Can a Canadian financial institution charge an account-closing fee?

The Financial Consumer Agency of Canada says you may have to pay a fee and should check the terms and conditions of your account agreement for closing fees.

When should I close the old account after changing CRA direct deposit?

The Canada Revenue Agency says not to close the old account until the first payment has been deposited to the new account.

What happens to certain unclaimed bank balances after ten years?

The Bank of Canada's Unclaimed Properties Office says federally regulated banks and trust companies send written notices after two, five and nine years of inactivity; after ten years, qualifying unclaimed balances may be transferred to the Office.

Close a Bank Account in Canada: Readiness Checklist

One-click risk triage

What kind of closure are you preparing?

Choose the closest public situation to see the first safe sequence immediately. Your choice stays in this browser and does not establish closure readiness.

First safe sequence

Continue to the full readiness gate Review product boundaries

This quick sequence is orientation only. The full checklist, current account agreement and institution instructions control before any closure request.

Browser-private readiness gate

Is the personal deposit account ready to close?

Answer ten operational checks. No institution name, account number, balance, payment, answer or contact detail leaves your browser.

No account or transaction data requested

What product are you closing?This checklist covers only personal deposit accounts.

If switching, is the replacement account fully accessible?

Have payroll, pension and benefit deposits been changed and verified?

If CRA direct deposit changed, did the first payment reach the new account?CRA explicitly says to wait for the first payment.

Were every pre-authorized debit and automatic payment transferred or cancelled and checked?

Are outstanding cheques and pending transactions resolved?

Were linked products and services reviewed?

Is there a verified plan for the remaining balance and any incoming adjustment?

Were needed statements, tax records and agreements saved?

Did you check the current agreement for closing and transfer fees?

Will you request and retain closure confirmation?

Readiness result

Open FCAC switching steps Check PAD cancellation rules

This tool cannot close an account or confirm the institution accepted a request. Current account agreements and institution instructions control. Educational information only—not financial, legal, tax or estate advice.

Different product, different risk

Do not use a deposit checklist for everything.

A closure request can have different transfer, tax, credit, ownership or estate consequences depending on the product.

Credit

Closing is not paying off

Interest, pending transactions and recurring charges can continue. Use the issuer's current process and FCAC's credit-card guidance.

Registered

Transfer before withdrawal decisions

TFSA, RRSP, FHSA, RESP, RRIF and RDSP transfers can have product-specific tax and contribution consequences. Use the receiving institution and CRA guidance.

Joint or estate

Authority and ownership matter

Do not assume one holder, beneficiary or representative can close or redirect funds. Obtain institution-specific and qualified legal guidance.

Business

Preserve records and payment continuity

Payroll, tax, merchant, loan and signing-authority paths can remain active. Use the business agreement and professional advice.

Pre-authorized debit

Cancel the payment authority correctly

FCAC says cancellation of a PAD does not cancel the underlying contract or amount owed. Keep written notice and check the record.

Unclaimed balance

Do not confuse notice with closure

Federal unclaimed-property notice and transfer rules apply to qualifying balances; institution definitions and other jurisdictions may differ.

Primary sources

Use the live rule when you act.

Reviewed August 13, 2026. Start with your agreement and official institution contact route, then use the relevant federal source.

FCAC: transfer and close deposit accountsAutomated transactions, new-account access, transfers, fees, review and closure-request steps.FCAC: pre-authorized debitsWritten cancellation, record checking, stop payments and reimbursement timing.CRA: change direct depositCurrent update methods and the instruction to wait for the first new-account payment.Bank of Canada: unclaimed balancesTwo-, five- and nine-year notices, ten-year transfer point, claim search and retention details.FCAC: cancel a credit cardA different process for balances, recurring charges, confirmation and credit-report checks.FCAC: banking rightsCurrent federal consumer-protection guidance and complaint pathways.