
Opening a bank account is an essential step in managing your finances in Canada. Whether you're a newcomer to the country, a student starting your financial journey, or simply looking to switch banks, understanding the process can make your experience smoother.
At KOHO, we believe in making financial services accessible to everyone, so we've created this comprehensive guide to help you navigate the process of opening a Canadian bank account.
Why open a bank account in Canada?
A Canadian bank account offers numerous benefits:
Safe storage for your money
Easy access to funds through debit cards and ATMs
Ability to receive direct deposits from employers or government benefits
Convenient bill payments and money transfers
Building a financial history in Canada
Potential to earn interest on your savings
High Interest Rates With KOHO.
What documents you'll need to open a bank account
Identification Requirements
Most financial institutions in Canada require two forms of original identification (not copies) to verify your identity.
Primary ID options:
Current Canadian driver's license
Current Canadian passport
Canadian birth certificate
Social Insurance Number (SIN) card
Certificate of Indian Status
Provincial health insurance card
Certificate of Naturalization or Canadian Citizenship
Permanent Resident Card or immigration documents (IMM 1000, IMM 1422, IMM 5658, or IMM 5292)
Secondary ID options:
Record of employment in Canada
Canadian debit or bank card with your name and signature
Canadian credit card statement
Current foreign passport
Get Cash Back With KOHO.
Social Insurance Number (SIN)
Even if you don't use your SIN card as identification, most financial institutions require your SIN for tax reporting purposes. By law, banks must report interest earned in your account to the Canada Revenue Agency.
Proof of Legal Status
While many of the acceptable ID documents naturally prove Canadian legal status, non-citizens or non-residents may need additional documentation or may need to apply in person.
Types of bank accounts in Canada
Chequing accounts are designed for everyday transactions:
Standard Chequing Accounts: Basic accounts for everyday banking needs with debit card access
Student/Youth Chequing Accounts: Often feature no fees and educational resources for young Canadians
Newcomer Chequing Accounts: Special accounts with low or no fees and financial literacy programs for newcomers to Canada
Senior Chequing Accounts: Designed for retirees living on fixed incomes, typically with reduced fees
Premium Chequing Accounts: Higher-tier accounts with additional benefits like free safe deposit boxes, fee waivers, and rewards
Savings accounts help you grow your money over time:
Tax-Free Savings Account (TFSA): Allows you to earn interest tax-free, available to Canadian residents over 18 with a valid SIN
High-Interest Savings Account (HISA): Offers higher interest rates than standard accounts but is subject to taxation
Joint Savings Account: Shared between two people who both have access to the funds
How to open a bank account in Canada
Option 1: Traditional Banks
Canada's "Big Five" traditional banks include Royal Bank of Canada (RBC), Bank of Nova Scotia (Scotiabank), Toronto Dominion Bank (TD Bank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC).
Steps to open an account with a traditional bank:
Research and select a bank and account type that meets your needs
Gather your identification documents
Visit a branch in person or start an application online (some processes may still require an in-branch visit)
Complete the application form
Provide your identification documents
Make an initial deposit if required (varies by institution)
Receive your account details and banking cards
Option 2: Financial Tech
Fintech companies like KOHO offers high interest, cash back, & unlimited transactions.
Steps to open an account with KOHO:
Download the KOHO app from your App Store or Google Play
Create an account by providing your email and personal information
Verify your identity by uploading your identification documents
Complete your profile
Wait for approval (usually within minutes)
Load funds
Start using your virtual card immediately while waiting for your physical card
Special considerations
For Newcomers to Canada
If you're new to Canada, many financial institutions offer newcomer banking packages with benefits like:
No monthly fees for a limited time
Free international money transfers
Financial education resources
For Students
Students can access specialized accounts with:
No monthly fees
Free unlimited transactions
Student-specific credit card options
Educational resources on financial literacy
For Joint Accounts
When opening a joint account:
Both parties need to provide identification
Both parties typically need to be present when opening the account
Consider discussing financial responsibilities and account management beforehand
Comparing account options
When choosing a bank account, consider:
Monthly fees: Some accounts have monthly maintenance fees, while others offer ways to waive them
Transaction limits: Check if there are limits on the number of free transactions per month
ATM access: Consider the availability of ATMs in your area
Digital banking features: Check if the mobile app and online banking features meet your needs
Additional perks: Some accounts offer cashback, rewards, or interest on balances
CDIC insurance: Ensure your deposits are protected (KOHO deposits are CDIC-insured)
Making your decision
Take time to compare different financial institutions and account types. Consider your unique financial needs, how you prefer to bank (online vs. in-person), and what features are most important to you.
Choose an option that aligns with how you manage your money and supports your financial goals.

About the author
Courtney is a professional writer, editor and financial literacy enthusiast. You can find her writing on CNET, Investopedia, The Motley Fool, Yahoo Finance, MSN and The Balance. She spends her free time exploring different cities across the globe or enjoy some downtime with her two cats and one dog.
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