monies moved at no cost between accounts.
I'm sure the other banks have their version but this one is the most seamless.
__________________

__________________
"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."

mbevins is offline   Reply With Quote
Old 01-14-2017, 10:37 AM   #3
Senior Member
 
The Other Gary's Avatar
 
City: Toronto
Country: Canada
Vessel Name: Adios Dinero
Vessel Model: Bayliner 3988 2 x 330 Cummins
Join Date: Sep 2016
Posts: 331
TD Bank or Toronto Dominion as we know it has a huge presence (1300 locations) along the east coast all the way to Florida. They also have US dollar accounts that are still based in your home branch. This is important if you re going to overstay the 6 month limit set by the IRS as you can truthfully say that you have very little connection to the US when you file IRS form 8840, which most of us need to do due to the Erie Canal operating dates.


https://www.irs.gov/pub/irs-access/f8840_accessible.pdf
The Other Gary is offline   Reply With Quote
Old 01-14-2017, 10:40 AM   #4
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 16,543
Not a Canadian, but BMO and TD have a lot of branches in Florida. Many Canadians who spend a lot of time here find them advantageous.

Basic banking I wouldn't see much difference. However, check acceptance there is. ATM no big deal, but if you actually want to cash a check or withdraw larger sums of cash there would be. And probably the one place you would benefit is to have a US credit card whether you have a bank account or not, simply to avoid currency exchanges.
BandB is offline   Reply With Quote
Old 01-14-2017, 10:44 AM   #5
GFC
Guru
 
GFC's Avatar
 
City: Tri Cities, WA
Country: USA
Vessel Name: Beachcomber
Vessel Model: Sea Ray 550 Sedan Bridge
Join Date: Nov 2012
Posts: 3,499
David, we're not Canucks but we are snowbirds, spending much of our winter in Arizona. I do all of my banking online including bill payment. I set that up several years ago and have been doing it ever since.


I have my income checks electronically deposited to the bank. Almost all of my bills are sent to me electronically and show up at my online banking pages. The two or three who are not yet equipped to do electronic billing and still mail out bills are a PITA. We have a neighbor who keeps an eye on the house while we're gone.


I have her give me a call about once a week to touch base. She opens up any of the bills I ask her to (the ones who do not yet do electronic billing) so I can get the amount owed and the date.


I then go into the bank's website and pay those bills.


Where paying bills used to take 10-30 minutes to get envelopes, stamps, etc and write checks, now it's done with a few clicks and takes 2-5 minutes total time.
__________________
Mike and Tina
Beachcomber 1995 Sea Ray 550 Sedan Bridge
GFC is offline   Reply With Quote
Old 01-14-2017, 10:51 AM   #6
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 16,543
Quote:
Originally Posted by The Other Gary View Post
TD Bank or Toronto Dominion as we know it has a huge presence (1300 locations) along the east coast all the way to Florida. They also have US dollar accounts that are still based in your home branch. This is important if you re going to overstay the 6 month limit set by the IRS as you can truthfully say that you have very little connection to the US when you file IRS form 8840, which most of us need to do due to the Erie Canal operating dates.


https://www.irs.gov/pub/irs-access/f8840_accessible.pdf
I don't know what others are doing, but do file form 8840 if you overstay 183 days. This is a quirky IRS kind of thing, but if you don't file it timely, you lose the exception to US taxes even if you filed it a week late or if you otherwise would have qualified.

In many areas of US taxes there are far greater penalties such as this one by failure to file a very simple and short form than failure to file or pay taxes. Subchapter S paperwork, operating loss carryovers, and many others much like the 8840 and so the penalty for late filing or failure to file the form isn't 5% or 10% can be 1000% or an incalculable percent since it's taxes due vs. no taxes due.

If in all of this you conduct any US business, then I'd strongly advise a US tax accountant who has Canadian clients. South Florida is a great place to find them. South Florida has over a million Canadian visitors a year.
BandB is offline   Reply With Quote
Old 01-14-2017, 11:16 AM   #7
Senior Member
 
The Other Gary's Avatar
 
City: Toronto
Country: Canada
Vessel Name: Adios Dinero
Vessel Model: Bayliner 3988 2 x 330 Cummins
Join Date: Sep 2016
Posts: 331
The other option is to spend part of your winter in the Bahamas to bring your total time in the US under the 183 day limit. Don't forget to calculate any time spent in the US during the summer as many of us Cruise both sides of the border in the Great Lakes. I have 5 days in 2016 that are relevant that cannot be overlooked. They also want data on previous years and they use a calendar year not the length of a midwinter cruise so you will do multiple filings to be on the safe side. And everyone, spouse etc. should file.
The Other Gary is offline   Reply With Quote
Old 01-14-2017, 11:18 AM   #8
Guru
 
Alaskan Sea-Duction's Avatar
 
City: Inside Passage Summer/Columbia River Winter
Country: USA
Vessel Name: Alaskan Sea-Duction
Vessel Model: 1988 M/Y Camargue YachtFisher
Join Date: Jul 2012
Posts: 4,568
When cruising the Inside passage we use our credit card. The company then posts the amounts we spent in USD with the appropriate exchange rate at the time of the charge. All of our banking is online and we have auto bill pay.
__________________
Alaskan Sea-Duction
MMSI: 338131469
https://alaskanseaduction.blogspot.com/
Alaskan Sea-Duction is offline   Reply With Quote
Old 01-14-2017, 11:19 AM   #9
Guru
 
koliver's Avatar
 
City: Saltspring Island
Country: BC, canada
Vessel Name: Retreat
Vessel Model: C&L 44
Join Date: Nov 2007
Posts: 2,949
deleted
__________________
Keith
koliver is offline   Reply With Quote
Old 01-14-2017, 11:27 AM   #10
Senior Member
 
The Other Gary's Avatar
 
City: Toronto
Country: Canada
Vessel Name: Adios Dinero
Vessel Model: Bayliner 3988 2 x 330 Cummins
Join Date: Sep 2016
Posts: 331
NOTE to Canucks: IRS filing is April 15th, Not April 30th like Revenue Canada
The Other Gary is offline   Reply With Quote
Old 01-14-2017, 12:17 PM   #11
Guru
 
City: Satsuma FL/Daytona Beach Shores
Country: United States
Vessel Name: No Mo Trawla
Vessel Model: Hurricane SS188
Join Date: Jul 2014
Posts: 2,121
In addition to TD, RBC has a presence in FL albeit somewhat limited.
Donsan is online now   Reply With Quote
Old 01-14-2017, 01:52 PM   #12
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 16,543
Quote:
Originally Posted by Donsan View Post
In addition to TD, RBC has a presence in FL albeit somewhat limited.
Yes, they were sold and no longer part of Royal Bank of Canada. So technically a US bank serving a lot of Canadian customers.
BandB is offline   Reply With Quote
Old 01-14-2017, 01:53 PM   #13
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 16,543
Quote:
Originally Posted by Alaskan Sea-Duction View Post
When cruising the Inside passage we use our credit card. The company then posts the amounts we spent in USD with the appropriate exchange rate at the time of the charge. All of our banking is online and we have auto bill pay.
Just check the exchange rates being used. Credit card companies have been known to use exchange rates far different from those your bank will give you, adding a bit of extra profit on their side.
BandB is offline   Reply With Quote
Old 01-14-2017, 01:58 PM   #14
Guru
 
JDCAVE's Avatar
 
City: Lions Bay, BC
Country: Canada
Vessel Name: Phoenix Hunter
Vessel Model: Kadey Krogen 42 (1985)
Join Date: Apr 2011
Posts: 2,152
The exchange rates on CC's are usurious. It would be useful to investigate if you can qualify for a US based credit card, and top up the US accounts with US$. Shop around for best exchange rates. We use an Asian one in Richmond BC and the savings were substantial. But the issue is the credit card and I am uncertain how that can be achieved except with a pay-as-you-go card from a Walgreens or something like that.

Jim
JDCAVE is offline   Reply With Quote
Old 01-14-2017, 02:07 PM   #15
Senior Member
 
David Rive's Avatar
 
City: Markham
Country: Canada
Vessel Name: currently boatless
Join Date: Apr 2015
Posts: 279
Great advice all around! Much appreciated.

The Admiral banks with BMO and I deal with RBC, so it sounds like BMO would be a good option for FL.
David Rive is offline   Reply With Quote
Old 01-14-2017, 02:10 PM   #16
Senior Member
 
The Other Gary's Avatar
 
City: Toronto
Country: Canada
Vessel Name: Adios Dinero
Vessel Model: Bayliner 3988 2 x 330 Cummins
Join Date: Sep 2016
Posts: 331
And RBC is big in the Bahamas
The Other Gary is offline   Reply With Quote
Old 01-14-2017, 03:03 PM   #17
Guru
 
City: Carefree, Arizona
Country: usa
Vessel Name: sunchaser V
Vessel Model: DeFever 48
Join Date: Apr 2008
Posts: 7,832
Quote:
Originally Posted by BandB View Post
And probably the one place you would benefit is to have a US credit card whether you have a bank account or not, simply to avoid currency exchanges.
We have both American Express and Capital One cards that have no foreign transaction fees. It should be easy enough to find a Canadian card that does same. We have a BMO account for Canada for writing checks and getting cash when we're in Canada. Hard to find Wells Fargo in Canada.
sunchaser is offline   Reply With Quote
Old 01-14-2017, 03:05 PM   #18
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 16,543
Quote:
Originally Posted by The Other Gary View Post
And RBC is big in the Bahamas
But keep in mind the RBC in the Bahamas is not the one in the US. It is owned by Royal Bank of Canada.
BandB is offline   Reply With Quote
Old 01-14-2017, 03:16 PM   #19
Senior Member
 
The Other Gary's Avatar
 
City: Toronto
Country: Canada
Vessel Name: Adios Dinero
Vessel Model: Bayliner 3988 2 x 330 Cummins
Join Date: Sep 2016
Posts: 331
yes, that was for David who banks with RBC in Canada
The Other Gary is offline   Reply With Quote
Old 01-14-2017, 04:10 PM   #20
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 16,543
Quote:
Originally Posted by sunchaser View Post
We have both American Express and Capital One cards that have no foreign transaction fees. It should be easy enough to find a Canadian card that does same. We have a BMO account for Canada for writing checks and getting cash when we're in Canada. Hard to find Wells Fargo in Canada.
Foreign transaction fee isn't the problem. It's translation rate they use. If they translate currency at an unfavorable rate to you then they make more money on that than they would on a transaction fee.

It my be hard to find Wells Fargo anywhere before long.
__________________

BandB is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





All times are GMT -5. The time now is 05:20 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012