Move & Settle Guide
Open a Canadian Bank Account
Cost
Free for first 12 months (most newcomer packages)
Timeline
30–60 minutes at branch · same-day account activation
Step-by-step
- 1
Pre-open online before arrival
RBC, Scotiabank, TD, BMO and CIBC all offer pre-arrival accounts. Set up online and deposit funds before you fly.
- 2
Visit a branch within 90 days of landing
Bring your PR card/COPR, passport, secondary ID, and proof of Canadian address. Activate your debit card.
- 3
Apply for a credit card with zero credit history
Most newcomer packages include a no-credit-check credit card with a CAD 1,000–2,000 limit. Use it monthly and pay in full to build credit fast.
- 4
Set up direct deposit and pre-authorized payments
Provide your void cheque (or pre-filled form from online banking) to your employer and utility providers.
- 5
Open a TFSA and RRSP
Newcomers gain TFSA contribution room ($7,000 for 2024) starting the year they become a Canadian tax resident. RRSP room accrues from earned income reported on your first tax return.
Documents needed
- PR card OR COPR (or work/study permit if temporary)
- Passport
- Secondary photo ID
- Proof of Canadian address (utility bill, lease agreement, or letter from landlord)
- SIN (recommended but not strictly required for chequing)
Pro tips
Compare newcomer bonuses — Scotiabank StartRight, RBC Newcomer Advantage and CIBC Smart Account often offer CAD 300–500 cash bonus.
Get a no-fee credit card immediately to start building Canadian credit history (essential for renting, mortgages, car loans).
Use Wise (formerly TransferWise) or Remitly for cheaper international transfers vs bank wire fees.
FAQs
Can I open a Canadian bank account before landing?
Yes. RBC, Scotiabank, TD, BMO and CIBC all offer pre-arrival programs. You can deposit funds online before you fly, then activate the account at a branch within 90 days of landing.
Which is the best bank for newcomers?
All Big 5 banks offer comparable newcomer packages. Scotiabank StartRight and RBC Newcomer Advantage are popular for international students; TD and CIBC have larger branch networks.
How long does it take to build Canadian credit?
With a secured or newcomer credit card used responsibly, you can build a basic credit score (650+) in 6–12 months. Excellent credit (750+) typically takes 2–3 years.
Related newcomer guides
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