Opening a bank account in Canada as a newcomer

Before you start

• Original identity documents (not photocopies)

Documents you need

• Passport

  required

• Your immigration document: work or study permit, PR card or Confirmation of Permanent Residence

  optional

• A document with your name and Canadian address

  optional

• Social Insurance Number

  optional

Step by step

1. 1

   Step 1: Know your right to an account

   You can open a personal bank account even if you do not have a job, have no money to deposit right away, or have been bankrupt. You do not need to be a Canadian citizen, and you can apply in person, online or by phone, as long as the bank can confirm your identity. A bank may refuse in limited cases, for example if it suspects the account will be used for illegal purposes or fraud, or if you knowingly give false information. If it refuses, it must give you a written statement with its complaints procedure and contact details for the FCAC.

2. 2

   Step 2: Bring acceptable ID

   The bank must see original documents, not photocopies. You can meet the ID rules in one of two ways:

   1. Two documents from reliable sources, one showing your name and address and one showing your name and date of birth. Examples include government-issued ID, a foreign passport, a recent Canadian utility bill, a recent bank or credit card statement, or a recent tax assessment or benefit statement.
   2. One document with 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.

   Bring your immigration document as well (work or study permit, PR card or Confirmation of Permanent Residence), because you will need it to show that you are a newcomer for a no-cost account.

3. 3

   Step 3: Ask for a no-cost or low-cost account

   Under the federal commitment on low-cost and no-cost accounts, which participating banks including Canada's six largest apply:

   • a low-cost account costs no more than $4 a month, includes at least 18 debit transactions a month and cannot require a minimum balance;
   • a no-cost account has the same features with no monthly fee, for newcomers in their first year in Canada, people aged 18 or younger, students, seniors receiving the Guaranteed Income Supplement and Registered Disability Savings Plan beneficiaries.

   Ask for these accounts by name; banks may advertise other packages first. Many banks also run newcomer packages, so compare fees and conditions before you sign, and use the FCAC's account comparison tool.

4. 4

   Step 4: Give your SIN if the account earns interest

   Banks need your Social Insurance Number to report interest and investment income to the Canada Revenue Agency, so they will ask for it for savings and investment accounts. For an account that pays no income, the law does not require you to give your SIN, and a bank cannot refuse to do business with you only because you choose not to provide it. See Getting a Social Insurance Number.

5. 5

   Step 5: Set up the basics

   Give your account details to your employer for direct deposit of your salary and register for online banking. In Canada, rent and transfers between people are commonly paid by bank transfer, pre-authorized debit or Interac e-Transfer, but your landlord cannot require post-dated cheques or automatic debits.

Fees, alerts and overdrafts

Building a Canadian credit history

If something goes wrong

Watch out

Common mistakes

• Accepting a monthly-fee package without asking about the no-cost account for newcomers.
• Bringing photocopies instead of original ID.

Tips

• Ask the bank to confirm in writing when the free first-year period ends, and set a reminder.
• If you are moving for work, ask your employer which documents it needs for payroll before your first pay day.

Frequently asked questions

Editorial answers written by our team, based on the sources below.

Official links

In your plan

• Open a Canadian bank accountAdd to plan

Sources

Written and checked by HomiStart editorial against the official sources below. Next scheduled check: 6 Apr 2027.