[ New Search ]
Can a financial institution ask for my social insurance number when I open an account?
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.