Yes, minors can open a bank account in Canada, but a parent or guardian must be involved
A minor—anyone under 18—cannot open a bank account alone in Canada. Every major bank and most credit unions require a parent or legal guardian to open the account with them, sign the paperwork, and remain on the account. The account itself belongs to the minor, but the adult has signing authority and can see all transactions. This is a legal requirement, not a bank policy choice.
The process is straightforward: you and your child visit a branch together with identification, the bank creates a joint account, and your child can start using it when ready. Some banks let you set spending limits or require your approval for certain transactions. The account stays in this joint form until your child turns 18, at which point they can take over full control or move to an adult account.
Key Takeaways
- A parent or legal guardian must be present and sign all paperwork to open a minor's account; the minor cannot do this alone.
- Most Canadian banks offer youth or student accounts with lower fees and sometimes spending controls that parents can manage.
- You will need government-issued ID for yourself and your child—a birth certificate, passport, or provincial ID card works for minors.
- The account becomes the child's sole property at age 18, though some banks require a separate conversation to remove the parent's signing authority.
- Credit unions often have lower minimum balances and simpler requirements than the Big Five banks, so comparing options saves money over time.
What identification you need to bring
You will need two pieces of ID: one for yourself and one for your child. For the parent or guardian, a driver's license, passport, or provincial photo ID is standard. For the minor, a birth certificate, passport, or provincial ID card works at most institutions. Some banks accept a school ID as a secondary form, but do not rely on it as your primary document.
If you do not have a birth certificate on hand, you can order one from your province's vital statistics office before your bank visit—this usually takes one to two weeks. A passport is faster if your child already has one. Bring the original documents, not photocopies; banks will not accept copies for account opening.
How the account works while your child is a minor
The account is registered in both names: yours and your child's. You both have the legal right to deposit and withdraw money. Your child can use a debit card for purchases and ATM withdrawals, and you can see every transaction online or on paper statements. Some banks let you set daily spending limits—for example, a $50 cap on debit card purchases—which you can adjust in the online banking portal.
Interest earned on savings (if any) belongs to your child and is reported on their tax file, not yours. If your child is old enough to understand basic banking, this account teaches them how money moves: they see their balance drop when they spend and grow when they deposit allowance or earnings. Many parents use this visibility to discuss spending decisions without handing over cash.
Differences between banks and what each offers
Canada's Big Five banks—Royal Bank, TD, Bank of Montreal, Scotiabank, and CIBC—all offer youth accounts. Most charge no monthly fee for minors, waive minimum balance requirements, and include a debit card. TD's MyMoney account and RBC's Youth account are common choices. Credit unions in your province often have simpler terms: lower or no fees, no minimum balance, and sometimes a small interest rate on savings.
Online banks like Tangerine and EQ Bank do not have physical branches, which matters if your child needs in-person help. They also do not offer youth accounts in the traditional sense; you would open a regular account and add your child as an authorized user. This works, but you lose the spending controls and simplified interface that youth accounts provide. If your child is very young (under 12), a traditional bank branch is usually easier because staff can walk you through the process and answer questions on the spot.
| Bank Type | Monthly Fee for Minors | Minimum Balance | Debit Card | Spending Controls |
|---|---|---|---|---|
| Big Five banks (RBC, TD, BMO, Scotiabank, CIBC) | Usually $0 | Usually $0 | Yes | Yes, in online banking |
| Credit unions (varies by province) | Usually $0 | Usually $0 | Yes | Varies; ask your branch |
| Online banks (Tangerine, EQ) | $0 | $0 | Yes | Limited or none |
What happens when your child turns 18
At age 18, your child becomes a legal adult and can manage the account independently. Most banks do not automatically remove your signing authority; you have to request it. Contact your branch or call the bank's customer service line and ask them to convert the account to a sole account in your child's name, or to remove you as a joint holder. This takes a few days to process. Your child will need to sign paperwork confirming they want to take over.
Some banks offer a transition: they keep the account open with the same number and features but change the legal structure. Others suggest opening a new adult account and transferring the balance. Either way, your child keeps their debit card and online banking login unless they choose to change them. If your child wants to keep you on the account for any reason—perhaps you help manage their money—they can ask the bank to keep the joint structure, but this is now their choice, not a requirement.
Where to start: choosing a bank and booking an appointment
Start by checking which banks have branches near your home or work. If you bank somewhere already, opening a youth account for your child at the same bank is often simplest because you know the process and staff. If you do not bank anywhere, visit the websites of RBC, TD, BMO, Scotiabank, and CIBC to compare youth account features, or call your local credit union to ask about their minor account options.
Most banks let you book an appointment online or by phone. This is faster than walking in, especially on weekends when branches are busy. Tell them you want to open a youth account and ask what documents to bring—policies vary slightly by branch. Bring everything they ask for plus one extra piece of ID in case something is unclear. The appointment usually takes 15 to 30 minutes.
Frequently Asked Questions
Can my child open an account without me present?
No. Canadian banking law requires a parent or legal guardian to be present and sign all paperwork. Your child cannot open an account alone, even if they are 17 or very mature. If you cannot visit in person, some banks offer video appointments where you sign electronically, but you must still be on the call.
What if I am not the legal guardian—can a grandparent or aunt open the account?
Only a legal guardian can open a minor's account. If you have custody but are not the biological parent, bring proof of guardianship (a court order or custody agreement). If you are a grandparent or relative without legal guardianship, the biological parent or legal guardian must be present, even if they are not the one who will use the account day-to-day.
Can my child have their own account without me seeing the transactions?
Not until age 18. While your child is a minor, you have legal access to all account information. Some banks let you turn off notifications so you do not receive alerts for every transaction, but you can still log in and see the balance and history. This changes at 18 when the account becomes theirs alone.
Do I need to have a bank account myself to open one for my child?
No. You do not need to be a customer of the bank. You just need valid ID and to be present at the appointment. However, if you already bank somewhere, opening your child's account at the same bank can make transfers and help easier.
What if my child loses their debit card?
Call the bank when ready to report it lost or stolen. They will freeze the card so no one else can use it, and a new one will arrive in the mail within 5 to 10 business days. Your child can still access their money through ATMs or online transfers while waiting for the replacement. Most banks do not charge a fee for a replacement card.