Can newcomers to Canada open a checking account?
Yes, at first, a new to Canada chould choose a Financial Institution. Most major banks in Canada (such as RBC, TD, Scotiabank, BMO, and CIBC) offer services to newcomers and have specific accounts tailored for their needs.
Credit unions are another option and may offer competitive terms and personalized services. Some online banks and digital financial institutions also provide checking accounts with various benefits.
To open a checking account, you will generally need to provide the following documents:
- Identification. A valid government-issued ID, such as a passport or driver’s license. Some banks may accept a study permit or work permit if you are new to Canada.
- Proof of Address. Documents such as a lease agreement, utility bill, or a bank statement showing your Canadian address.
- Immigration Documents. If applicable, provide documentation related to your immigration status, such as your Permanent Resident card, work permit, or study permit.
- SIN Number. A Social Insurance Number (SIN) may be required for tax reporting purposes, although some banks might offer accounts without it initially.
You can open a checking account in person at a branch or online, depending on the financial institution's offerings. Many banks now provide online application processes.
Choose the type of checking account: basic checking account, or premium checking account. Some banks may require an initial deposit to open the account. The amount can vary, so check with the financial institution.
Once your account is open, set up online and mobile banking to manage your account efficiently. You may want to set up direct deposit for your salary or other income sources.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.05% | 763 |
| 25,000 | 3.15% | 788 |
| 25,000 | 3.25% | 813 |
| 60,000 | 3.35% | 2,010 |
| 60,000 | 3.45% | 2,070 |
| 60,000 | 3.55% | 2,130 |
| 140,000 | 3.65% | 5,110 |
| 140,000 | 3.75% | 5,250 |
| 140,000 | 3.85% | 5,390 |
| 340,000 | 3.95% | 13,430 |
| 340,000 | 4.05% | 13,770 |
| 340,000 | 4.15% | 14,110 |
See the similar FAQ at the link:
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Details of companies offering the financial services:
National Bank
Head office’s address: 600 Gauchetiere St W, 4th Floor, Montreal
Contact center: 888-483-5628
Phone: 844-394-4494
Web-site: https://www.nbc.ca/en/personal.html
Swift code: BNDCCAMMINT
Stock code: NA
BSB: 006
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004