New Accounts
      Back to home
      1. Optimize Help Center
      2. Account Management
      3. New Accounts

      New Account - Important to Know

      Required Information and Documentation by Account Type

      Please be advised that the below is not a comprehensive list of all information required for account opening but rather specific information related to each particular account type required to open that account.

      Account Type Additional Required Information Required Documents
      Cash Accounts    
      Individual
      • Tax Identification Number for the Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      • Void Cheque in the name of the Account Holder; needs to have bank number, transit number, account number, bank name, and bank address (Please Note the Address on the Void Cheque must not conflict with the Address on the New Account Form)
      • Valid Identification of the Account Holder which is not expiring within the next 30 days (Please Note the Name and Address on the ID must match exactly the Name and Address on the New Account Form)
      Joint
      • Tax Identification Number for each Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      • Void Cheques in the name of each Account Holder; needs to have bank number, transit number, account number, bank name, and bank address (Please Note the Address on the Void Cheque must not conflict with the Address on the New Account Form)
      • Valid Identification of each Account Holder 
        which is not expiring within the next 30 days (Please Note the Name and Address on the ID must match exactly the Name and Address on the New Account Form)
      In Trust (for minors)
      • Tax Identification Number for each Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      • Full Legal Name of the Minor
      • Date of Birth for the Minor
      • Social Insurance Number of the Minor
      • Void Cheques in the name of each Account Holder; needs to have bank number, transit number, account number, bank name, and bank address (Please Note the Address on the Void Cheque must not conflict with the Address on the New Account Form)
      • Valid Identification of each Account Holder which is not expiring within the next 30 days (Please Note the Name and Address on the ID must match exactly the Name and Address on the New Account Form)

       

      Account Type Additional Required Information Required Documents
      RRSP & RIF Accounts    
      Individual
      • Tax Identification Number for the Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      • Void Cheque in the name of the Account Holder; needs to have bank number, transit number, account number, bank name, and bank address 
        (Please Note the Address on the Void Cheque must not conflict with the Address on the New Account Form)
      • Valid Identification of the Account Holder which is not expiring within the next 30 days (Please Note the Name and Address on the ID must match exactly the Name and Address on the New Account Form)
      Spousal
      • Tax Identification Number for the Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      • Full Legal Name of the Account Holder’s Spouse
      • Date of Birth of the Account Holder’s Spouse
      • Social Insurance Number of the Account Holder’s Spouse
      • Void Cheque in the name of the Account Holder; needs to have bank number, transit number, account number, bank name, and bank address (Please Note the Address on the Void Cheque must not conflict with the Address on the New Account Form)
      • Valid Identification of the Account Holder which is not expiring within the next 30 days (Please Note the Name and Address on the ID must match exactly the Name and Address on the New Account Form)
      Locked In Accounts (LIRA, LRSP, RLSP, LIF, LRIF, RLIF, PRIF)    
      LIRA, LRSP, RLSP, LIF,
      LRIF, RLIF, or PRIF
      • Tax Identification Number for the Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      • Legislation of the Plan (Federal, ON, AB, etc., 
        depending on the account type)
      If the Account being opened is a LIF:
      • Source of Pension Funds (Either from a LIRA or from an existing LIF
      • Void Cheque in the name of the Account Holder; needs to have bank number, transit number, account number, bank name, and bank address
        (Please Note the Address on the Void Cheque must not conflict with the Address on the New 
        Account Form)
      • Valid Identification of the Account Holder 
        which is not expiring within the next 30 days (Please Note the Name and Address on the ID 
        must match exactly the Name and Address on the New Account Form)
      Account Type Additional Required Information Required Documents
      TFSA Accounts    
      TFSA
      • Tax Identification Number for the Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      • Void Cheque in the name of the Account Holder; needs to have bank number, transit number, account number, bank name, and bank address (Please Note the Address on the Void Cheque must not conflict with the Address on the New 
        Account Form)
      • Valid Identification of the Account Holder 
        which is not expiring within the next 30 days (Please Note the Name and Address on the ID 
        must match exactly the Name and Address on the New Account Form)
      RESP Accounts    
      RESP
      • Tax Identification Number for each Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      For each child named as a Beneficiary the following information is needed:
      • Full Legal Name
      • Gender
      • Address (If different from Account Holder(s))
      • Date of Birth
      • Social Insurance Number
      • Relationship to each Account Holder
      • Full Legal Name of Parent, Guardian, or Public Primary Caregiver
      • Contribution Distribution (If there are multiple Beneficiaries who will not be receiving equal 
        distributions) 

      If the Beneficiary is working with a Child Care 
      Agency (i.e. foster children, crown wards, etc.):

      • Name of the Child Care Agency
      • Name of Agency Representative
      • Social Insurance Number of the Agency
      • Representative (If the Child Care Agency is the Beneficiary’s Primary Caregiver)
      • Void Cheques in the name of each Account Holder; needs to have bank number, transit 
        number, account number, bank name, and bank address (Please Note the Address on the Void 
        Cheque must not conflict with the Address on the New Account Form)
      • Valid Identification of each Account Holder 
        which is not expiring within the next 30 days (Please Note the Name and Address on the ID 
        must match exactly the Name and Address on the New Account Form)
      Account Type Additional Required Information Required Documents
      RDSP Accounts    
      RDSP
      • Tax Identification Number for each Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)

      For the Beneficiary the following information is needed:
      • Full Legal Name
      • Gender
      • Address (If different from Account Holder(s))
      • Date of Birth
      • Social Insurance Number
      • Relationship to each Account Holder
      • Full Legal Name of their Primary Caregiver
      • Address of their Primary Caregiver
      • Social Insurance Number of their Primary Caregiver
      • Date of Birth of their Primary Caregiver
      If applying for the RDSP Grant and the Beneficiary is working with a Child Care Agency (i.e. foster children, crown wards, etc.)
      • Name of the Child Care Agency
      • Name of Agency Representative
      • Social Insurance Number of the Agency Representative (If the Child Care Agency is the Beneficiary’s Primary Caregiver)
      • Void Cheques in the name of each Account Holder; needs to have bank number, transit number, account number, bank name, and bank address (Please Note the Address on the Void Cheque must not conflict with the Address on the New Account Form)
      • Valid Identification of each Account Holder which is not expiring within the next 30 days (Please Note the Name and Address on the ID must match exactly the Name and Address on the New Account Form)
      Entity Accounts    
      Estates
      • Tax Identification Number for each Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      • Entity Type, from a list of pre-approved options
      • Legal Name of the Entity
      • Income of the Entity
      • Net Worth Breakdown of the Entity
      • Void Cheques in the name of each Account Holder; needs to have bank number, transit number, account number, bank name, and bank address (Please Note the Address on the Void Cheque must not conflict with the Address on the New Account Form)
      • Valid Identification of each Account Holder which is not expiring within the next 30 days (Please Note the Name and Address on the ID must match exactly the Name and Address on the New Account Form)
      Account Type Account Type Account Type
      Entity Accounts    
      Charities
      • Tax Identification Number for each Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      • Entity Type, from a list of pre-approved options
      • Business Number/ Tax ID Registration Number of the Entity
      • Legal Name of the Entity
      • Date of Incorporation
      • Place of Incorporation
      • Income of the Entity
      • Net Worth Breakdown of the Entity
      • Void Cheques in the name of each Account Holder; needs to have bank number, transit number, account number, bank name, and bank address (Please Note the Address on the Void Cheque must not conflict with the Address on the New Account Form)
      • Void Cheque in the name of the Entity; needs to have bank number, transit number, account number, bank name, and bank address (Please Note the Address on the Void Cheque must not conflict with the Address on the New Account Form)
      • Valid Identification of each Account Holder which is not expiring within the next 30 days (Please Note the Name and Address on the ID must match exactly the Name and Address on the New Account Form)
      • Valid Identification of each Beneficial Owner, matching the criteria above
      • Articles of Incorporation or Registration
      • List of the Entity’s Beneficial Owners (Including their Full Legal Names and Ownership Percentage)
      • Proof of Non-Profit Status
      Other Entities (Sole
      Proprietorships,
      Partnerships,
      Corporations, Trusts, etc.)
      • Tax Identification Number for each Account Holder (SIN if Canadian Citizen or Resident, SSN if US Citizen or Resident, other Tax Identification Number if a citizen or resident of a country other than Canada or the US)
      • Entity Type, from a list of pre-approved options
      • Business Number / Tax ID Registration Number of the Entity
      • Legal Name of the Entity
      • Date of Incorporation
      • Place of Incorporation
      • Income of the Entity
      • Net Worth Breakdown of the Entity
      • Void Cheques in the name of each Account Holder; needs to have bank number, transit number, account number, bank name, and bank address (Please Note the Address on the Void Cheque must not conflict with the Address on the New Account Form)
      • Identification of each Account Holder which is not expiring within the next 30 days (Please Note the Name and Address on the ID must match exactly the Name and Address on the New Account Form)
      • Valid Identification of each Beneficial Owner, matching the criteria above
      • Articles of Incorporation or Registration
      • List of the Entity’s Beneficial Owners (Including their Full Legal Names and Ownership Percentage) If the Account is for a Partnership or Sole Proprietorship:
      • FATCA Information or the W-8IMY