Banking and Personal Finance
One of the first steps to managing your money effectively is to open a bank account.
Some major banks offer special services designed to meet the needs of recently arrived Canadians.
Banks, trust companies and credit unions will provide you with free information about their services and answer your questions. All you need to do is visit any bank in your area and inquire about their services. No appointment is necessary.
You may want to rent a safety deposit locker to store such valuables as jewellery and important documents. Most banks offer this service for a fee.
Opening a personal bank account
To open an account, you may be asked to provide identification and information about your residence, employment and credit history; however, you do not have to be employed to open a bank account, and no minimum deposit is necessary.
- The Financial Consumer Agency of Canada has information on how to open a personal bank account including a list of identification you will need to open an account
- General information on banking services, including links to the major financial institutions, can be found at the Canadian Bankers Association website
- The Financial Consumer Agency of Canada also provides information about Canadian financial products and services and your rights and responsibilities as a financial consumer
Resources
The Consumers Protections branch of the Ministry of Government and Consumer Services has helpful information on topics such as:
- Protecting your debit card
- Credit - handle with care (information on how to check your credit report, how to build and maintain your credit)
- Citizenship and Immigration Canada has more information on managing your money