Opening your first bank account in Canada

A Canadian bank account is one of the first things you need. You will use it to get paid, pay rent and bills, and build a financial history here.

Your right to an account

Federally regulated banks must open a personal account for you if you show acceptable identification, even if you do not have a job, a credit history or money to deposit right away.

What to bring

• Your passport.
• Your immigration document, such as your Confirmation of Permanent Residence, PR card, or work or study permit.
• Your SIN, if you open an account that earns interest.
• Your Canadian address and phone number, if you have them.

Comparing newcomer packages

• How long are monthly fees waived, and what are they after that?
• How many transactions are included each month?
• Is there a credit card with no credit history needed? What is the limit?
• Can you send money abroad, and what does it cost?
• Is there a branch or ATM network near your home and work?

Everyday banking

Interac e-Transfer lets you send money to anyone with an email address or phone number. Many landlords accept it for rent. Debit cards take money directly from your account; credit cards let you borrow and pay later.