Personal accounts: Canada

Updated 5 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A personal account in Canada is easier to open than in many countries once you are in the country: under the access to basic banking rules, a bank must open a personal account for a person who comes to a branch in person with acceptable ID, without requiring employment or a minimum deposit. Banks also open accounts for non-residents, but checks are stricter. Banks are supervised by the federal financial institutions regulator. US dollar amounts use the European Central Bank rate of 5 October 2026, about 1.43 Canadian dollars per US dollar.

Who gets an account and how

• People arriving for work, study or permanent residence: at a branch with a passport and immigration document. Many banks let you start opening before arrival.
• Non-residents: accounts in Canadian and US dollars, usually with an in-person meeting and source-of-funds evidence.
• Owners of property in Canada, for property expenses, taxes and rent.
• Students, for tuition and housing and to show funds when extending a study permit.

Deposit protection

The Canada Deposit Insurance Corporation insures deposits up to 100,000 Canadian dollars, about $70,200, per depositor per member institution in each category: personal, joint, retirement and tax-free savings accounts count separately. So a family's protected amount at one bank can be well above the limit.

US dollar accounts and savings

Canadian banks widely open US dollar accounts: convenient if you earn in the US, pay there or keep savings in US dollars. Residents with a Canadian social insurance number can also use a savings account whose income is tax-free in Canada, with an annual contribution limit. It does not suit non-residents: a non-resident's contributions attract a penalty tax.

What you need

• passport and a second ID, and for newcomers a work or study permit or proof of permanent residence;
• an address in Canada or your country of residence;
• tax number of your country of residence and a form for automatic exchange of tax information;
• for large sums, source-of-funds evidence.

Taxes on the account

• Interest paid to a non-resident by an arm's-length Canadian bank is not subject to Canadian withholding tax.
• Canadian tax residency depends on ties to the country: home, family, work. Someone who spends 183 days or more in a year is treated as resident.
• Canada sends details of non-residents' accounts to their countries, and of US taxpayers' accounts to the US tax authority.

How opening works

1. Status: resident, newcomer or non-resident.
2. Choosing a bank and currency.
3. Documents and source of funds.
4. Branch visit, or a remote start for newcomers.
5. Account, card and online banking.

Why banks refuse

• A non-resident with no link to Canada or clear purpose.
• Source of funds not proven.
• Sanctions risk by nationality or counterparties.
• Inconsistencies in the tax residency form.
• The address is not backed by documents.

What we do

Murblz specialists assess your status, choose a bank and currency, prepare documents and the source-of-funds explanation, and support the opening until the decision. If you are relocating, we help open the account before arrival. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property · Country taxes · All country programs

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