Financial Consumer Agency of Canada

www.fcac-acfc.gc.ca

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Frequently Asked Questions

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Question:

Can a financial institution ask for my social insurance number when I open an account?

Answer:

Yes. If you are opening an account that will earn interest (such as an interest-bearing account or an RRSP), a financial institution must ask for your social insurance number, for tax purposes. Banks, credit unions, caisses populaires, trust companies and stockbrokers must ask for your social insurance number, because they are required, by law, to provide this information to the Canada Revenue Agency and to declare the interest earned on the account for income-tax purposes.

However, if the institution wants to use your social insurance number for any other purpose, this requires your written consent.

Resource(s):

• Banks and Your Privacy
  (Canadian Bankers Association)
  
  
• Office of the Privacy Commissioner of Canada
  112 Kent Street
  Ottawa, ON K1A 1H3
  1-800-282-1376 (toll-free)
  
  
• Opening a Personal Bank Account: Understanding Your Rights
  
  
• Social Insurance Numbers (SIN):
  Fact Sheet (Office of the Privacy Commissioner of Canada)
  
  

Classification of this FAQ:

Related Question(s):

• Bank legislation refers to both retail deposit accounts and personal deposit accounts. Are these the same?

Date Modified:

2013-01-03