In Canada, the "Big Five" banks dominate the banking sector, wielding significant influence over the financial landscape.
These banks offer different financial services, such as retail banking, commercial banking, insurance, etc.
Firstly, choose a bank among the Big Five, or you can choose other banks, such as smaller banks, credit unions, and online-only banks.
Now, decide on the type of account you want. You can choose a checking account, savings account, or combination account.
It is time to gather all necessary documents, including a Passport, Driver's license, Canadian Permanent Resident card, etc.
You may also be required to proof the address that consists of Utility bill, rental agreement, bank statement etc.
After collecting all the needed documents, you can apply for the account through the bank's website online or in person at a branch.
Remember, Some banks may require an initial deposit to open the account. You can do it via Cash deposit, Cheque deposit or Bank transfer.
Once your account is open, you can set up online banking, which will make your banking experience much easier and faster.
Also consider factors like monthly fees or other charges, minimum balance requirements, interest rates and accessibility.