When opening an account in Canada, whether personal or
business, newcomers are typically required to provide certain documents. Here's
a breakdown of what's generally needed:
For Personal Accounts:
- Identification
Documents (ID):
- You
must present at least two pieces of ID, one of which must be from
the primary ID list:
- Passport
- Permanent
Resident (PR) Card
- Canadian
Citizenship Certificate or Card
- Work
Permit or Study Permit
- Refugee
Protection Claimant Document
- The
second piece of ID could be:
- Driver’s
License (Canadian or foreign)
- Provincial
or territorial ID card
- Social
Insurance Number (SIN) card or letter
- A
foreign government-issued ID with a photo.
- Proof
of Address:
- Utility
bill (electricity, water, or gas)
- Bank
statement from another institution
- Lease
or rental agreement
- Letter
from a recognized institution (e.g., school, employer, or government).
- Social
Insurance Number (SIN):
- Required
for tax purposes if you open an account that earns interest or involves
investments.
- Immigration
Documents:
- Newcomers
on a visa may be asked to provide:
- Confirmation
of Permanent Residence (COPR)
- Temporary
Resident Visa (TRV), if applicable.
For Business Accounts:
- Business
Registration Documents:
- Proof
that the business is registered in Canada, such as:
- Articles
of Incorporation (for corporations)
- Business
Name Registration Certificate (for sole proprietorships or
partnerships).
- Business
Number (BN):
- Issued
by the Canada Revenue Agency (CRA) for tax purposes.
- Government-Issued
ID for Authorized Representatives:
- Personal
ID of the business owner(s) or authorized signatory/signatories, such as:
- Passport
- PR
Card
- Canadian
Driver’s License.
- Proof
of Business Address:
- Utility
bill or lease agreement for the business premises.
- Banking
Resolution or Partnership Agreement (if applicable):
- Required
for businesses with multiple owners or partners to clarify who is
authorized to open and manage accounts.
- Other
Permits or Licenses (if required):
- Depending
on the business type, licenses such as a liquor license or professional
certification may be needed.
Additional Notes:
- Banks
in Canada, such as RBC, TD, Scotiabank, and others, often offer special
newcomer packages with minimal fees, free transfers, or other benefits.
- Ensure
all documents are valid and, where applicable, translated into English or
French by a certified translator.
If you're unsure about specific requirements, contacting the
bank directly or visiting their website is advisable to ensure you're prepared.
