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Opening a bank account in Canada

Canada is renowned for its financial stability and the reliability of its banking system. This article covers the topic of opening a bank account in Canada with the largest banks, like BMO, RBC, CIBC, TD, and Scotia Bank, and explores the benefits of partnering with GFLO Consultancy throughout the process.

Opening a bank account in Canada

Posted 2 December 2023

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Benefits of opening a bank account in Canada

  • Financial stability and reliability: Canadian banks rank highly across the world due to their well known reliability. This assures conducting business without worrying about potential issues;
  • Service quality and customer support: Canadian banks usually offer high-quality service with extensive branch networks and professional staff;
  • Wide range of services and innovations: Banks provide a number of services: checking and savings accounts, credit cards, mortgages, investment products, insurance, and more. They also introduce innovations in online banking and digital services for customer convenience;
  • Security and data protection: Canadian banks prioritize data security and financial transaction standards, investing in protective technologies to safeguard client information;
  • Loyalty programs and bonuses: Many Canadian banks offer loyalty programs that allow earning rewards, cashback, or other bonuses. That might be beneficial for regular clients.

How do you open bank account in Canada

  1. Selecting a bank: Canada hosts several major banks like Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Scotiabank, Bank of Montreal (BMO), and others. At first you need to research their services and requirements to find the best fit.
  2. Selecting an account type: Next you need to choose the account type: current, savings, business account, etc.;
  3. Preparing documents: Essential documents such as passport/ID, address confirmation, and income details need preparation. For corporate accounts the bank requires additional documentation, like company incorporation papers, management authorization for account handling, director/shareholder IDs, legal address proof, financial statements, licenses, tax numbers, etc. The mandatory paperwork may vary based on both the company and the bank;
  4. Visiting the bank branch and form filling: On this stage you complete a questionnaire with personal or company-related information, which also may vary per institution;
  5. Document submission and verification: Next you provide identity/address proof documents. The bank might conduct a credit history check as well. For businesses, the process is more complex due to the volume of documentation and differing bank requirements.
  6. Contract signing, card receiving and account activation: Upon document approval, you sign the account agreement, receive the bank card, checkbook, and other necessary documents, and finally activate the account for banking operations.

These steps are general and subject to variation depending on the institution and account type, yet they show an overall picture of opening a bank account in Canada.

However, despite the reputation and service levels of Canadian banks, foreign clients or companies may find it challenging to open bank account in Canada due to a lack of guidance. This is where GFLO Consultancy acts as a reliable partner and expert, easing this process.

Want to get further insights?

Schedule your free consultation with our expert!


Diane, partner of GFLO Consultancy

How does it go with our assistance

GFLO Consultancy specializes in supporting international businesses. Our team of experts has extensive experience with BMO, RBC, CIBC, TD, and Scotia Bank, enabling us to offer solutions and strategies for successful account opening. Each case is unique, and so is our approach to every client.

What’s the difference between acting on your own and opening a bank account in Canada with our assistance?

  • It’s fully remote: You don’t need to be physically present; our lawyers assist you throughout the whole process.
    1. Initially, you need to complete a questionnaire regarding your planned activities. The information gathered is used for filling bank forms. Important details, such as the payment geography, currency, and transaction volumes, need to be discussed beforehand, because it affects the bank selection;
    2. Depending on the chosen institution, the next step might require submitting a business plan, drafts of contracts with counterparts, or an example of your cash flow;
    3. After account opening and full verification as an authorized user (requiring relevant forms, an ID and proof of residence), you handle all communication with the bank independently. Still, if any issues arise, we assist in their resolution.
  • Streamline opening: Preparation done in the initial stages leads to a swift process (ranging from one week to a month, depending on the completeness of the provided data and the bank’s schedules). If needed, we also set up temporary payment systems to commence operations;
  • Payment compliance: In practice, we rarely encounter issues or problems related to payments via Canadian banks.

Our approach and benefits

Expert guidance: The GFLO Consultancy team offers individual support and guidance throughout the account opening process, from document preparation to personal assistance at each stage;

Process optimization: We streamline the account opening process, reducing time and simplifying formalities, enabling our clients to focus on their business tasks;

Access to premier banking services: Through our partnerships with major Canadian banks, we assist our clients in accessing the finest financial products and services tailored to their needs.


Opening a bank account in Canada is a significant step for those seeking to benefit from the Canadian financial system. Canada, as a business destination, offers numerous advantages but also has its specificities. If you have additional questions regarding account opening, company registration, obtaining an MSB license, or any other inquiries, reach out to our specialists; we’ll be happy to provide you with a more detailed consultation.

GFLO Consultancy experts are pleased to assist and help you with any inquiries, just get in touch or leave a request through the form right below.


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Diane, partner of GFLO Consultancy