Banking in Canada for international students: accounts, credit, and your SIN

Step 1: Get your Social Insurance Number first

A Social Insurance Number (SIN) is a 9-digit number issued by Service Canada. You need it before a bank can open an interest-bearing account or before any employer can pay you. Apply in person at a Service Canada Centre — bring your study permit, passport, and proof of enrolment. The SIN is issued on the spot and is free. You can also apply online or by mail, but in-person is fastest. Once you have the SIN, provide it to your bank when opening your account so that interest earned is properly reported to the CRA. Without a SIN on file, your bank may withhold tax on interest at the highest marginal rate.

Your SIN is confidential. Do not carry the card (Service Canada no longer issues plastic cards — you receive a paper confirmation). Store the number securely and provide it only to employers, financial institutions, and government agencies that have a lawful reason to request it. Do not provide your SIN to landlords, phone companies, or as general identification — they do not need it.

Step 2: Choose a student bank account

All five major Canadian banks — RBC, TD, Scotiabank, BMO, and CIBC — offer student accounts with no monthly fees. Most also offer a sign-up bonus (typically $50–$100) for new student accounts. You will need your passport, study permit, and proof of enrolment to open the account. The bank will ask for your Canadian address and phone number — a temporary address is fine, but update it when you move.

• Student accounts typically include unlimited debit transactions and Interac e-Transfers, which is how most Canadians pay rent and split bills.
• International student accounts at Scotiabank and RBC are specifically marketed to newcomers — Scotiabank's StartRight programme and RBC's Newcomer Advantage offer additional perks such as no-fee international money transfers for the first year and a dedicated newcomer advisor.
• Online-only banks such as Tangerine and Simplii also offer no-fee accounts but may require a Canadian credit history to open — they are better as a second account after you have established a relationship with a major bank.

Step 3: Start building Canadian credit history

Canadian credit history does not transfer from your home country. You start from zero, and building credit takes time. The fastest way to start is a secured credit card: you deposit $500–$1,000 with the bank as collateral, and the bank issues a credit card with a limit equal to your deposit. After 6–12 months of on-time payments, you can apply for an unsecured card and the deposit is returned. Use the card for one small recurring purchase each month (a phone bill or a streaming subscription), pay the balance in full by the due date, and never use more than 30% of the credit limit. This pattern builds a positive payment history that Equifax and TransUnion report to lenders.

Avoid applying for multiple credit cards in your first year — each application triggers a hard credit inquiry, and multiple inquiries in a short period signal risk to lenders. If your first application is declined, wait 6 months before trying again rather than applying at a different bank immediately.

Step 4: Set up for part-time work

As an international student with a valid study permit that authorises off-campus work, you can work up to 24 hours per week during academic sessions (as of the policy change confirmed by IRCC) and full-time during scheduled breaks. When your employer hires you, they will ask for your SIN and a void cheque or direct deposit form from your bank — this is why opening the account before you start job hunting saves time. The employer will deduct income tax, CPP, and EI from your paycheque. File a tax return by April 30 each year even if your income is below the tax threshold — filing triggers GST/HST credit payments and other benefits, and creates a record of Canadian income that may support future immigration applications.