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Chapter 5 of 15

Opening a Bank Account

RBC, TD, Scotiabank, BMO — open before arrival via Newcomer programs

Summary

Canada's major banks all offer special Newcomer programs that allow you to open a bank account from the Netherlands. The Big Five banks — RBC, TD, Scotiabank, BMO, and CIBC — actively compete for newcomers with free accounts, credit cards without credit history, and personal guidance. Opening a Canadian bank account is simpler than in many other countries.

What you need to know

The Big Five banks

RBC (Royal Bank of Canada)

  • Canada's largest bank
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Knowledge Base

Glossary
  • SIN (Social Insurance Number)

    The Canadian social insurance number. Required for working, filing taxes and government services. Apply at Service Canada as soon as you are in Canada.

  • Express Entry (Immigration System)

    The Canadian points-based system for skilled immigrants. Your profile is assessed on age, education, work experience, language level (IELTS/TEF). High CRS score = invitation for PR.

  • PR Card (Permanent Resident Card)

    The Canadian permanent residence card. You must reside in Canada for at least 730 days in 5 years to maintain your PR. After 3 years you can apply for Canadian citizenship.

  • CRA (Canada Revenue Agency)

    The Canadian tax authority. Tax year = calendar year, returns due by April 30. Canada has federal + provincial tax (total 20-54% depending on province and income).

  • Provincial Health Insurance

    Each Canadian province has its own health insurance: OHIP (Ontario), MSP (BC), RAMQ (Quebec), etc. 3-month waiting period before coverage starts — get bridging insurance.

  • RRSP (Retirement Savings Plan)

    The Canadian pension savings plan with tax benefits. Contributions are deductible, growth is tax-free. You pay tax only upon withdrawal. Comparable to an annuity.

  • TFSA (Tax-Free Savings Account)

    A tax-free savings account in Canada. Growth and withdrawals are completely tax-free. Annual contribution limit of ~$7,000. Ideal for saving and investing.

  • GST/HST (Sales Tax)

    The Canadian sales tax: GST (5% federal) + PST (provincial, 0-10%), or combined as HST (13-15%). Store prices exclude tax — always calculate extra.

  • LMIA (Labour Market Impact Assessment)

    An assessment a Canadian employer must obtain to hire a foreign worker. Proves that no suitable Canadian candidate is available.

  • Service Canada (Government Services)

    The counter for federal government services: SIN application, unemployment insurance (EI), passport, pension. Comparable to a Dutch municipal office but federal.

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