Yes, minors can open bank accounts in Canada, but the process and account type depend on the child's age
A minor can open a bank account in Canada starting at birth, though the account structure changes based on age. Children under 18 cannot sign contracts independently, so a parent or guardian must open and manage the account until the child reaches the age of majority (18 in most provinces, 19 in British Columbia, Manitoba, and Nova Scotia). The bank will require the parent's or guardian's identification and proof of the child's identity, such as a birth certificate or Social Insurance Number.
The type of account available depends on the child's age and the bank's policies. Infants and young children typically use joint accounts or accounts held in trust by a parent. Older children and teenagers can often open youth accounts designed specifically for their age group, which may come with restrictions on spending or withdrawal limits. Some banks allow teenagers to transition to independent accounts once they reach the age of majority.
Key Takeaways
- A parent or guardian must open and manage the account for any child under 18 (or 19 in BC, MB, and NS), since minors cannot sign banking contracts.
- You will need the child's birth certificate or Social Insurance Number and the parent's or guardian's government-issued ID to open an account.
- Most major Canadian banks offer youth accounts for teenagers with features like debit cards, online banking, and spending limits set by the parent.
- The account can be transferred to the child's independent control once they reach the age of majority in their province.
What documents you need to open an account for a minor
The specific documents required vary slightly between banks, but most Canadian banks ask for the same core items. You will need proof of the child's identity, which is usually a birth certificate, passport, or citizenship certificate. You will also need the child's Social Insurance Number (SIN), which you can obtain from Service Canada if the child does not already have one.
The parent or guardian opening the account must bring government-issued photo identification, such as a driver's license or passport. Some banks also ask for proof of address, such as a recent utility bill or mortgage statement in the parent's name. A few banks may request additional documentation if the account is being opened in trust or if there are custody or guardianship arrangements that differ from the standard parent-child relationship.
Contact the specific bank before visiting a branch to confirm their exact requirements, as policies differ. Some banks allow you to start the process online, while others require an in-person visit to a branch.
Types of accounts available for minors in Canada
Most Canadian banks offer youth accounts designed for children and teenagers. These accounts typically come with a debit card, online and mobile banking access, and no monthly fees. Many youth accounts have daily spending limits that the parent can adjust, and some include parental controls that let the parent monitor transactions or set rules around withdrawals.
For younger children, banks may offer joint accounts where both the parent and child are listed as account holders. The parent has full control and can make deposits and withdrawals, while the child can learn about banking through supervised access. Some banks also allow parents to open accounts in trust, meaning the parent holds the money on behalf of the child until a specified age, often 18 or 21.
A few banks offer registered education savings plans (RESPs) that function as accounts for saving toward post-secondary education. These are not daily-use accounts but are designed to hold money set aside for school. The parent or guardian manages the account, and the child gains control once they reach the age of majority.
Age-specific account options and features
| Age Group | Account Type | Typical Features | Parent's Role |
|---|---|---|---|
| Birth to 12 | Joint or trust account | No debit card; parent makes all transactions | Full control; manages all deposits and withdrawals |
| 13 to 17 | Youth account | Debit card; online banking; spending limits; parental controls | Sets limits; monitors transactions; supervises |
| 18+ (or 19+ in BC, MB, NS) | Independent account | Full account access; no restrictions | None; account belongs to the young adult |
How to transition the account when the child reaches the age of majority
When a child reaches the age of majority in their province, the account can be converted to an independent account in their name alone. The process is usually straightforward: the young adult visits the bank with government-issued photo identification and signs new account documents. The parent's name is removed from the account, and the young adult gains full control.
Some banks handle this transition automatically when the account holder reaches the age of majority, while others require the young adult to request the change. Check with your bank about their specific process. If the account was opened in trust, the bank may require additional documentation to confirm that the young adult is now of legal age and can take control of the funds.
The young adult can keep the same account number and debit card or request a new card if they prefer. Any spending limits or parental controls are removed once the account is transferred to independent status.
Which Canadian banks offer youth accounts
Most major Canadian banks offer youth accounts, though the specific features and age ranges vary. The Big Five banks—Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC)—all have youth account options. Credit unions in your province may also offer youth accounts, sometimes with lower fees or more flexible terms.
Online banks such as Tangerine and EQ Bank may have different policies for minors; some allow accounts for teenagers but require a parent to co-sign, while others do not offer accounts for minors at all. It is worth checking directly with the banks you are considering, as policies change and vary by province.
Youth accounts at major banks typically have no monthly fees, no minimum balance requirements, and include a debit card and online banking. Some banks offer additional perks such as cashback rewards or the ability to set savings goals. Compare the features offered by banks in your area to find the best fit for your child's needs.
What happens if a minor tries to open an account without a parent or guardian
A minor cannot open a bank account independently in Canada. Banks are legally required to verify the identity of account holders and to ensure that anyone signing a contract has the legal capacity to do so. A child under the age of majority cannot sign a binding contract, including a banking agreement, so the bank will refuse to open an account without a parent or guardian present.
If a teenager attempts to open an account alone, the bank will ask for a parent or guardian to come to the branch or to provide written consent. Some banks may allow a teenager to begin the process online, but the account will not be activated until a parent or guardian completes the verification step in person or online.
Frequently Asked Questions
Can a teenager open a bank account without their parent knowing?
No. A parent or guardian must be present or provide written consent to open an account for anyone under the age of majority. Banks verify the identity of the parent and require their signature on account documents. A teenager cannot bypass this requirement.
What is the youngest age a child can have a bank account?
A child can have a bank account from birth. Parents typically open joint accounts or accounts in trust for infants and young children. The child does not need to be present for the account to be opened, only the parent and the child's birth certificate or SIN.
Can a minor have their own debit card?
Yes, most youth accounts come with a debit card for teenagers, usually starting around age 13. The parent can set daily spending limits on the card and monitor transactions. Younger children typically do not receive a debit card; the parent manages the account instead.
Do youth accounts have monthly fees?
Most youth accounts at major Canadian banks have no monthly fees. Some may charge a small fee if the account balance falls below a certain amount or if the account is inactive for an extended period, but this is uncommon. Check with your bank for their specific fee structure.
What happens to the account when the child turns 18?
The account can be converted to an independent account in the young adult's name. The parent's name is removed, and the young adult gains full control. The process usually requires the young adult to visit the bank with photo identification and sign new account documents. Some banks handle this automatically.