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Every year I put my savings into the 1 year savings account.  I simply lock away X amount of money for 1 year contract at % interest (low these days) and at the end
of the 1 year maturity, collect the interest and do it again for another 1 year + adding more money I saved in the year.

I was going to do it again yesterday when for the first time in all my years doing this, they now ask you to submit your TAX ID or TIN for your country of citizenship (in my
case Canada which is just your SIN).   The teller said this rule just came into effect about 4 months ago.  He said I could put in 30 million won or less and do the 1 yr savings
account without giving my tax ID of Canada but if I wanted to do more than 30 million, I would not be allowed anymore until I submit my tax ID (my SIN) for Canada.

It got me a little concerned because I was wondering why we need to give it now and will they basically tell Canada (CRA) the information that I have which would be 6 figures
in the savings account I want to make with NH?  I haven't been back home once since I came to work in Korea 10 years ago.   I also thought that Korea and Canada has a tax
treaty so that there is no double taxation.  If I am paying taxes in Korea, then Canada won't tax me for all my income that I earned over the last decade?

Can anyone help clear this up?   


  • JNM
  • The Legend

    • 4792

    • January 19, 2015, 10:16:48 am
    • Cairo, Egypt (formerly Seoul)
Re: NH (and other banks) now ask you for your home country TAX ID?
« Reply #1 on: June 12, 2021, 01:39:41 am »
The most recent round of tax treaties has lots more information sharing. There is still no double taxation, but they want to avoid people telling two jurisdictions that they paid tax elsewhere. If the Korean investment withholds taxes, Canada has a way to verify it. It makes it simpler to prove you did pay tax somewhere else - in the past could be difficult.


Re: NH (and other banks) now ask you for your home country TAX ID?
« Reply #2 on: June 13, 2021, 03:28:28 am »
The most recent round of tax treaties has lots more information sharing. There is still no double taxation, but they want to avoid people telling two jurisdictions that they paid tax elsewhere. If the Korean investment withholds taxes, Canada has a way to verify it. It makes it simpler to prove you did pay tax somewhere else - in the past could be difficult.

Thank you for the reply.   So if and when I return to Canada with all my money saved up from working in Korea, I don't have to pay any taxes?  I can just start transferring from my Korean bank to Canadian bank all my funds and it won't alarm or flag me to CRA why my bank suddenly has huge deposits?   

Up to now, I've never had to report or tell Canada how much money I have in my Korean bank.  But filling this out now would clearly show how much I have saved up so that was what worried me.  I just keep thinking they are going to want to take 10% of it or something or tell me I owe them 10 grand in back taxes for working in Korea 10 years or something.  I have no idea how this works.


  • JNM
  • The Legend

    • 4792

    • January 19, 2015, 10:16:48 am
    • Cairo, Egypt (formerly Seoul)
Re: NH (and other banks) now ask you for your home country TAX ID?
« Reply #3 on: June 13, 2021, 07:31:17 pm »
I have heard of issues moving large amounts of savings out of Korea, but that has more to do with Korean law.


  • Kwai_Chang_Kain
  • Veteran

    • 226

    • April 29, 2013, 08:22:03 am
    • South Korea
    more
Re: NH (and other banks) now ask you for your home country TAX ID?
« Reply #4 on: June 14, 2021, 08:41:18 am »
Someone posted this on my work Facebook group page just last month...

So, I found out the hard way! Those of you who are Canadian, and have not done the exit tax with Revenue Canada, YOU STILL NEED TO PAY  Canadian taxes on your Korean income.  My dad went to H&R Block and basically because I was late (2 years as I was sure I didn't need to be paying after almost 8 years in Korea), and didn't pay my taxes for 2 years in Canada, I ended up owing 6,000+ dollars in taxes, and fees. The only way around it is to make sure you have nothing in Canada! No RRSP or investments or the goverment will still tax your Korean income!! They only have a partial tax agreement, apparently only Japan has a full tax agreement with Canada. In order to avoid this, when leaving Canada you need to clear your accounts, cash in your RRSP and declare you are moving to another country. IF NOT, when you return to Canada, you will be fined with late fees for not doing taxes, and have to pay taxes on your Korean income (the difference that you didn't pay in Korea and believe me in 2 years that has added up to over 6,000 dollars Canadian). So just FYI
"Have you seen what the sith are wearing? It's like every fashion designer in the galaxy went over to the dark side."


Re: NH (and other banks) now ask you for your home country TAX ID?
« Reply #5 on: June 15, 2021, 08:22:43 am »
Someone posted this on my work Facebook group page just last month...

So, I found out the hard way! Those of you who are Canadian, and have not done the exit tax with Revenue Canada, YOU STILL NEED TO PAY  Canadian taxes on your Korean income.  My dad went to H&R Block and basically because I was late (2 years as I was sure I didn't need to be paying after almost 8 years in Korea), and didn't pay my taxes for 2 years in Canada, I ended up owing 6,000+ dollars in taxes, and fees. The only way around it is to make sure you have nothing in Canada! No RRSP or investments or the goverment will still tax your Korean income!! They only have a partial tax agreement, apparently only Japan has a full tax agreement with Canada. In order to avoid this, when leaving Canada you need to clear your accounts, cash in your RRSP and declare you are moving to another country. IF NOT, when you return to Canada, you will be fined with late fees for not doing taxes, and have to pay taxes on your Korean income (the difference that you didn't pay in Korea and believe me in 2 years that has added up to over 6,000 dollars Canadian). So just FYI

Thanks for sharing.  So, the only thing I still have left in Canada is my bank account and my CDN passport.   Does that mean I'd have to owe a lot of taxes if I return to Canada with all my work earnings from Korea?

How would they know how much money I made during my decade here?  That's why I wasn't sure if I should now add my CDN Tax ID info on my NH savings account with all my savings.  I've never had to do that before in the past but I'm thinking if I sign that form and lock my savings in another 1 year termed deposit account, they might send that info of what I have in my NH bank to CRA.

I'm confused why we would need to pay huge amount of tax to them when I haven't been living there for a decade nor have I returned a single time.  Why would they deserve to take X % of my total earnings in Korea?     Is there any specific professional expert that I should be talking to about this to know for sure?  I don't want to assume that I owe 15 grand in taxes or assume that I don't have to pay any taxes and then get the shocker of 15 grand (just as an example). 

It almost sounds like it'd be better not to ever return to Canada then.  I better just live out my days in Korea or move to another country (lol).


  • pkjh
  • The Legend

    • 2075

    • May 02, 2012, 02:59:44 pm
    • Asia
Re: NH (and other banks) now ask you for your home country TAX ID?
« Reply #6 on: June 15, 2021, 02:44:51 pm »
I've been filing my Canadian taxes every year with the small amount I've been making off my Canadian investments, which is like maybe a few thousand a year. Have had no problems with the CRA so far.