Although opening a bank account applies to everyone in Canada regardless of your nationality, financial standing, or occupation, not everyone knows how to do it. For some people, opening an account in Canada can be a hassle simply because they do not know which documents are required for opening a Canadian bank account.
However, if you do not have a bank account, it can be challenging for you to go through your daily life. It would be hard for you to pay your rent and utilities and make everyday purchases such as for your groceries. If you are also working in Canada, you’ll most likely need a bank account to receive your monthly salary.
Good news: the Canadian government allows everyone to open a bank account in the country as long as they have proper identification. You usually have to go to the bank in person and then provide an acceptable identification card, depending on their rules and regulations.
Anyone can set up a bank account in Canada. The different accounts you can open include a savings account, a checking account, or a joint account.
You are free to open different types of bank accounts at financial institutions, such as a credit union, your local bank, the Caisse Populaire, or a trust company. There are also low-cost and no-cost accounts. You can ask your bank for the options available to you.
You have three document options to submit to your bank. It would help if you remembered that you have to use your original ID when opening a bank account. Photocopies are not allowed.
The first option says that you must show two IDs from any of the following in the list below.
Some of the documents acceptable include the following:
List A IDs – IDs and Documents for Opening a Bank Account in Canada
- Your current Canadian passport;
- A Canadian-issued birth certificate;
- A valid Canadian driver’s licence (depending on the provincial laws)
- Social Insurance Number (SIN) card issued to you by the Canadian government
- Certificate of Indian Status (if you are a member of the Indian minority)
- Old Age Security card issued by the Canadian government
- Certificate of Canadian Citizenship or a Certification of Naturalization
- Provincial or territorial health insurance card that is eligible to be used as ID under such laws
- A Permanent Resident card or an updated copy of Immigration, Refugees and Citizenship Canada (IRCC) form IMM 1000, IMM 1442, or IMM 5292
Some banks also accept your National ID; if you’re an immigrant or an international student.
You can always use a document or card with your photo and signature issued by one of the following authorities or their successors as part of List A:
Issuing Authorities or Successors
- Alberta Registries
- Insurance Corporation of British Columbia
- Saskatchewan Government Insurance
- Service New Brunswick
- Service NL of the province of Newfoundland and Labrador
- Department of Service Nova Scotia and Municipal Relations
- Department of Transportation of Northwest Territories
- Department of Community Government and Transportation of Nunavut
- Department of Transportation and Infrastructure of the province of Prince Edward Island
For the second option, you can submit one ID from List A and another ID from any of the following:
Secondary ID List – Alternative IDs and Documents for Opening a Bank Account
- Your current foreign passport
- Canadian credit card with your name and signature on it
- Your employee ID card with your picture on it (it must be issued by an employer popular in your area)
- A Client card from the Canadian National Institute for the Blind with your updated photo and signature on it (if you are visually impaired)
- A debit card or bank card with your name and signature on it
The last option is to show one ID from List A and then have a person who has good financial standing with the bank or someone reputable in your community that can confirm that your identity is the same as what’s on your ID.
Some banks might ask for your Social Insurance Number when opening an account. However, keep in mind that it should only be the case if you open an account that can earn interest for tax purposes. These account options include an interest-bearing account or a Registered Retirement Savings Plan.
Otherwise, your written consent is needed if they ask you for your SIN to be used for anything else.
Opening a bank account in Canada is essential as it is a part of your daily life. Having a bank account makes everything much more manageable in terms of dealing with your finances. You must make sure that you have the IDs needed for your new account transactions.
Also, it won’t hurt to compare banks and choose the one that can give you the best advantages. These advantages, such as lower interest rates, lower minimum amounts, and lesser service charges, are essential. The accessibility to your residence place is crucial if you need to visit a local branch for deposits and concerns.
The first option says that you must show two IDs from any of the following in the list below.
Opening a bank account in Canada is essential as it is a part of your daily life. Having a bank account makes everything much more manageable in terms of dealing with your finances. You must make sure that you have the IDs needed for your new account transactions.
Also, it won’t hurt to compare banks and choose the one that can give you the best advantages. These advantages, such as lower interest rates, lower minimum amounts, and lesser service charges, are essential. The accessibility to your residence place is crucial if you need to visit a local branch for deposits and concerns.
