Key takeaways
- A basic chequing account that earns no income does not legally need a SIN
- Banks must collect your SIN for accounts that pay interest or dividends
- A Tax-Free Savings Account (TFSA) needs a valid SIN
- You do not have to give your SIN to apply for a credit card or a credit check
- Your SIN is not ID; do not use it to prove who you are
What does the law say?
Service Canada’s SIN Code of Practice is clear. Banks, credit unions and trust companies need your SIN for accounts and investments that pay income. They use it to report that income to the Canada Revenue Agency (CRA). It adds: “If an account does not produce income, the law does not require your organization to ask for the client’s SIN.”
So a no-interest chequing account does not need a SIN. A savings account or GIC that pays interest does.
The Financial Consumer Agency of Canada (FCAC) lists what you need to open an account: ID that proves who you are. A SIN is not on that list. You also do not need a job or money to deposit right away. This is why most newcomers can open a chequing account in their first days, before their SIN arrives.
Service Canada also says: “You cannot be denied a product or service for refusing to provide your SIN when it is not legally required.”
When does a bank need your SIN?
| Product | SIN needed? | Why |
|---|---|---|
| Chequing account with no interest | No | Earns no income to report |
| Savings account that pays interest | Yes | Interest is reported to the CRA |
| GIC or term deposit | Yes | Interest is reported to the CRA |
| Investment account (dividends) | Yes | Dividends are reported to the CRA |
| TFSA | Yes | The CRA requires a valid SIN to open one |
| Credit card, loan, line of credit, mortgage | No legal requirement | Service Canada lists these as cases where you do not have to give it |
| Cashing a cheque | No | Same |
A bank may still ask. It is your choice to give it when the law does not require it.
Credit cards and credit checks without a SIN
Service Canada says you are not legally required to give your SIN for a credit check. You can apply for a credit card without it. Giving it is your choice.
Without a SIN, the bank uses your name, date of birth and address to find your file. As a new arrival you will not have a file yet anyway. See credit cards with no credit history for cards that do not need one.
Opening an account before you have a SIN
Most newcomers open a bank account in their first week. Many do not have a SIN yet. That is normal.
- In a branch: open the chequing account with your passport and status document. See ID you need.
- Online: some banks only let you open online once you have a SIN. BMO, for example, says you can open online if you already have a SIN and a Canadian address.
- Savings and GICs: the bank will ask for your SIN once the account pays interest. Give it when you get it.
- Some bank rules go further. ICICI Bank Canada lists the SIN letter among its documents for activating a Hello Canada account. That is the bank’s own rule.
Get your SIN as soon as you arrive. Service Canada lets you apply online, by mail or in person, and there is no fee. Read how to get a SIN.
Example: your first month without a SIN
Amara lands in Toronto on a work permit on a Monday. Her SIN application is not done yet.
- Tuesday: she opens a chequing account in a branch with her passport and work permit. No SIN is needed, because the account pays no interest.
- Tuesday: the bank offers a high-interest savings account. She says she will open it once she has her SIN, since that account pays interest.
- Wednesday: she applies for her SIN online. When it arrives, she gives it to her employer and to the bank.
- Week 2: she opens the savings account and applies for a starter credit card. The card application does not legally need a SIN.
- Later: she cannot open a TFSA until she is a resident for tax purposes and has a valid SIN.
If a bank tells you a SIN is required for a product that earns no income, ask which law requires it. You can also open the account at another bank. Our account opening checklist shows the order of steps.
Registered accounts need a SIN
To open a TFSA, the CRA says you must:
- be a resident of Canada for tax purposes,
- be 18 or older (19 in some provinces and territories), and
- have a valid SIN.
Your TFSA issuer asks for your SIN, your date of birth and other documents. For other registered plans, ask the issuer what it needs. Plan your first-year contributions with TFSA, RRSP and FHSA for newcomers.
Temporary residents: SINs that start with 9
If you are in Canada on a work or study permit, your SIN starts with 9. It has an expiry date that matches your immigration document. When you get a new permit, you must apply to Service Canada to update the expiry date. Keep your bank records current too, so interest is reported under the right number.
Protect your SIN
- Your SIN letter is not an identity document. Do not use it as ID.
- Give it only when the law requires it: to your employer, for income-earning accounts, and for government services.
- You do not have to give it to a landlord, a phone company (except Hydro-Québec, by Quebec law), or a car rental office.
- Scammers often pretend to be from the government and say your SIN is compromised, locked or cancelled. Hang up and call a number you already trust. See banking scams.
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