Just like several other developed nations, the announcement making Bitcoins legal in US also sparked the trend of large volumes of cryptocurrency transactions, thanks to the big numbers, absence of intermediaries, and avenues of profit-making. However, to be able to successfully make a transaction or verify their account, users must submit necessary documents for proof of residence. This brings us to the question – what can you use as proof of residence after all?
Over the years, falsification of proof of residence has become a raging issue, one that has come under the special lens of authorities as well, who have thus become much more stringent in their practice and regulations.
To put your several doubts to bed, we will be listing below what documents can and cannot be accepted as proof of residence in Canada.
Documents that can be used as Proof of Residence
While this largely depends on the specific type of institution or jurisdiction we are talking about, there is still a basic set of documents that are most commonly used as Proof of Residence throughout the country. These include:
- Canada Pension Plan Statement of Contributions or Quebec Pension Plan Statement of Participation
- Credit card statement along with the relevant and valid credit card
- The most recent income tax assessment
- Bank statements, clearly mentioning the date of issue of the statement (must not be older than three months from the date of submission), and the name of the person.
- Government cheques or cheque stubs mentioning the name of the person along with their address
- Delivery notice card from Canada Post completed by an official delivery employee, clearly indicating your name and address
- Private Post Office Box Rental Agreement, such as UPS Agreement
- Report cards or transcripts from school, college, or university
- Utility bills, including those for gas, electricity, water, internet, and so on, linked to your property and not older than three months
- A current lease agreement that has signatures of both the landlord and the tenant
- Letter from a recognized public authority or public servant or any government-issued correspondence, and not older than three months
- House purchase deed or mortgage statement
- Employer’s certificate for Proof of Residence
- Canada Child Tax Benefit statement
- Statement of Old Age Security (T4A) or Canada Pension Plan Benefits (T4AP)
- Municipal Tax Notice
- Statement of direct deposit for Provincial Works or Provincial Disability Support Program
- Attestation of residence issued by concerned authorities, such as shelters, soup kitchens, student or senior residences, long-term care facilities, indigenous reserves, work camps, and so on.
There is a special provision for those who cannot provide any of the required photo identification, in which case they may provide two documents from the above list of accepted Proof of Residence documents and one out of the following government-issued non-photo identification items:
- Birth certificate
- Baptismal certificate
- Health card without a photo, where permitted
- Veterans Affairs Canada health card
Alternative Documents that you can also use
Some documents can also be used as Proof of Residence if only your address is mentioned on them. These include:
- Identity card
- Driving license
However, one thing that you need to keep in mind is that the same document cannot be used both as Proof of Identity and Proof of Residence. If any ID document has an address on it, the law states that another supportive document must be provided at the identity check stage.
Documents that cannot be used as Proof of Residence
There are also a few documents that are enough to validate and verify the address stated by you. Be sure not to end up during the verification process with these documents alone:
- Government-issued correspondence that is older than three months
- A bank statement that is older than three months
- Utility bills linked to your property that are older than three months
- Pension statement
- Bank reference
- Insurance policy
- Transfer receipt
How can I be sure that my information stays safe?
It is mandatory to submit Proof of Residence to be able to verify your account for the transaction of cryptocurrencies, whether you are using an exchange or an OTC desk. However, it is natural to feel skeptical and uncertain about what happens with this sensitive information of yours now that several crypto exchanges have come under the banner for data leaks and hacks.
This is why several investors are steadily shifting to OTC markets for cryptocurrency transactions these days, as these platforms are much more secure and efficient when it comes to safeguarding the sensitive personal and financial information of customers.
Even if profits are your priority, you will be surprised to know that experts have taken the side of OTC desks when asked what type of trading is most profitable. Without a doubt, transacting in larger numbers and volumes without the intervention of intermediaries and without leading to fluctuations in the value of cryptocurrencies signifies the strong potential for making huge profits through OTC markets.
Have more queries regarding Proof of Residence requirements for crypto transactions? Get in touch with our experts and have all your questions answered immediately.