What are the requirements to open a bank account?

Requirements vary from bank to bank, but you’ll generally need to provide your personal information and verify your identity.

How to apply for a bank account

There are several ways to apply for a bank account. You can:

• Apply online. You can open an account online by filling out an application on the bank’s website or, if you’re already a customer with the bank, through your online banking account.
• Apply on the app. Many banks allow you to apply for a new account by following the prompts through their mobile app.
• Apply by phone. Some banks will let you open a new account over the phone. You may be required to verify your identity online, by mail or in person.
• Apply in person. You can visit your nearest bank branch to apply for an account in person.

Eligibility criteria

Before you apply for a bank account, you’ll need to make sure that you meet any eligibility criteria that apply. These criteria vary depending on the type of account you would like to open but can include:

• Age requirements. You’ll need to be at least 18 years of age to open an account by yourself, although parents or legal guardians can open bank accounts for their kids. Different age limits can apply to special accounts, such as a kids or seniors account.
• Residency requirements. You’ll typically need to be a Canadian resident to open an account, but in some cases it is possible to open an account from overseas.

Other criteria may apply, so check the terms and conditions before beginning an application.

What information do I need to open a bank account?

If you’re an existing customer with a bank, they’ll have your personal information on file and you likely won’t need to supply any extra details unless you’re setting up a business or kids account. However, if you’ve never held an account with that particular bank before, you’ll need to provide:

• Personal details. This can include your gender, full name, date of birth and residential address.

  • Acceptable identification

    The government of Canada set out the following lists as to what qualifies as acceptable personal identification. If you’re opening a joint account, you’ll need to provide the following information for all account holders. You’ll need two pieces of ID, either both from list A or one from list A and one from list B:
    List A:

    • valid Canadian driver’s licence (as permitted by provincial law)
    • current Canadian passport
    • birth certificate issued in Canada
    • Social Insurance Number (SIN) card issued by the Government of Canada
    • Old Age Security card issued by the Government of Canada
    • Certificate of Indian Status
    • provincial or territorial health insurance card that can be used as ID under provincial or territorial law
    • Certificate of Canadian Citizenship or Certification of Naturalization
    • Permanent Resident card or an Immigration, Refugees and Citizenship Canada (IRCC) form IMM 1000, IMM 1442, or IMM 5292

    List B:

    • employee ID card with your picture on it that has been issued by an employer well known in your area
    • debit card or bank card with your name and signature on it
    • Canadian credit card with your name and signature on it
    • client card from the Canadian National Institute for the Blind with your picture and signature on it
      current foreign passport
    • have someone in good standing with the financial institution or in the community confirm your identity
• Contact details. The bank will require your phone number and email address.

• Additional information

  Depending on the type of account you open, there may also be circumstances where you need to supply some additional information. These include:

  • Kids bank accounts. If you’re opening an account for a child, you’ll need to provide their birth certificate.
  • Student accounts. If you’re applying for a student bank account, you may need to provide a student ID, .edu email address or proof of enrollment at your school.
  • Overseas accounts. If you’re currently based overseas and are about to move to Canada and need to open a bank account, you may need to provide passport and visa details, as well as your expected arrival date and city.
  • Linked accounts. If you’re opening a linked account, you’ll need your current account number. Some banks require you to have a linked checking account when you open a high-interest savings account.

• What if I'm opening a business bank account?

  Application requirements are a little different if you’re applying to open a business bank account. In addition to your name, contact details and proof of ID, you may also need to supply:

  • Details of how your business is structured. This includes the formation documents for your business.
  • Your employer identification number. If you’re a sole proprietor, you can also use your Social Insurance Number.
  • Your business license. Your bank will require the full address and contact details of your business or company.
  • Ownership agreements. If you’re not a sole proprietor, you’ll need to include information about any other owners.

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Bottom line

Opening a new bank account is a relatively simple process, but it’s a good idea to have all your personal documents handy to make sure the process runs smoothly. And to get the best bank account for your needs, compare savings accounts and chequing accounts before getting started.

Frequently asked questions

• Do I need a business bank account if I'm a sole proprietor?

  A business account isn’t legally required, but it can make it easier to monitor business spending and manage your tax affairs.

• I’m opening a bank account for my child. Are there any tax implications I should be aware of?

  Yes, children can be taxed on unearned income. Learn more in our guide to taxes on kids accounts.

• How do I know what forms of ID my bank accepts?

  You should be able to find this information at the start of your bank’s online application process. Alternatively, you can call your bank directly for details.