Banking For Newcomers To Canada
Our consultancy services are tailored to unlock your potential and steer you towards success. Partner with us, and together we’ll turn challenges into opportunities. Banks provide detailed guidance for newcomers to Canada, covering essentials such as checklists, informational resources, financial services, and advisory support. Below is some foundational information to help you begin. Additionally, at the end of this article, you’ll find a compilation of banking resources that could assist in your financial adaptation to Canada.
Opening a Bank Account
You can open a bank account in Canada if you meet the requirements that are set out in the Bank Act. Generally, you will need two documents from a reliable source to open a retail deposit banking account–one of which has your name and address and another that has your name and birthdate. You can open a bank account even if:
you don’t have a job,
you don’t have money to put in the account right away,
you have been bankrupt, or
you have no credit history.
Financial Products for Newcomers in Canada
The following are the financial products available to newcomers in Canada:
- Car loan or lease
- Auto insurance
- First Home Savings Account (FHSA)
- Registered Retirement Savings Plan
- High-Interest Savings Account
- Tax-Free Savings Account
- Personal loans
- Lines of credit
- Mortgages
