This blog will tell you all about how to open a bank account in Canada, and information related to it. Do you know how to save more money from your salary in Canada? Saving money is really important, so make sure you do that!

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Who Can Open a Bank Account?

So you are about to open a bank account? But you are not sure if you qualify for it or not? Don’t worry about those things. Let us tell you the answers to these questions!

Do you know that you have the right to open an account in Canada? These accounts are also known as personal, deposit, or other savings accounts. The banks include authorized foreign banks along with federal credit unions.

People who can open accounts:

Those who don’t have a job
People who were bankrupt
Even if you don’t have the money to put right away in your bank account

Individuals have the option to open a bank account via: electronic means, over telephone or in person. However, the bank should be able to confirm your identity via right identification.

Opening an Account for Non-Citizens

There are some certain conditions that let you open a bank account if you have the proper identification. Let’s see those conditions:

Even if you are living in another nation
Even if you are not a Canadian citizen

Requirements of Opening an Account

The first and foremost important requirement when opening a bank account is proper identification. A bank conducts this identification through two ways. Note that all the documents required should be original, and not some photocopies.

Submit two documents from an authentic or reliable source- One of the documents should have your address along with your name on it. And, the second document should provide your date of birth and name.

The Canadian Government or a provincial government should issue it
From recent public utility bills of Canada
From recent tax assessment notices
It could be from foreign passports
From recent benefits statements that Government of Canada issued or a provincial government issued
It could be from recent credit card statements or bank account statements