When your time in Canada comes to an end, you may find yourself with Canadian dollars still sitting in your account. "Leaving it idle feels like a waste—but how should I actually manage it?" If that sounds like you, this guide walks through your options: regular savings, high-interest accounts, and GICs, plus the idea of using the interest to help cover the cost of keeping a Canadian phone number. One honest caveat up front: some accounts and GICs simply aren't available to non-residents, and we'll be straight with you about that.
- It's safest to split your Canadian dollars into "money you'll use soon" and "money you'll park"
- Keep the spend-soon portion liquid (savings or a HISA); a GIC can suit money you'll leave untouched
- Online banks like EQ Bank may not be open to non-residents, and accounts can even be closed
- A GIC may not allow withdrawals before maturity, so watch the early-redemption terms
- Bloomy is a data-only eSIM—no voice calls or SMS, though app-based calls (WhatsApp and similar) work over data
- If you have a reason to hold onto Canadian dollars, keep the spend-soon portion liquid and consider options like a GIC for the part you'll leave untouched.
- One thing to watch: banks such as EQ Bank may require you to be a Canadian resident with a Canadian address, which can mean non-residents aren't eligible—or have their accounts closed. And a GIC may not let you withdraw before maturity.
- Using interest to offset part of your phone-number costs is a sound idea, but you'll need to confirm with each financial institution which accounts and products are actually open to non-residents.
The information here is general and current as of June 2026. Interest rates, GIC terms, CDIC coverage, and non-resident eligibility change and vary, so please confirm with each institution's official sources. This article is not investment or tax advice.
Reasons to keep Canadian dollars
- To use on a future trip back to Canada
- As a landing spot for tuition, refunds, or a tax refund
- For transfers via services like Wise
- To wait for a better exchange rate
- To simply hold them as a Canadian-dollar asset
Quick glossary
- High-interest savings account (HISA): a savings account that pays a higher rate than a regular account. Most keep your money easy to access.
- GIC: similar to a term deposit—you lock in money for a set period at a fixed rate. Withdrawals before maturity may not be allowed.
Comparing regular savings, HISAs, and GICs
| Type | Typical rate | Access to funds | Best for |
|---|---|---|---|
| Regular savings | Lower | Anytime | Money you'll use soon |
| High-interest account (HISA) | Somewhat higher | Relatively easy | Near-term reserve funds |
| GIC | Fixed (set by term) | Often locked until maturity | Money you won't touch for a while |
Split it: money you'll use soon vs. money you'll leave alone
| Nature of the money | Where to keep it |
|---|---|
| Spending soon / earmarked | Regular savings or a high-interest account |
| Not needed for a while | A GIC or similar (check term and conditions) |
A GIC may look attractive with its higher rate, but it can lock your money up until maturity. Since you may suddenly need cash after you've moved on from Canada, it's reassuring to keep "money you'll use soon" separate from "money you'll park." And above all, check early with each financial institution whether that account or GIC is even available to non-residents.
The non-resident catch (this part matters)
Fee-free online banks with higher rates (like EQ Bank) are appealing, but some require you to be a Canadian resident with a permanent Canadian address. With certain services, living outside Canada for an extended period can lead to your account being closed. In other words, an account you used while in Canada won't necessarily keep working once you're a non-resident. Whether deposits are covered by CDIC, and how early redemption or maturity is handled on a GIC, also differ from product to product. Confirm with each institution's official information before you rely on it.
Using interest to offset your phone-number costs
If you park Canadian dollars in an interest-bearing account or GIC, that interest can cover part—or sometimes all—of the cost of keeping a Canadian phone number (for example, around $99 a year on a plan like Freedom; confirm the current price when you sign up). We run the actual break-even math in Can bank interest offset the cost of keeping a Canadian phone number?. Keep in mind that a Canadian number can also be handy for logging into your accounts, so it makes sense to think about the number and the interest together.
Who this approach suits—and who it doesn't
A good fit if you
- Want to keep Canadian dollars after leaving Canada
- Want to manage your money with a clear grasp of how interest and GICs work
- Have access to an account that works for non-residents
Probably not for you if you
- Won't be keeping much in Canadian dollars
- Have no account or GIC available to non-residents
Keeping a number vs. staying connected with data
If you're keeping a Canadian number for banking or managing your money, it helps to treat data separately from the number—adding data only when you actually need it. When you just want to top up data, a data-only eSIM is one option. Bloomy's data plans come in 1GB, 3GB, 5GB, 10GB, and 20GB (please check coverage for your area). Note that Bloomy is a data-only eSIM and does not provide a phone number or SMS. Real-world speeds and connection quality vary with the local network, your device, and the area, and a fair-use policy applies.
Common mistakes (all avoidable with a quick check)
- Moving funds into an account that isn't open to non-residents: confirm with the institution first.
- Overlooking a GIC's early-redemption terms: check the withdrawal conditions.
- Not checking CDIC coverage or GIC terms: verify them product by product.
Your next steps
- Split the Canadian dollars you're keeping into "use soon" and "park"
- Confirm whether the account or GIC you want is available to non-residents
- Check the interest rate, CDIC coverage, and the GIC's maturity/early-redemption terms
- Calculate how much of your phone-number cost the interest could offset
In summary
If you're keeping Canadian dollars, split them into a spend-soon portion and a park-it portion, and match each to regular savings, a high-interest account, or a GIC for easier management. Just remember that banks like EQ Bank may not be open to non-residents, and a GIC can limit early withdrawals. Using interest to offset phone-number costs is a sound idea—just confirm the latest rates, terms, and non-resident eligibility with each institution before you decide.
This article is for general information only and is not financial, investment, tax, or legal advice. Interest rates, GIC terms, whether deposits are CDIC-covered, non-resident eligibility, and tax treatment all depend on timing, your individual circumstances, and each provider's rules. A GIC may not allow withdrawals before maturity. Before acting, confirm with each institution's official sources or representatives, and consult a professional where appropriate.
