Opening Bank Account

Opening up a bank account in Canada for you is easy, you just have to choose which bank will give you a good offer, when you open an account with them. Go in person to the branch, bring photo ID and your SIN.

I will list down some of the offers on each bank

These offers are for Chequing Account

Chequing Account	Special Feature	Fee
Scotia One Account	10,000 SCENE or Scotia Rewards points Sign-up bonus + Earn rewards on each transaction	$0
Tangerine No-Fee Daily Chequing	Starting at 0.15% earn interest on any balance	$0
BMO Performance Plan	Unlimited self-service transactions	$15.95 waved with $4,000 min balance
TD US Daily Interest Chequing	0.01%-0.10% from balances $1,000-$60,000	$0
RBC Day to Day Banking	Earn 20% on Metro Points	$4

Chequing Account is meant for everyday transactions, like paying for gas, buying something in a store.

And these are good for Savings Account 

Bank Account	Interest Rates	Minimum Balance
Tangerine Standard Savings	2.75% for new clients, regular rate 1.10%	$0
Scotia Momentum Plus Savings Account	Up to 2%	$0
TD ePremium Savings	1.05%	$10,000
RBC High Interest eSavings	1%	$0
BMO Savings Builder	0.2% to 1.6%	$0

A high interest savings account is a type of savings account that pays higher interest than standard savings accounts. And are designed to save money in for a longer period of time.

Scotia and RBC uses android app so you can install it to your phone and get access to your banking anytime anywhere. 

Most of the banks if they know that you are a new comer they will offer you a Credit Card to start building up your Credit Score, which will help them evaluate how good you are in managing your credit and money. Paying bills is also included in calculating credit score. So that is why be on Top of your bills and never missed payment due, this will impact how bad or good you are. You will need at least 650 score to get a mortgage, but with it you will still get a fair interest, unlike if you are in 690-800 score you will get a good mortgage rate and offer lower interest.

After opening up an account ask for a Void Cheque print out, you will need it when you apply for work. This is one of their requirements so they can put you in their company payroll system.

Void Cheque 
contains your name, account no. branch, and institution no.

Important Things for New Comer!

First place to go is Service Ontario with all your documents like

• PERMANENT RESIDENT CONFIRMATION 
• PASSPORT with VISA.

The reason is you have to get your own S.I.N. (SOCIAL IDENTIFICATION NUMBER), After obtaining S.I.N. you will be able to get OHIP  or  (ONTARIO HEALTH INSURANCE PLAN or Government Health Insurance Plan ), open up bank account, get phone line, obtain driver's license and apply for JOB.

Important! Dont share your S.I.N. to stranger. Only deal with banks and creditors like when you apply for a Car Loan or Personal Loan where S.I.N. is required.

S.I.N. (SOCIAL IDENTIFICATION NUMBER) : is your key to access government services, pay tax, employment, Health benefits and any Loan to bank or outside lender.

OHIP (ONTARIO HEALTH INSURANCE PLAN)  health benefits for Ontarian's. They can access free medical services like surgery, knee replacement, cancer treatment, kidney removal/replacement, eye exam,
and free medication if the medicine is covered by it. Almost 90% is covered, especially children they get free health benefits even if they don't pay tax yet. This OHIP is covered when you pay tax.

there will be waiting period for the OHIP to take place and it will be 3 months, so anything happens to you with in that period is not covered and you have to pay the expenses coming from your pocket. So it is important to get a Term Health Insurance for 3 months.

One thing that stands out here is the HEALTH BENEFITS this is like Phil-health but more robust and accessible.