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How can I bank with you? |
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Citibank Canada always makes it easy, no matter how, where or when you bank — online, by ABM, phone or mail. |
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What do I need to access my accounts? |
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Open a Chequing, savings, or GIC account and Citibank Canada will automatically offer one or more of the remote access options listed.
Citibank Online
Once you have enrolled you will be issued a Client Identification Number (CIN) and a Personal Access Code (PAC), which become your unique electronic signature. When accessing Citibank Online you will be prompted for this information.
ABM/POS Banking
You will require chequing or line of credit account, a Citibank Banking Card that is linked to your ABM/POS eligible account(s) and Personal Identification Number (PIN). |
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Where can I do my daily banking? |
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Daily banking at your fingertips, in fact you never have to stand in line at a branch again.
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Citibank Online |
THE EXCHANGE Network of ABMs in Canada |
ABM |
POS |
CitiPhone Banking Centre |
Mail |
| Check account balances |
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| Withdraw cash from your chequing or line of credit account |
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| Pay bills |
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| Transfer Money Between Your Citibank Canada Accounts |
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| Transfer Money Between Your Citibank Account and your Account at another Canadian FI |
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| Transfer Money to another Citibank Canada client's account |
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| Transfer Money to a Citibank client's account abroad |
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| Deposit Money |
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| Review your transactions |
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| Banking Services (request drafts, wires etc) |
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What is a debit card? |
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A debit card is a plastic card known as the Citibank Banking Card. This card is a way to "withdraw cash" or "pay now" at an ABM or POS device. When you select "chequing" or "savings" at the ABM or POS device the debit card transaction will be deducted from the linked chequing or line of credit account right away. There's no monthly bill and no interest on purchases (unless the withdrawal activates your overdraft) from your chequing account. In contrast, if you select your line of credit account you "pay later" because you are borrowing money for the purchase. |
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Are there any fees for using a debit card? |
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There are no fees associated with the debit card, however a debit transaction may activate fees on your account such as finance charges and account transaction fees. In addition, merchants who own ABMs and Point of Sale devices may levy a fee for using your debit card at their machine.
Finance charges are activated if a chequing account is in an overdraft and if a purchase is transacted on a line of credit. You are borrowing the money to pay for the purchase now.
Transaction fees apply to the Citibank Interest Chequing Accounts. For every debit made to your account you will be assessed a fee, which include transactions made with your debit card. The Citibank Chequing Account allows unlimited debit card transactions for a small monthly account fee. |
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How can I track debit card transactions/fees? |
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You may view the details of each purchase on line by selecting Account Activity and Details. The details of the transaction also appear on your monthly bank statement. The transactions are identified by type of transaction (ABM or POS) and show the amount spent, the date and the merchant where you used your Citibank Banking Card. |
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Does my Citibank Banking Card have spending limits? |
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Yes, the limits are set daily and by the service type. |
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Can I see transaction history online? |
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Yes, online banking offers you the ability to view up to the minute account activity or historical transaction activity within the last ninety (90) days. |
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Can I get a copy of my statement? |
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A duplicate copy of a previous statement can be requested for a fee. |
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Do I get cheques with my new account? |
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Yes, you will receive 3 complimentary cheques. You will find the cheques enclosed in your welcome package. For a nominal fee, you can also order standard duplicate or single cheques in sets of 50 or 100. |
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How do I order cheques? |
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You have a choice! Sign On to Citibank Online and complete an Order Cheque request or you can order cheques by speaking to one of our friendly CitiPhone Banking Representatives.
Just give us a call at 1-800-387-9292 (toll free across Canada and the U.S.) or at 416-947-4100 in Toronto. |
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What is the fee to order personalized cheques for my Citibank account? |
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Click here for the Securitone cheques price list.
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What type of fees should I expect to pay? |
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The Citibank Canada Banking Services Fees outline service fees, which apply to your present or future accounts that offer the services listed. These service fees are in addition to any applicable transaction fees and monthly account fees. |
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What is a registered plan? |
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A Registered Retirement Savings Plan (RRSP) is a personal savings plan registered with the Canadian federal Government, which allows you to save for the future on a tax-sheltered basis. The benefit of an RRSP is that your contributions to it are tax deductible and your money grows tax sheltered.
Invest in yourself. Everyone has dreams for retirement. Yours might be to travel the world, buy a boat or simply have more time with your family. Whatever your dream is, you deserve to enjoy your retirement to its fullest. And a Citibank Canada Retirement Savings Plan (RSP) is the smart way to save for the future, reduce your annual taxable income and possibly qualify for a tax refund. |
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What tax forms apply to me? |
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T4 RSP
Each year a tax-deductible contribution is made, Citibank shall forward to you a receipt or receipts for income tax purposes on or before March 31st of the following year detailing the contributions made under your plan.
T2033
Complete this form to transfer funds in your registered retirement savings plan (RRSP) to another financial institution.
Home Buyers Plan
Request to withdraw funds from an RRSP — Use this form to make a withdrawal from your RRSP under the Home Buyers' Plan.
RRSP withdrawal form
Use this form to request to withdraw funds from your RRSP. |
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Can I withdraw from an RRSP? |
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Funds withdrawn from an RRSP are subject to withholding taxes. This amount must be held back by the plan administrator and remitted to the government on your behalf.
As of January 1st, 2005, the following withholding tax rates apply:
| RRSP Withdrawal Amount |
All Provinces
except Quebec |
Quebec |
| Up to & including $5,000 |
10% |
21% |
| $5,001 - $15,000 |
20% |
26% |
| More than $15,000 |
30% |
31% |
You will receive a T4 RSP form for any funds withdrawn during the year showing the amount to be included in your taxable income and the amount for the withholding tax.
For more details click here. |
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What is a Tax-Free Savings Account (TFSA)? |
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A Tax-Free Savings Account (TFSA) is a type of savings account in which investment income and capital gains grows tax-free. It was introduced by the Federal Government in the 2008 Budget. |
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Who is eligible to open a TFSA? |
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Canadian residents 18 years of age and older and who have a Social Insurance Number can open a TFSA. |
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Can I hold more than one TFSA? |
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Yes. You can open more than one TFSA as long as you are within your contribution limit. |
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How is a TFSA different from an RSP? |
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RSPs are designed to help you save for retirement. TFSAs are designed to help you save for anything. There are a number of other differences. RSP contributions are based on the amount of earned income and also reduce taxable income. TFSA contributions are not based on income and TFSAs do not reduce taxable income. |
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Can non-residents open TFSAs? |
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No. TFSAs can only be opened by Canadian residents. |
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What happens if I become a non-resident? |
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If you become a non-resident of Canada, you will be allowed to keep your TFSA and you will not be taxed on any income earnings in the account or on the withdrawals.
Any withdrawals made during the period that you were a non-resident will be added back to your unused TFSA contribution room in the following year, but will only be available if you resume your residency status in Canada.
Any contributions made while you are a non-resident will be subject to a special tax of one per cent per month of the contribution until you withdraw and designate the withdrawal as a withdrawal of the non-resident contribution or, if earlier, you become a resident in Canada. In addition, as no contribution room would accrue for any year throughout which you are a non-resident, you will be subject to another one per cent tax per month of the contribution on any excess TFSA amount. |
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Is a TFSA eligible for CDIC insurance? |
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Citibank High Interest TFSAs and Citibank GIC TFSAs denominated in Canadian currency are eligible for deposit insurance. Deposits within the TFSA(s) will be aggregated with other deposits held in the same account holder’s name to the basic insurable limit of $100,000. |
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What is the difference between a successor account holder and a beneficiary? |
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When you complete Citibank’s TFSA application, there is a section for you to indicate your successor. Only your spouse or common law partner can be your successor. If you designate your spouse or common law partner as the successor to your account, that means that upon your death, they become the new owner of your TFSA. There are no taxes that are owed as a result of this transfer of ownership and no taxes to be paid on the earnings of the TFSA. Also, there will be no impact on the successor account holder’s contribution room.
If you do not have a spouse or common law partner, you may complete the beneficiary section of the application. By doing so, you are naming the person who will own your TFSA after your death. Upon your death, the account ceases to be a TFSA and any income earned from the date of your death will be subject to taxes in the hands of the beneficiary. |
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What happens to the TFSA if the account holder passes away? |
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If the deceased designated a beneficiary...
Upon the death of the account holder, the account ceases to be a TFSA and the income earned in the account from the date of the account holder’s death is subject to income tax in the hands of the beneficiary.
If the deceased designated a successor account holder...
If the account holder named his/her spouse or common-law partner as the successor account holder, the spouse/common-law partner becomes the new owner of the TFSA and the income earnings continue to remain tax-free and there is no impact to the contribution room of the successor account holder. |
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How much can I contribute? |
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Each year you can contribute an amount up to your contribution room for the year. Your contribution room would be made up of three amounts:
1. Each year you would be allowed to contribute at least $5,000 (this annual amount will be indexed to inflation and rounded to the nearest $500 on a yearly basis).
2. Any withdrawals made in the previous year would be added to the contribution room for the year.
3. Any unused contribution room from the previous year would be added to the contribution room for the year. |
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What if I can’t contribute the full $5,000? |
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Unused contribution room is carried forward indefinitely. For example, if you can only contribute $2,000 in 2009, in 2010 you can contribute $8,000 (i.e. $5,000 for the year 2010 and $3,000 for 2009). |
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Can I open a joint TFSA with my spouse? |
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No. TFSAs can only be owned by one person. |
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Can I open a TFSA for my business? |
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TFSAs can only be opened by individuals. |
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How will I know what my TFSA contribution room is for any given year? |
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The Canada Revenue Agency intends to inform you of your contribution room annually. |
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What happens if I over-contribute to my TFSA? |
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The Canada Revenue Agency will impose a tax of 1% per month for each month that the excess remains in the account. |
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Are my contributions tax-deductible? |
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No. Unlike RSPs, you can’t deduct your TFSA contributions from your income. |
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When can I withdraw my money? |
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You can withdraw funds at any time. |
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Once I've withdrawn money from my TFSA, is that contribution room lost? |
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No. Luckily, the amount of funds withdrawn in any year gets added back to your contribution room in the following year. For example, if you contributed $5,000 to your TFSA in 2009 and later that year withdrew $2,000, in 2010 your contribution room would be $7,000 (i.e. $5,000 for 2010 plus $2,000 for 2009). |
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What is the difference between a TFSA withdrawal and a TFSA transfer? |
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You can transfer funds from your Citibank TFSA to a non-TFSA (held at Citibank or at another financial institution) without having to complete any forms or incurring any fees. This would be considered a withdrawal from your TFSA and this amount will be added back to your contribution room in the following year.
If you wish to move your Citibank TFSA to another financial institution, the other institution will give you a transfer form to complete and Citibank will charge you an administration fee. |
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Do I have to pay tax on the withdrawals? |
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No. There are no taxes on withdrawals. |
* Any discussion of tax matters herein is of a general nature only and is not intended to be legal or tax advice to you. Accordingly, you should consult you own legal and/or tax advisor with respect to the tax consequences relating to your TFSA. |
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What is a GIC Account? |
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A GIC account is a funding vehicle where Citibank Canada accepts a single deposit for a specified period of time, such as five years, and holds the deposit at a specified rate of interest. At the end of the period, the deposited funds, including accumulated interest, are returned to the customer. |
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What are my options? |
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Citibank GIC Accounts offer you complete flexibility. You can choose between a cashable option that let's you access your funds at any time, or the non-redeemable option that locks in your funds and gives you a higher interest rate. You can select the term that best suits your needs. The choice is yours. |
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At maturity how can I get my money? |
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Upon maturity, there are two ways in which you can receive your funds from your Citibank GIC account.
Deposit to another Citibank account
The total amount of principal and interest will be deposited to the Citibank Canada account you specify.
Bank Draft
A bank draft for the total amount of principal and interest can be mailed to the mailing address on file or you can pick-up the draft at a Citibank Canada branch. |
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Will you hold my funds when I make a deposit? |
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Cheques or other instruments deposited to the account are subject to Citibank Canada's hold fund policy as follows:
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For cheques and instruments drawn on a financial institution's branch located in Canada, the maximum hold period during which Citibank Canada may hold the funds before releasing them is 7 business days for encoded cheques and 14 days for unencoded cheques. |
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For cheques and instruments drawn on a financial institution's branch located outside Canada, the maximum period during which Citibank Canada may hold the funds before releasing them is 30 business days. |
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What are the advantages of paying bills online? |
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Most of us have multiple bill payments, all of which seem to be due at different times of the month. With Citibank Online, you can set up automatic, recurring bill payments for any day of the month you choose. Citibank Canada's free online bill payment gives you the benefit of paying virtually any billing company within Canada, at no charge to you.
You can also:
Schedule payments up to one year in advance
Pay multiple bills at one time using our Express Payments |
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Are there any restrictions on bill payments? |
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Yes, there are some restrictions for you to keep in mind
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The minimum amount is $1.00 |
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Bill Payments can only be paid from a Citibank Chequing or Citibank Interest Chequing Accounts. |
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Sufficient funds to pay bills must be in your account by midnight eastern time for following day processing. |
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The currency of the payment to the merchant is Canadian dollars. |
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How long does it take for a payment to be received? |
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When you pay your bills online or with the CitiPhone Banking Centre, you should allow at least 2 to 3 business days for it to be received and processed. |
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Who can I pay using the bill payment service? |
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The Citibank Canada bill payment service allows you to select from over 2,400 merchants across Canada. To view the merchant list click here. |
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Can I access my accounts on line to do my banking? |
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Yes, you can. Check out our demo to see how easy it is to bank online. |
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How secure is online banking? |
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Citibank Canada has many tools in place to protect your money and financial information.
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We use a 128-bit encryption which means that information between your personal computer and our computers is encrypted with the best, most commonly used encryption technologies available. |
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We have firewalls and stringent internal access procedures to guard our systems from hackers. |
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We monitor all internal systems to ensure security |
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Regular and independent audits are performed on our systems to ensure security meets or exceeds the banking standards. |
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A portion of the account number has been masked to assist you with protecting your information while completing online transactions. |
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What kind of software/hardware do I need to access Citibank Online? |
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When accessing our website, we recommend Microsoft® Windows® or Macintosh® OS operating systems. We also require browsers with 128-bit encryption such as Microsoft Internet Explorer version 5.5 or higher or Netscape® version 6.2 or higher. |
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Are you unable to launch Citibank Online sign-on page? |
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You may be experiencing this issue if you have pop-up blocker settings on your web browser, or anti virus software installed or installed third party pop-up blocker software. This maybe effective in dealing with unwanted advertising and pop-ups when browsing however this does impact your ability to use the safe pop-up like the Citibank Online window. Please check with your software vendor if you're experiencing issues.
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