Closing an account? Open the right one next.
Where the $2,500 in Canadian bonuses actually is.
Before you close, see the 5 no-fee Canadian accounts paying real welcome bonuses in 2026. One free PDF, 5 offers, the exact order to claim them.
Before you close, see the 5 no-fee Canadian accounts paying real welcome bonuses in 2026. One free PDF, 5 offers, the exact order to claim them.
Closing a bank account in Canada is straightforward, but a little preparation keeps your pay, bills, and benefits from missing a beat. Whether you are consolidating accounts, switching banks, or simplifying your money, this guide shows exactly how to close an account at any Canadian bank in 2026, and what to do first.
Before you close your old account, open KOHO. No monthly fee, unlimited transactions, up to 5% cash back, no credit check. Set up in about five minutes with code BREMO2026.
Open KOHO, get $20 →Do these six things before you start, in this order, to avoid NSF fees and missed payments.
Not every bank lets you close online. Here is what each major Canadian institution supports in 2026.
| Bank | In-person | Phone | Online or app |
|---|---|---|---|
| TD Canada Trust | Yes | 1-866-222-3456 | No |
| RBC | Yes | 1-800-769-2511 | Limited |
| Scotiabank | Yes | 1-800-472-6842 | No |
| BMO | Yes | 1-877-225-5266 | Limited |
| CIBC | Yes | 1-800-465-2422 | Some accounts |
| KOHO | n/a | In-app chat | Yes, in-app |
| EQ Bank | n/a | 1-844-4EQBANK | Yes |
If you are opening a new account anyway, you may as well get paid for it. The free Bremo Bank Churning Playbook shows you how Canadians stack welcome bonuses across KOHO, Neo, EQ Bank and more, in the right order, without wrecking your credit. Plain English, no spam.
Get the free playbook →No. Canadian banks cannot legally charge a fee to close a personal chequing or savings account. If a bank tries to charge a closure fee, escalate to its complaint resolution office or contact the Financial Consumer Agency of Canada (FCAC) at fcac-acfc.gc.ca.
If you simply stop using an account instead of formally closing it, Canadian law treats it as dormant after 2 years of inactivity. After 10 years of inactivity with no contact from the account holder, the bank must transfer the balance to the Bank of Canada as an unclaimed balance. See our unclaimed bank balances guide →
Request written confirmation of closure and keep it for at least 3 years. Download your last 12 months of statements before closing too. You may need transaction records for taxes, expense claims, or disputes.
No. Banks cannot legally charge to close a personal chequing or savings account. If one tries, contact the FCAC at fcac-acfc.gc.ca.
Sometimes. EQ Bank and some CIBC, BMO, and RBC accounts allow online or in-app closure. TD and Scotiabank generally require in-person or phone closure in 2026.
Any pre-authorized debit charged after closure bounces as NSF and can trigger fees from the biller. Move every payee to your new account before closing.
It becomes dormant after 2 years, and after 10 years the balance is sent to the Bank of Canada as an unclaimed balance. Formally closing is cleaner.
Get your new account set up before you close the old one. KOHO is free, instant, and needs no credit check. Use code BREMO2026 for $20 plus 3 months free.
Open KOHO, get $20 →Tired of bank fees? Open a no-fee KOHO account, get $20 with code BREMO2026 →
Our free playbook shows how Canadians stack up to $7,450 a year in bank welcome bonuses, and the order to claim them.