Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP
Path: utzoo!utcsri!utegc!utai!ubc-vision!mprvaxa!acton
From: acton@mprvaxa.UUCP
Newsgroups: can.general
Subject: Re: Borrowed records from Revenue Canada
Message-ID: <806@mprvaxa.UUCP>
Date: Mon, 24-Nov-86 10:44:29 EST
Article-I.D.: mprvaxa.806
Posted: Mon Nov 24 10:44:29 1986
Date-Received: Tue, 25-Nov-86 02:17:46 EST
References: <623@water.UUCP> <192@spectrix.UUCP> <497@ubc-cs.UUCP>
Reply-To: acton@mprvaxa.UUCP (Don Acton)
Distribution: can
Organization: Microtel Pacific Research, Burnaby, B.C., Canada
Lines: 13

In article <497@ubc-cs.UUCP> manis@ubc-cs.UUCP (Vincent Manis) writes:
>Chris Lewis remarks (in an extremely informative posting) that you don't
>need a SIN to open a bank account. I'm afraid that this statement is
>incorrect: the Tax Act requires that banks report interest on accounts (and
>therefore a SIN is required). 
 
When I worked in a bank you didn't need a SIN number to open an interest
bearing account. However, when it came time to pay the interest they
would withhold the maximum amount that might possibly have to be paid in income
tax.  I think a certain amount of interest had to be earned before this
rule applied (> 50?). 

  Donald Acton