Key takeaways
- Before: passport, status document, Canadian address, phone number and an appointment
- At the bank: ask about fees after the free period, transaction limits and cheque holds
- First week: debit card, online banking, Interac e-Transfer Autodeposit, alerts
- First month: direct deposit for pay and CRA benefits, pre-authorized debits, a starter credit card
- Set a reminder for the date your fee waiver ends
Before you go to the bank
- Passport (original)
- Status document: PR card or COPR, work permit or study permit
- Students: letter of acceptance or proof of enrolment
- Your Canadian address (if it is temporary, ask the bank what it accepts)
- A Canadian phone number, if you have one, and an email address
- Your SIN, if you have it (not needed for a basic account)
- An appointment booked online
- Your home bank details, to send money in later
Full ID rules are in ID to open a bank account. If you opened an account from abroad, bring the same documents you used to apply. See pre-arrival accounts.
Questions to ask at the appointment
- How many months is the monthly fee waived, and what is the fee after?
- Is there a minimum balance that keeps it free?
- Can I have the $0 a month newcomer account instead? (Banks that signed the federal commitment offer it in your first year.)
- How many transactions are included each month?
- How long will you hold a cheque I deposit?
- What do I need to do to get the newcomer bonus, and by when?
- Can I apply for a credit card today without a Canadian credit history?
- What does an international transfer cost, including the exchange rate?
By law, the bank must give you the account agreement, a list of all charges, the interest rate, and its maximum cheque hold periods. Read them before you sign. Compare packages with the fee waiver calculator.
First week after opening
- Set your debit card PIN and test it.
- Download the bank’s app and register for online banking.
- Check your alerts. Banks must send an electronic alert when your balance falls below $100 or an amount you choose.
- Register for Interac e-Transfer Autodeposit, so money sent to your email goes straight into your account.
- Move money in from home to your new account number.
- Write down your branch, transit and account numbers.
New to e-Transfers? Read the Interac e-Transfer guide.
First month
- Direct deposit for your pay. Give your employer the bank’s direct deposit form or a void cheque.
- CRA direct deposit. Sign up in CRA My Account or through your bank, so tax refunds and benefits arrive faster.
- Pre-authorized debits (PAD) for rent, phone and utilities.
- A starter credit card. Use a small part of the limit and pay it in full each month.
- A savings account for an emergency fund. Give your SIN, since it earns interest.
- A calendar reminder one month before your fee waiver ends.
Your PAD rights. FCAC says a biller must give written notice at least 10 days before a debit of a variable amount. If a debit is wrong or not authorized, you usually have 90 calendar days to ask your bank for your money back.
Months 2 to 12
- Open a TFSA once you are a resident, 18 or older, and have a SIN.
- Check your credit report for free with Equifax and TransUnion.
- Keep total deposits at one bank in mind. CDIC insures eligible deposits up to $100,000 per category.
- Review your plan before the free period ends. Switch plans, keep the minimum balance, or move to a no-fee bank.
Plan the steps with how to build credit fast and bank fees explained.
Common mistakes in the first year
- Missing the bonus steps. Newcomer bonuses often need a direct deposit and some transactions within a set number of days. Write the deadline down at the appointment.
- Forgetting the fee date. Fees start automatically when the waiver ends. Nobody calls you first.
- Sharing your one-time code. Do not give it to anyone who calls or texts you, even if they say they are your bank.
- Paying with debit only. Debit purchases do not build credit. A credit card paid in full each month does.
- Using your SIN as ID. Service Canada says your SIN letter is not an identity document. Give it only where the law requires it.
One-page summary
| When | Task | Done |
|---|---|---|
| Before | Passport, status document, address, phone, appointment | ☐ |
| At the bank | Fees after waiver, transaction limit, cheque holds, bonus rules | ☐ |
| Week 1 | PIN, app, alerts, e-Transfer Autodeposit, move money in | ☐ |
| Month 1 | Payroll and CRA direct deposit, PADs, credit card, savings | ☐ |
| Months 2–12 | TFSA, credit report, fee-waiver review | ☐ |
How we handle offers. Offers on this page come from each bank’s own website and were last checked on October 10, 2026. Banks change offers often, so confirm the details on the bank’s site before you apply. No bank pays to be included or ranked here. If a link on this page ever earns us a commission, we will label it next to the link.
Common questions
What should I bring to open a bank account in Canada?
Your original passport, your PR card, COPR, work permit or study permit, and your Canadian address. Students also bring proof of enrolment.
Do I need money to open the account?
No. Federal rules say a bank cannot refuse a personal account because you have no money to deposit right away.
How do I get my pay deposited?
Give your employer the direct deposit form from your bank’s app, or a void cheque.
How do I get CRA payments into my account?
Sign up for direct deposit in CRA My Account or through your bank.
What if a pre-authorized debit is wrong?
You usually have 90 calendar days from the date of the debit to ask your bank for a refund.