Banking

Canadian banks and other financial organizations are safe places to keep your money. Other financial organizations include trust companies, credit unions, and caisses populaires. Many major banks offer special services for people who have recently moved to Canada. 

A bank can help you with:

• Managing your money
• Paying bills
• Planning your finances
• Credit services like loans and mortgages

Opening a bank account is one of the first steps to manage your money well. Banks will provide you with free information about their services and can answer your questions. You do not need to book an appointment.

To open a bank account, you may need to provide identification and information about your residence, employment and credit history. You do not need a job to open a bank account and no minimum deposit is needed to open an account.

The five largest banks in Canada are:

• Bank of Nova Scotia (Scotiabank) 
• Bank of Montreal (BMO Financial Group)
• Canadian Imperial Bank of Commerce (CIBC)
• Royal Bank of Canada (RBC) 
• Toronto-Dominion Bank (TD Bank Financial Group)

Your settlement worker can provide information to help you make banking decisions.

Additional resources

The Government of Canada has more information about money and finances, including:

• Managing your money
• Debt and investments
• Planning for retirement
• Protecting yourself from consumer fraud

The Financial Consumer Agency of Canada (FCAC) has more information on how to open a personal bank account. This includes a list of identification needed to open an account. The FCAC also has information about:

• Financial products
• Financial services
• Rights and responsibilities of a financial consumer

The Canadian Bankers Association (CBA) provides banking information for newcomers, including, banking services, saving money, and sending money abroad.