Approximately 500,000–1,000,000 Canadian seniors spend part of each winter in the United States, Mexico, or other warm-weather destinations. Managing your banking and finances efficiently as a snowbird can save you hundreds of dollars per year in foreign transaction fees, poor exchange rates, and unnecessary account charges.
Scotiabank offers a US Dollar Daily Interest Chequing Account — no monthly fee with minimum balance, Visa debit card that works in US ATMs, and the ability to earn USD interest. Scotiabank is the most popular Big Six bank choice for snowbirds due to its long history of serving the snowbird community.
TD Canada Trust and TD Bank USA have a partnership. TD Cross-Border Banking allows you to open a US TD Bank account from Canada before you travel. Transfers between Canadian and US TD accounts are easy and lower-cost than wire transfers.
KOHO's Visa card has no foreign transaction fee on the Premium tier ($9/month). For snowbirds making frequent US purchases, this can save $200+ vs. standard Canadian debit cards charging 2.5% on everything. The basic free KOHO account does charge a foreign transaction fee, but the Premium version waives it.
Not a traditional bank, but Wise offers mid-market exchange rates with very low fees for converting CAD to USD. Useful for bulk transfers to a US account at the start of the snowbird season. Multi-currency account with debit card available.
Best for savings. Keep your Canadian dollar savings earning 3.5%+ at EQ Bank while you're abroad. Set up automatic transfers to your spending account each month.
The US "substantial presence test" counts your days in the US over a 3-year rolling period. If you exceed the threshold (183 "weighted" days), the IRS can tax you as a US tax resident. To protect your Canadian tax status, file IRS Form 8840 (Closer Connection Exception Statement) annually by June 15 of the following year. This is free to file and essential for snowbirds spending 90+ days per year in the US.
Your government benefits continue while you're abroad — as long as you maintain Canadian residency (which most snowbirds do). Benefits are deposited directly to your Canadian bank account. You don't need to be in Canada to receive them. Ensure your direct deposit information is current at Service Canada before you leave.
Most provinces require you to maintain at least 6 months of residency per year to keep provincial health coverage. Typical maximum absence: Ontario (212 days), BC (180 days), Alberta (183 days). Stay within your province's limit or risk losing provincial health coverage — which means losing drug and other benefits that require OHIP/MSP as a base.
If you spend 3+ months in the US annually, opening a US bank account simplifies life significantly. Options include: TD Bank USA (easiest for TD Canada customers), Bank of America (good ATM network), or a credit union in your wintering state. You'll need a US mailing address, your Canadian passport, and proof of Canadian address.
| Card | Foreign Fee | Annual Fee | Notes |
|---|---|---|---|
| Scotiabank Passport Visa Infinite | 0% | $150 | Great for US and international |
| Brim Mastercard | 0% | $0 (basic) | Best no-fee option |
| Rogers Red World Elite Mastercard | 0% (net, with cashback) | $0 | Requires Rogers service |
| KOHO Premium Visa | 0% | $9/month | Good for daily spending |
KOHO offers free banking with no monthly fees — perfect for fixed-income seniors who want to keep more of their OAS and CPP. Easy to use on mobile or desktop.
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