Posted date : May 8, 2023.
I have a personal-use condo in Florida which I have had now for seven years. I have a U.S.-dollar mortgage on this condo which is with a U.S. branch of RBC, and they sent me a written request to fix an ITIN mismatch with their records and the IRS. I do not have an ITIN number and my question is whether it’s advisable to get one now – which will be required at some point when I sell – or wait until I sell. Having such a number may benefit me when obtaining U.S. credit cards as well as fulfilling the bank request. The bank has not pushed the issue with me since I have had the mortgage.
Ed.: It is difficult to obtain an ITIN unless you have an immediate need. Persons who had numbers but had no need to use them had their numbers cancelled and had to reapply when they needed a number for tax purposes. Thus, it is probably best to wait until you have a tax reason to apply for a number, such as when you sell your condo. We use a U.S. bank and debit cards which work amazingly well.