Personal Bank Account Opening in Canada

In Canada, you have the right to open a bank account at a bank or a federally regulated credit union as long as you show proper identification.

You can open an account even if you:

• don’t have a job
• don’t have money to put in the account right away
• have been bankrupt

To open an account, you usually have to:

• go in person to a financial institution
• provide an acceptable form of identification

Contact the financial institution to find out if there are other ways to open an account. Financial institutions that operate only online may require that you have an existing account with another financial institution before opening an account for you.

Opening a bank account if you’re not a Canadian citizen
You may be able to open a bank account with the proper identification in Canada if you’re not a Canadian citizen or if you live in another country.
You may need to go to the financial institution in person to open a bank account.
Contact the financial institution for more information about opening a bank account if you’re not a Canadian citizen.

Identification you need to open a bank account
There are three different combinations of identification (ID) you may use. You must use original ID, not photocopies.

Option 1:
Show two pieces of ID from List A:

List A

• valid Canadian driver’s licence (as permitted by provincial law)
• current Canadian passport
• birth certificate issued in Canada
• Social Insurance Number (SIN) card issued by the Government of Canada
• Old Age Security card issued by the Government of Canada
• Certificate of Indian Status
• provincial or territorial health insurance card that can be used as ID under provincial or territorial law
• Certificate of Canadian Citizenship or Certification of Naturalization
• Permanent Resident card or an Immigration, Refugees and Citizenship Canada (IRCC) form IMM 1000, IMM 1442, or IMM 5292

Immigration, Refugees and Citizenship Canada (IRCC) also issue form IMM 5688 as a Confirmation of Permanent Residence (CoPR). Check with your bank or credit union to see if they will accept this form.

As part of List A, you can also use a document or card with your picture and signature on it issued by one of the following authorities or its successors:

• Insurance Corporation of British Columbia
• Alberta Registries
• Saskatchewan Government Insurance
• Department of Service Nova Scotia and Municipal Relations
• Department of Transportation and Infrastructure of the province of Prince Edward Island
• Service New Brunswick
• Service NL of the province of Newfoundland and Labrador
• Department of Transportation of Northwest Territories
• Department of Community Government and Transportation of Nunavut

Option 2:

You may:

• show one piece of ID from List A, and
• show one piece of ID from the following List B

List B

• employee ID card with your picture on it that has been issued by an employer well known in your area
• debit card or bank card with your name and signature on it
• Canadian credit card with your name and signature on it
• client card from the Canadian National Institute for the Blind with your picture and signature on it
• current foreign passport

Option 3:
You may:

• show one piece of ID from List A, and
• have someone in good standing with the financial institution or in the community confirm your identity

Giving your Social Insurance Number when you open a bank account
Financial institutions must ask for your Social Insurance Number (SIN) if you’re opening an account that will earn interest for tax purposes, such as an interest-bearing account or a Registered Retirement Savings Plan (RRSP).
The financial institution must give your information to the Canada Revenue Agency. It must state the interest earned on the account each year for income tax purposes.
However, if the financial institution wants to use your SIN for anything else, it needs your written consent.

What to consider before opening a bank account
Before opening an account, consider the following:

• how you’ll use the account, for saving or making payments
• charges or fees on the account
• interest you’ll earn on the money in your account
• if your deposits are protected by deposit insurance in case your financial institution fails

Make sure you understand all the terms, conditions and fees of the account before you sign up. Ask questions about anything that you don’t understand. Keep a copy of your account agreement for your records.

Where you can open a bank account
You can open chequing or different types of savings accounts at financial institutions, such as a: