Will it be shut down after a few months? Is it based on activity? Is there a difference for ARC versus APRC?
My accounts kept going without issue for years being dormant but I’ve heard some banks such as HSBC and taishin ask for a copy of your new arc every year and turn off international ATM access if you don’t provide it. My current bank says they don’t do that but I guess I’ll find out when I’m overseas and the card doesn’t work
The account itself should be safe
If the copy of your ARC at your bank is out of date your interest is taxed as a non-resident which is a much higher rate than a resident. If you have any reasonable level of savings it’s your own interest (haha) to ensure they have an up to date copy.
Do you get it back when you file your tax return? Or is it permanently gone?
I was unaware of this. I guess I’ll go in on Monday. . . .
I believe it depends on how you file your taxes. When you declare the bank interest as income and if you also deduct it as already paid somewhere in the mix you might get something back but you’ll be paying salary type taxes on it. Best to have everything up to date so you don’t need to go through the hassle or park your cash elsewhere.