Your Social Insurance Number (SIN) is a unique number assigned to Canadian citizens, permanent residents, and temporary residents, and is used to track an individual's income and taxes. When you open a MogoTrade account, we will ask for your SIN to verify your identity and to ensure that you are a legal resident of Canada. We will also use your SIN to report any income earned from your investments to the Canada Revenue Agency (CRA), as required by law.
Additionally, MogoTrade is required to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. These regulations require that we verify the identity of our clients, and using a SIN is one of the methods to comply with these regulations. Your SIN is a mandatory requirement to open a MogoTrade account, and it is also required for tax reporting purposes.
Note: To update your SIN, please contact us via the in-app Help & Support section from within your MogoTrade app. One of our MogoTrade specialists will reach out to you via phone.