What do I need to open a bank account in Canada?
Opening an account should take minutes, not three trips to a branch. Knowing what the bank has to check, and what it cannot ask for, makes it much smoother, especially if you are new to Canada.
The two ways to prove who you are
According to the Financial Consumer Agency of Canada (FCAC), you can use either of these, with original documents only.
Option 1: two documents
One document showing your name and address, and one showing your name and date of birth. Accepted examples include federal or provincial ID, recent tax assessment notices, recent government benefit statements, recent Canadian utility bills, recent bank or credit card statements, and foreign passports.
Option 2: one document plus a person
One document showing your name and date of birth, plus confirmation of your identity by a customer in good standing with the bank or a person of good standing in your community.
What you do not need
FCAC says you can open an account without a job, without an initial deposit, or after bankruptcy. The bank still has to verify your identity. If you are not a citizen, or do not live in Canada, you may still be able to open one with proper ID, and you may need to visit in person. Some online-only institutions may ask for an existing account elsewhere.
When a bank can say no
A bank may refuse if it reasonably believes the account would be used for illegal or fraudulent purposes, has a record of illegal or fraudulent activity with financial providers in the past seven years, believes you knowingly gave false information, cannot verify your ID, or offers only accounts linked to an existing account that you do not have. If you are refused, you are entitled to a written statement that includes the bank's complaint procedure.
Compare before you sign
Fees are where accounts differ most. Look at the monthly fee, what it takes to waive it, per-transaction charges, e-Transfer rules and deposit insurance. Here is a quick illustration of why the waiver condition matters.
| Example (illustrative) | Number |
|---|---|
| Monthly fee | $9 |
| Fee for a year | $9 x 12 = $108 |
| Minimum balance to waive the fee | $4,000 |
| Interest that $4,000 could earn elsewhere at 3% | $120 |
In this made-up case, tying up $4,000 to avoid a $108 fee costs you $120 in missed interest. Real accounts differ, so check your own fee schedule. Our guides on no-fee accounts, the low-cost account rule and chequing vs savings help you compare.
Checklist
- Gather your original ID, matching option 1 or 2 above.
- Ask how to open it (in person, online or by phone).
- Read the fee schedule and the cheque hold policy before signing, and keep a copy.
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