Opening your first account

Which one to pick, where to open it, what to bring and what to put inside. Opening an account doesn’t mean you have to invest.

The 2026 numbers

Numbers checked against the official sources on September 28, 2026.

The (Tax-Free Savings Account), for most people: what it earns is never taxed, and you can withdraw any time.
The (First Home Savings Account), if a first home is possible one day: your deposits lower your tax.
The (Registered Retirement Savings Plan), usually later, when your income is higher: its is worth more then.

At your bank or credit union, in the app or online: it’s the simplest, your money is already there.
At an online brokerage, if you want to pick and buy your investments yourself.
Nothing is final: to switch institutions later, ask for a direct transfer instead of withdrawing the money yourself.

Have your Social Insurance Number (SIN) and a photo ID handy. For an (Registered Education Savings Plan), you also need each child’s SIN.
Allow about 10 to 20 minutes online: a form, an identity check, then a link to your chequing account to make deposits.
An account is a container: opening one doesn’t mean investing. Nothing is invested until you choose what goes inside.
To start, a high-interest savings account inside your TFSA is fine: no risk, and the interest isn’t taxed.
When you want to invest for several years, a single low-fee, all-in-one balanced portfolio is enough.

Sam, 22, opens their first TFSA

Sam already has a chequing account at their credit union. One evening, they open the TFSA in the app.

Later, Sam can hold an all-in-one balanced portfolio in that same TFSA, without opening another account.

Fictional example, round numbers.

Thinking a TFSA is only a savings account: it can hold investments too.
Putting in more than your : check it in (Canada Revenue Agency) My Account. An excess costs 1% a month.
Leaving the money in cash for decades by default: for a far-off goal, the tax shelter mostly pays off on investments that grow.