Opening a Canadian bank account

Overview

Opening a Canadian bank account

A newcomer can often open a Canadian bank account before building credit or finding employment. Compare the ongoing fee and transaction rules after any introductory newcomer offer ends.

Bring accepted identification

Federally regulated banks publish combinations of identity documents they accept, including passports and Canadian immigration records. A SIN is needed for accounts that earn reportable interest, not as general identity for every account.

Ask how a foreign name appears in the bank’s system.

Compare the real annual cost

Review monthly fees, transaction limits, ATM networks, international transfers, overdraft and minimum-balance waivers. A free first year can become expensive later.

Credit unions are provincially regulated and may have membership requirements.

Understand deposit protection

Eligible deposits at member institutions receive CDIC protection within category limits; investments such as mutual funds and cryptocurrency are not insured deposits. Provincial systems cover qualifying credit-union deposits under separate rules.

Verify membership rather than relying on a logo in an advertisement.

Protect online access

Banks will not ask for passwords or one-time codes by unsolicited message. Use a unique password, transaction alerts and a secure email account.

Report suspicious transfers immediately because recovery windows can be short.