Register a company in BC, Canada, Open a business bank account or individual bank account in Canada, apply for a permanent resident card and naturalization.
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:
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Personal Bank Account Opening in Canada
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Register a company in BC, Canada, Open a business bank account or individual bank account in Canada, apply for a permanent resident card and naturalization.
Special services » Personal Bank Account Opening in Canada
Opening a bank account
Your right to open a bank account
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:
To open an account, you usually have to:
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
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:
Option 2:
You may:
List B
Option 3:
You may:
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:
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:
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