Opening a Bank Account in Canada
Lesson 3 of 11 in Banking & Credit in Canada · 25 minutes
Read about the step-by-step process of opening a bank account as a newcomer to Canada. Learn what documents you need and what questions to ask.
What you'll learn
- Understand the steps to open a bank account in Canada
- Know what documents you need to bring to the bank
- Compare different types of bank accounts
From the lesson
Opening a Bank Account in Canada
One of the first things you should do when you arrive in Canada is open a bank account. Most newcomers open an account at one of Canada's five major banks: TD, RBC, Scotiabank, BMO, or CIBC. There are also credit unions, which are smaller, community-based financial institutions.
What You Need to Bring:
To open a bank account, you usually need two pieces of identification. Accepted ID includes your passport, permanent resident card, work permit, or study permit. You do not need a Social Insurance Number (SIN), a job or money to open an account, but the bank will ask for your SIN if the account earns interest, because interest is reported for taxes. Some banks…