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  • closed bank accounts

    Just wanted to share some information with the forum. Apparently Banks keep account information for 7 years post closing the account. They can't go further than that. They actually recycle the bank account number.
    I learned the hard way, as I closed the account more than 7 years ago. Trying to fill in form 13.1 and I came to know of that fact.
    Thanks

  • #2
    That hit me too... it was really hard to prove my worth at date of marriage. It's not something you think about when you are getting married.

    It shocked me that banks didn't hold information like that. I always assumed they would have it. Even open accounts that go back more than 7 years have the history discarded. Banks are only allowed to keep 7 years of history due to banking regulations.

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    • #3
      Response that I got from the teller is CRA requires you to keep your records for 6 years, so the banks are just one more year.
      PC/Tangerine (formerly known as ING) go back in time , if you are an active client.

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      • #4
        Bank of Montreal is 7 years, even for active accounts.

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        • #5
          I had the same situation before and it was really hard to prove my worth at date of marriage. Struggled a lot.

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          • #6
            I would investigate this further if I were you. In my case, I had RRSP and investment accounts back in the 90's (Sunlife and RBC self-directed investments). I had to pay a fee (like $25/$30) for them to do a detailed microfiche search (with no guarantee of success), but I did end up with statements close to the marriage date that satisfied both lawyers.

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