AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
A Canadian bank needs the same identity proof for a child as for an adult: either two documents (one showing name and address, one showing name and date of birth), or one document showing name and date of birth plus a person in good standing who vouches for the child, which can be you as the bank's customer. A birth certificate or passport, Nigerian ones included, can be used. Children aged 18 or younger are among those who can get a no-cost account at banks in the federal commitment.
What ID the bank asks for
The Financial Consumer Agency of Canada's page on opening an account (modified 23 October 2026) sets out two ways to prove identity, and they apply to children as well as adults:
- Option 1: two original documents from the approved list, one showing the name and address and one showing the name and date of birth.
- Option 2: one original document showing the name and date of birth, plus a person who confirms the identity. That person can be a customer of the bank in good standing or a person of good standing in the community.
The approved list includes government-issued identification, recent tax assessment notices, recent benefit statements, recent Canadian utility bills, recent bank or credit card statements and foreign passports. Banks may accept other identification in some circumstances.
Why Option 2 suits most children
A 6-year-old has no utility bill. What a child usually has is a document with name and date of birth: a Canadian provincial birth certificate if born here, or a Nigerian passport or Canadian passport. Under Option 2, that document plus confirmation by a parent who already banks there in good standing can be enough. If a CCB statement is in your name rather than the child's, it proves your address, not theirs.
The SIN question
The CRA's newcomers page (dated 3 August 2026) notes that a Social Insurance Number is needed to open most bank accounts. Ask the branch whether your child's account needs one, and if it does, apply to Service Canada for the child. See applying for a SIN.
Fees: the no-cost account rule
The FCAC page on low-cost and no-cost accounts (modified 8 December 2025) says that under a commitment by some financial institutions, people aged 18 or younger, students, seniors on the Guaranteed Income Supplement, RDSP beneficiaries and newcomers in their first year can get a no-cost account. It has the features of a low-cost account, including at least 18 debit transactions a month, with no monthly fee and no minimum balance. Not every institution is part of the commitment, so ask the bank directly or use the FCAC's Account Comparison Tool.
How parents keep control
The FCAC pages do not fix one model for minors' accounts; each bank sets its own rules. In practice you will be offered one of these set-ups, and it is worth asking which one the bank uses:
| Set-up | What it means for you | Questions to ask |
|---|---|---|
| Joint account with a parent | You can see and move the money | Who can withdraw? What happens at age of majority? |
| Child's own account, parent as signatory | Account is the child's; you sign or approve | Can the child have a debit card, and with what limits? |
| Parent's sub-account or savings account set aside | Money stays in your name | Is it simpler for gifts from family in Nigeria? |
Ask about card limits, online access for the child, and what happens to the account when the child reaches the age of majority in your province. Ask too whether you get statements or alerts on the child's activity.
A worked example
Example only, with invented details. Adaeze has banked with a Calgary branch for two years. Her daughter, aged 8, was born in Lagos and holds a Nigerian passport and a Canadian permanent resident card. Adaeze wants a savings account where the child's birthday money and the naira gifts her grandmother sends, once converted, can sit.
- The passport shows the child's name and date of birth, which covers one document under Option 2.
- Adaeze, a customer in good standing, confirms the child's identity, which covers the second half of Option 2.
- She asks whether the account is in the no-cost commitment for under-19s, whether a SIN is needed, and who can withdraw.
- She chooses an account in the child's name with herself as signatory and no debit card until the child is older.
If the branch asked for a second document instead, a government-issued document showing the child's name and address, or another document from the approved list, would be needed under Option 1.
Steps
- Choose the bank: one where you already hold an account in good standing makes Option 2 easier.
- Bring the child's original birth certificate or passport and your own ID.
- Ask whether the account is in the no-cost commitment for under-19s.
- Agree the control set-up and card limits before signing.
- If the bank refuses, the FCAC says it must give you written notice, its complaint process and contact details for the Ombudsman for Banking Services and Investments and the FCAC.
If you are saving for education, the government grants on an RESP are separate from a bank account. See how the RESP grant works.
Where Pryme fits
Grandparents and aunties in Nigeria often want to send a child birthday money or school-term gifts. A Pryme account holds naira alongside USD, GBP and EUR, so naira gifts can stay in naira until you choose to convert with Swap. A child with a Nigerian bank account will usually need a BVN: see a BVN for a Canadian-born child. Personal accounts can be opened from Canada: open an account.
Questions people ask
What ID do I need to open a bank account for my child in Canada?
Either two documents (one with name and address, one with name and date of birth) or one document with name and date of birth plus a person in good standing, such as you as a customer, confirming the child's identity.
Can I use my child's Nigerian passport to open a Canadian bank account?
Yes. The FCAC lists foreign passports among acceptable documents. A passport shows name and date of birth, so it fits Option 2 with a parent vouching.
Are children's bank accounts free in Canada?
People aged 18 or younger can get a no-cost account at institutions that are part of the federal low-cost and no-cost commitment. Ask whether your bank is one of them.
Can a bank refuse to open an account for my child?
Only for specific reasons, such as refusing ID checks or suspected illegal use. It must give written notice and tell you how to complain.
Sources
- FCAC: Opening a bank account (modified 23 October 2026) · accessed Oct 2026
- FCAC: Low-cost and no-cost accounts (modified 8 December 2025) · accessed Oct 2026
- CRA: Newcomers to Canada (dated 3 August 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.