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Answers

Basics of Canadian Banking, HELP!?

-information you have to give to OPEN account
-3 types of personal accounts
-whats a client card
-what is private banking
-what bank account should you use if you do many transactions
-what is PC/internet banking

KNOOWW ANY PLEASE?


Here's a link to Scotiabank Day-to-Day Banking Companion booklet to guide you all the way.

http://www.scotiabank.com/images/en/file spersonal/19794.pd

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HELP WITTH CANADIAN BANKING BASICS?!?

-information you have to give to OPEN account
-3 types of personal accounts
-whats a client card
-what is private banking
-what bank account should you use if you do many transactions
-what is PC/internet banking

KNOOWW ANY PLEASE?


Name address and national ID number...

At your age... you dont have to worry about client card

Dunno

You dont use a bank if you are going to do a LOT of transactions,.. they charge FEES PER TRANSACTION..

It means you can do things like pay bills and move money from your home computer...

How would a business co-owned by a US citizen and a Canadian citizen file taxes?

I am thinking of forming a LLC or Corp with a Canadian collegue of mine, but a bit confused about tax time. To make matters more complicated, this is an internet business tied to a bank account in the US.


Well, if it is an LLC, then I believe that the tax liability of the owners is not really relevent, but it is where the LLC is registered. I know that there are certain exceptions such as an S type corp

Is it possible to use PayPal without a Bank Account?

It was my understanding that I could use a PayPal account to pay for Internet purchases and have the funds sourced from my Credit Card. However, any time I tried this I was always asked to provide a Bank Account, which I would prefer not to do. Note that I am a Canadian user - does this makes difference?


They need to verify your address on the CCard (so they know its not stolen). There are other ways to do it, you can send them in documents to prove your address but it will take a couple of weeks for them to complete it. The explanations are posted on PayPal.

Do you use an agent when completing a deal between USA and Canadian buyers?

I am looking at a horse trailer from Texas (I live in Alberta) and the seller wants to use an agent at the TD Canada Trust bank in Sherbrooke, Montreal. Yahoo! Autos sent me an invoice asking that a bank to bank wire transfer be sent. The seller indicated Yahoo does not usually use an agent but because I am from Canada they had to. The TD Branch exists just not sure if this is something usually done - I'm very nervous about transactions over the internet. How can I be sure this isn't a fraud?


This is a well-documented scam. Yahoo! Autos never gets involved on any third-party transactions. Anytime a wire transfer is involved, a red flag needs to be raised. Did the "seller" also offer to ship the trailer for free? Did they give you some sob story as to why it's being sold (military, divorcing, dead relative, moving overseas, etc.)?

Tomorrow, call the TD Branch and ask them... they will tell you the same thing. Also, tell the "seller" that you have a friend down in Texas that wants to come inspect the trailer beforehand. The "seller" will do one of two things:

1) Throw out every excuse not to let your "buddy" do so, or...
2) Stop communicating with you.

Don't fall for this. It's a variation of a long-running scam on Craigslist, Autotrader, etc.


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