“Keeping my Canadian number costs $99 a year. Couldn't the interest on my Canadian dollars cover that?” — if you're leaving Canada but holding on to some Canadian dollars, this is a question that probably crosses your mind at least once. In this article, we'll work through how far bank interest can offset the annual cost of Freedom's $99/year plan, using the idea of a break-even point. This is meant to organize the thinking, not to give exact figures — your real numbers will shift with tax, exchange rates, and account conditions.
- The cost of keeping a number can sometimes be offset by interest on Canadian dollars you leave parked
- Break-even point = annual cost ÷ annual interest rate. At 3%, that's roughly $3,300
- The real amount changes with tax, exchange rates, rate fluctuations, and non-resident conditions
- Keep the number cheaply on an annual plan, and add data with a dedicated eSIM only when you need it
- Bloomy is a data-only eSIM with no number or SMS — but app-based calls (WhatsApp, etc.) still work
- Freedom's $99/year works out to about $8.25 a month. If you keep your Canadian dollars in an interest-bearing account or a GIC, that interest may cover this cost in part or in full.
- The break-even formula is “annual cost ÷ annual interest rate.” At 3%, for example, $99 ÷ 0.03 = $3,300 as a rough guide.
- That said, tax, exchange rates, rate changes, non-resident conditions, and early-withdrawal restrictions on GICs mean the interest won't always land in your hands in full. Treat this as a way of thinking, not as investment advice.
The information here reflects general conditions as of June 2026. Interest rates, exchange rates, account and GIC terms, and non-resident eligibility all change and differ between providers, so please confirm with each financial institution's official information. This article is not investment or tax advice.
The idea: “offsetting” the cost with interest
Even if keeping a Canadian number costs $99 a year, parking your Canadian dollars in an interest-bearing account or a GIC (a product similar to a term deposit) means that interest may cover some or all of that cost. This is the idea behind “offsetting with interest.”
The break-even formula
The balance you'd need is found with the following formula.
Break-even point (balance needed) = annual cost ÷ annual interest rate
Example: at 3%, $99 ÷ 0.03 = $3,300
In other words, keep $3,300 in Canadian dollars in an account paying 3%, and the interest ($99/year) works out to cover Freedom's annual cost (tax and conditions aside).
By interest rate: the balance needed to offset $99 a year
| Annual rate | Approx. balance needed |
|---|---|
| 1.0% | $9,900 |
| 2.0% | $4,950 |
| 3.0% | $3,300 |
| 3.5% | about $2,829 |
| 4.0% | $2,475 |
| 5.0% | $1,980 |
For reference, if a given online bank's 1-year GIC paid 3.15% (one example from March 2026), then $99 ÷ 0.0315 = about $3,143 as a guide. Whether that account or GIC is available to non-residents, however, is something you'd need to check separately.
By balance: a guide to annual interest
| Balance | At 1% | At 3% | At 4% | At 5% |
|---|---|---|---|---|
| $1,000 | $10 | $30 | $40 | $50 |
| $3,000 | $30 | $90 | $120 | $150 |
| $5,000 | $50 | $150 | $200 | $250 |
| $10,000 | $100 | $300 | $400 | $500 |
| $20,000 | $200 | $600 | $800 | $1,000 |
*These are simple pre-tax estimates. In practice they're affected by tax, exchange rates, and rate changes.
Hearing that “interest can cover the upkeep” feels like a win, but in reality the interest may be taxed, the home-currency value can shift with exchange rates, and a GIC may be locked until maturity. The realistic way to see it is: “the fixed cost of keeping a number might be partly offset by interest on funds you already have parked.”
Things to watch (factors that change the assumptions)
- Interest rates fluctuate (the tables assume a fixed rate for simplicity).
- Interest may be taxable.
- The exchange rate between Canadian dollars and your home currency changes the converted value.
- A GIC may not be withdrawable until maturity.
- Whether an account or GIC is available to non-residents needs to be confirmed with each institution.
Who this approach suits — and who it doesn't
A good fit if you
- Are leaving Canada while keeping a meaningful amount of Canadian dollars
- Want to tidy up the fixed cost of keeping a number
- Want to think it through with a solid grasp of how interest and GICs work
Probably not for you if you
- Are keeping almost no Canadian dollars
- Have no access to a non-resident-eligible account or GIC
Keep the number cheap, handle data separately
If you want to hold down the fixed cost of keeping a number, it's easier to keep the number cheaply on something like an annual plan and add data only when you need it. When you just want to add data, a data-only eSIM is one option. Bloomy's data plans come in 1GB, 3GB, 5GB, 10GB, and 20GB (please check supported coverage areas). Note that Bloomy is a data-only eSIM and does not provide a phone number or SMS. A fair-use policy applies, and connection quality varies with the local network, your device, and the area.
[What to do next]
- Check how much in Canadian dollars you'll keep
- Confirm with each institution whether an interest-bearing account or GIC is available to non-residents
- Calculate the balance you'd need with the break-even formula (annual cost ÷ annual interest rate)
- Factor in tax, exchange rates, and withdrawal terms before deciding
Summary
Freedom's $99/year cost can, in some cases, be partly or fully offset by keeping your Canadian dollars in an interest-bearing account or GIC. The break-even point is “annual cost ÷ annual interest rate.” But because tax, exchange rates, rate changes, and non-resident conditions all shift the real outcome, treat this as a way of thinking and decide alongside the latest information from each financial institution.
This article is for general information only and is not financial, investment, tax, or legal advice. Interest rates, exchange rates, account and GIC terms, non-resident eligibility, and tax treatment all vary by timing, individual circumstances, and each provider's rules. A GIC may not be withdrawable until maturity. Before acting, please confirm with each financial institution's official information, their representatives, and a professional where needed.
