Are You A "Snowbird"? Things you need to know..

A basics guide for first-time snowbirds

By Gail Johnson | Pay Day – Fri, 31 Oct, 2014 1:30 PM EDT
Excerpted from Yahoo Finance

  CBC/CBC-Nova Scotia snowbirds can now bask in the heat for an extra month without risking losing their health coverage.

With winter just about here, snowbirds are busy packing their bags for warmer climes. First-timers will want to take with them a few money tips to make the pilgrimage a smooth one.   

For starters, open a U.S. bank account.


“Snowbirds should have a U.S. banking relationship,” says Alain Forget, RBC’s head of sales and business development, who’s based in Ft. Lauderdale. “There are a lot of differences between U.S. and Canadian banking, and snowbirds — who spend between one and six months down south — need to be knowledgeable about them.”


For instance, you can’t write post-dated cheques in the States.
“Let’s say they purchase a condo and have to give condo fees monthly and want to give a series of cheques for 10, 12 months ahead of time; they can cash those cheques right away,” Forget says.

You can either open a U.S. account with a Canadian financial institution or at an American bank, though there’s no guarantee you’ll get accepted at the latter.


“Each bank has its own rules with regards to this,” says Jolene Laing, associate director of global wealth management at ScotiaMcLeod in White Rock, B.C. “Generally you will need government-issued ID, like a passport or driver’s licence and perhaps a recent piece of mail — a bill is best — to prove your current address in Canada [to apply].


“You may be required to keep a minimum balance in your chequing account or be subject to a low credit-card limit until you build U.S. credit,” she adds.