Money and Payments

Salary Account vs Basic Account in Toronto

Choosing the right Canadian bank account for your income situation.

Action checklist

Complete these steps in order for the fastest, safest setup.

1TD, RBC: free for first 6–12 months with newcomer program
2Tangerine: free chequing forever — no minimum balance required
3Simplii Financial (CIBC): free chequing with no fees
4Open TFSA immediately — tax-free investment account, $7,000 contribution room/year

City context: Toronto

These steps are tailored for newcomers in Toronto. Costs, availability, and requirements may differ in other cities — switch the city selector above to switch context.

Read what residents say about Money and Payments in Toronto

Money and Payments

Salary Account vs Basic Account in Toronto

Choosing the right Canadian bank account for your income situation.

Action checklist

Complete these steps in order for the fastest, safest setup.

1TD, RBC: free for first 6–12 months with newcomer program
2Tangerine: free chequing forever — no minimum balance required
3Simplii Financial (CIBC): free chequing with no fees
4Open TFSA immediately — tax-free investment account, $7,000 contribution room/year

City context: Toronto

These steps are tailored for newcomers in Toronto. Costs, availability, and requirements may differ in other cities — switch the city selector above to switch context.

Read what residents say about Money and Payments in Toronto