🇨🇦 Canada · Business Banking
Opening business and personal bank accounts, remote options, required documents, and fees.
Quick answer
Canada's banking is led by a few large national banks. Newcomers can open accounts — often before arrival — usually needing ID and sometimes proof of status. Newcomer banking packages are common, and banks are overseen federally.
Banks are regulated federally by the Office of the Superintendent of Financial Institutions (OSFI); eligible deposits are insured by the CDIC. A business typically needs incorporation documents and a Business Number to open an account.
- Eligible deposits at member institutions are insured by the CDIC up to the standard limit.
- Opening a business account generally requires incorporation documents, the BN and director ID.
- Banks apply federal know-your-customer and anti-money-laundering checks (FINTRAC).
Step-by-step
- 1
Choose an account and bank
Pick a Big Five bank, a credit union or a digital bank. Newcomer packages (fee waivers, credit-building products) are common, and many banks let you start the application from abroad before you arrive.
- 2
Gather your identification
Provide two documents from a reliable source — one showing your name and address, the other your name and date of birth. Newcomers typically use a passport plus immigration or study documents; non-standard ID can also be accepted under the Bank Act.
- 3
Know your right to a basic account
Federally regulated banks must open a basic personal deposit account for anyone who provides acceptable ID, regardless of employment or credit history (Financial Consumer Agency of Canada).
- 4
Prepare business documents (business accounts)
For a business account, prepare your incorporation documents, the Business Number (BN) from the CRA and director ID.
- 5
Complete identity and KYC checks
Banks apply federal know-your-customer and anti-money-laundering checks (FINTRAC) before activating the account.
- 6
Activate the account and set up payments
Receive your account details and card, then set up direct deposit, pre-authorized debits and Interac e-Transfer.
Checklist
- Two pieces of acceptable ID (one with name + address, one with name + date of birth)
- Passport (newcomers)
- Immigration / study documents (if applicable)
- Incorporation documents — business accounts
- Business Number (BN) from the CRA — business accounts
- Director / beneficial-owner ID — business accounts
- Initial deposit (if required by the bank)
Official authorities
Frequently asked questions
Can I open an account before arriving in Canada?
Some major banks let newcomers start the process from abroad and finalise on arrival with ID.
What do I need to open an account?
Typically two pieces of ID; newcomers often use a passport plus immigration or study documents.
Are there newcomer banking offers?
Yes — major banks offer newcomer packages with fee waivers and credit-building products.
Official-information aggregation, not legal advice. Always verify on the authority's own site.
Government portals
- Government of Canada — Canada's federal service portal — immigration, taxes, benefits, and travel info
- Immigration, Refugees and Citizenship Canada — Express Entry, Provincial Nominee Program, work/study permits, and PR card applications
- Canada Revenue Agency (CRA) — T1 personal tax returns, corporate taxes, GST/HST, and benefit applications (CCB)