TD Canada Trust, in partnership with the Private Refugee Sponsor Network (Ontario), has tackled a significant issue faced by sponsor groups across Ontario. Recently, a Globe and Mail story exposed the barriers encountered by private refugee sponsors when attempting to establish “trust” accounts, which are required by the government for certain sponsor groups, like Groups of Five. These requirements vary between banks, and many bank staff are either unfamiliar with such sponsorship or hesitant to open accounts for non residents of Canada.
In closer examination, we discovered that setting up a trust account is often cumbersome and, while requested by IRCC, may not be essential. A savings or chequing account, held by two or more sponsors and accompanied by a bank letter, could suffice. However, some banks refuse to issue the necessary letters, or they provide form letters lacking key details required by IRCC. Additionally, the use of crowdfunding by sponsor groups can raise red flags for bank employees unfamiliar with the process.
Despite cumbersome workarounds, these issues have continued to be a significant barrier. Recognizing this, PRSN Board Member Darrell Pinto and I reached out to major banks to discuss the challenges and identify viable solutions. TD stepped up to the plate and we collaborated with a newcomer- focussed team from the bank who were very responsive in addressing the issue and proposing supporting solutions.
Since our initial discussion, the TD team has established new processes and training has been rolled out across several Ontario TD branches. Sponsor groups can now easily open the necessary accounts and obtain the required documentation at TD branches in Ontario.
We are now working with other banks to standardize these processes, making it easier for sponsors, regardless of their bank. We extend our heartfelt thanks to the entire TD team for their leadership and commitment.