Banking

The top five Canadian banks offer a "CIBC Newcomers to Canada" banking plan to those who have gained permanent resident status within Canada in the last two years. This includes a free account for one year. Canada is considered one of the safest banking countries in the world. The Canada Deposit Insurance Corporation (CDIC) protects money held by Canadian banks with insurance of up to CAN$100,000 for defined types of accounts with registered institutions in the event of national bank failure.