Account Opening Eligibility
OneVest can only open an account for you if you meet all of the following conditions:
- You reached the age of majority in your province or territory of residence (i.e., where you live/the jurisdiction in which you pay your taxes);
- You are a Canadian resident (i.e., you have a Canadian home address/physical location). Note: Post Office (“PO”) box numbers are not allowed;
- You have a valid Social Insurance Number (“SIN”). Note: Your SIN cannot start with a 0 or an 8;
- You can upload government-issued photo IDs;
- You have a personal Canadian bank/financial institution (“FI”) account; and,
- You have a personal email address so that OneVest can provide updates on the status of your application (if it is approved), and provide disclosure statements and other important documents related to your new investment account(s).
What happens to my OneVest accounts if I permanently move to the United States (“US”)?
If you permanently move to the US:
Non-registered accounts:
- All accounts must be closed.
Registered accounts:
- Registered accounts can remain open, however:
- No additional contributions can be made. If you withdraw funds from your RRSP, the entire withdrawal will be subject to a Canadian non-resident withholding tax of 25% (or 15% in certain circumstances). The calculation of the taxable portion of the withdrawal is complex and should be discussed with a qualified cross-border tax advisor;
- You would need to have a personal Canadian bank/FI account; and,
- For RESP accounts, as per CRA rules, the beneficiary must be a Canadian resident (i.e. have a Canadian home address/physical location) - Note: PO box numbers are not allowed.
What happens to my OneVest accounts if I permanently move to another country outside of Canada or the US?
If you permanently move to a country outside of Canada or the US:
Non-registered accounts:
- All accounts must be closed.
Registered accounts:
- Please submit a request and we would be happy to help you.
What happens to my OneVest accounts if I temporarily move to the US or to another country outside of Canada?
To be a “temporary” resident refers to:
- Having the right to stay in a country for a certain length of time (a couple of weeks or months in a year), without full citizenship.
- The certain length of time would include work permits, educational purposes, snowbirds (i.e., individuals over the age of 60 who maintain a home in the US in addition to their homes in Canada), sports events, medical treatments, family vacations, etc.
All existing OneVest accounts can remain open however, no new account types can be opened unless you are physically in Canada. The reason for this is that there is a general solicitation rule that exists in the US and other countries that prohibits you from receiving any marketing emails related to new investment products and/or services.