Hi Cho,

Yes. Even if the chequing account does not earn interest, it should still be designated as non-resident once you become a non-resident of Canada.

The non-resident designation is not based on whether the account earns income, but on your tax residency status. Banks are required to know whether an account holder is a resident or non-resident for tax reporting and withholding purposes.

A few practical points:

• A non-interest-bearing chequing account generally does not create Canadian tax filings on its own
• Declaring the account as non-resident helps ensure the bank does not issue incorrect tax slips (e.g., T5s)
• You can usually keep a basic chequing account as a non-resident, subject to the bank’s policies

If you have Canadian investment accounts, GICs, or receive Canadian-source income, the non-resident designation becomes especially important.

Hope this helps.

— Allan Madan, CPA