If your investment accounts are taxable, you should learn about investing and tax.at you expected.
Your account can be opened as a registered or taxable account.
Prepare your IDs. Financial institutions need two IDs to open investment accounts: a government-issued photo ID and proof of address. Try to bring your driver's license and passport. What if you don't have those?
You'll need to provide your SIN (social insurance number). You will be earning investment income which must be reported to the CRA (Canada Revenue Agency). They identify us by SIN.
Prepare your chequing account's banking / account information - to connect your chequing and investment accounts and make transfers between them.
You may be asked to complete a risk appetite questionnaire. Your provider will keep your answers on file and may use them to notify you of transactions that seem riskier than your risk profile suggest.
Complete the application online. What kinds of questions will you be asked?
You'll be asked if you want to sign up for a DRIP(automatic distribution reinvestment plan). There's an argument for and against it when you have a portfolio of index mutual funds.
With a traditional Big 5 bank you can start the process online but eventually you’ll have to visit a branch to show your IDs, unless you're already that bank's client.
Connect / link your chequing and index mutual fund accounts.
Transfer money from your chequing to your investment account. You'll use it to purchase securities from your investment account online.
Place an order to buy units of the index mutual funds you've chosen to build your portfolio with, like Canadian bonds, and Canadian, US, and international equities, in the amounts that match your asset mix.
Verify your transaction was completed correctly and you bought what you expected.