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Originally Posted by WiredGuy
I never had this issue before, but my bank is requesting that from now on I give a copy of my yearly financial statements to them. Now, I don't have any loans or debts to any banks, but I did recently get my credit card limit increased by 500%, which is their reasoning for asking such information. However, I also surrendered the same amount of my credit card as a security to the bank so to the banks eyes, there is 0 risk of me defaulting on my credit but they still want my financial staments.
I'm wondering if this typical of a Canadian bank to request. I don't like the idea of having these confidential documents floating around my bank.
WG
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Yes. When I bought a house I had to give them my financial statements and my income tax statement from the last 3-4 years. It's nothing unusual. They just want proof that you really have a revenue. Your credit record does not have that proof. And it's against federal law for the bank to ask about your tax reports/financial statements to the "Canada revenue agency".
If you don't want to do it, just close your account and go to another bank. But you will propably need to do the same to get credit anyway.
