In Canada, the process of opening a bank account is accessible to individuals of any age, with certain considerations for minors. This guide explores the minimum age requirements, necessary documentation, and highlights some of the best youth bank accounts available.
Contrary to some misconceptions, there is no strict minimum age for opening a bank account in Canada. However, specific regulations and restrictions may vary by bank. Generally, any resident who can provide the required documentation can open an account.
For instance, Scotiabank mandates that children under 12 must be accompanied by a parent or legal guardian, while those aged 12 to 15 can open an account independently. Similarly, at CIBC, parents are required to open an account for children aged 11 and under. Tangerine, on the other hand, allows only the parent or legal guardian to open an account, and they must be an existing customer.
Opening an account online is a convenient and speedy process. You’ll typically provide personal information, employment details, and upload necessary documents. In-person applications follow a similar process, but you might need to schedule an appointment and present physical copies of your documents.
Non-residents can open accounts, but the process may vary. Some banks offer accounts for newcomers, typically aimed at permanent residents and foreign workers. Requirements may include ID, proof of employment, address, immigration papers, and more.
