Do Canadian Residents Need an ITIN to Open a US Bank Account?
This is the most common question we receive from Canadian residents forming US LLCs or receiving US income. The answer depends on two things: the type of account (personal vs. business) and the bank itself.
The short version: business accounts at modern US online banks usually only require an EIN for the LLC — your personal ITIN is not required at account opening. Personal accounts at traditional US banks typically require an ITIN as a non-resident tax ID.
Which US Banks Require ITIN vs EIN for Canadians?
Mercury
Business accounts for US LLCs. No ITIN required for Canadian owners. EIN + formation documents sufficient.
Relay
Business banking for US entities. Canadian-owned LLCs accepted with EIN + passport.
Wise Business
Multi-currency business account. EIN + LLC documents required. No ITIN needed for account opening.
Bank of America
Traditional branch banking for non-residents requires ITIN for individual accounts. Branch visit typically required.
Chase
Personal accounts for non-residents require ITIN. Business accounts may require in-person branch visit and ITIN.
Wells Fargo
Non-resident personal accounts require ITIN + passport. Business accounts vary by branch.
Brex
Corporate cards and banking for startups. EIN + incorporation documents. Canadian founders accepted.
Stripe Atlas / Payoneer
Payment processing accounts accept EIN for US LLC. No ITIN required for Canadian owners.
ITIN vs EIN — What's the Difference for Canadians?
| Feature | ITIN (Individual) | EIN (Business) |
|---|---|---|
| Who it's for | You personally as a non-resident individual | Your US LLC or corporation |
| Format | 9XX-XX-XXXX (starts with 9) | XX-XXXXXXX |
| Processing time | 8–14 weeks (IRS) | 1–2 weeks |
| Cost via ITIN Plus | $99 flat | $50 flat |
| Required for | Personal tax return (1040-NR), W-8BEN with treaty claim, personal US accounts | Business bank accounts, LLC tax filings, Form 5472, employer accounts |
| Canada-US treaty benefit | Yes — with ITIN on W-8BEN | Not directly (entity-level treaty claims differ) |
The Recommended Order for Canadian LLC Owners
- Form your US LLC — Delaware or Wyoming are most popular for Canadians (no state income tax for non-resident owners, strong legal protections).
- Get your EIN first ($50, 1–2 weeks) — You need the EIN to open a US business bank account. ITIN Plus processes EIN applications in 1–2 weeks.
- Open your US bank account — Use Mercury, Relay, or Wise Business with your EIN + LLC formation documents + Canadian passport.
- Apply for your ITIN ($99, 8–14 weeks) — You need this for your annual Form 1040-NR filing as the LLC owner, and to claim Canada-US treaty benefits on your W-8BEN.
- File Form 5472 — Foreign-owned US single-member LLCs must file Form 5472 (informational return) with the IRS annually. This requires your EIN. ITIN Plus can assist with this filing.
Canada-US Tax Treaty — How It Affects Your US Bank Account
The Canada-US Tax Convention (tax treaty) affects withholding on income, not bank account eligibility. Here's how it applies to Canadian residents with US accounts:
- Interest income: The treaty reduces withholding on US bank interest to 0% for Canadian residents (from the standard 30%).
- Dividends: Reduced to 15% (or 5% for qualifying corporate holdings) under the treaty.
- Royalties: Reduced or eliminated depending on the category.
- To claim these benefits: You must submit Form W-8BEN with your ITIN and treaty claim to the paying institution (bank, broker, Amazon, Google, etc.).
This means: even if your bank only required an EIN to open your account, you will want an ITIN to submit a W-8BEN and claim treaty-reduced withholding rates on income earned in or from that account.
How ITIN Plus Helps Canadian Residents
ITIN Plus is an IRS Certifying Acceptance Agent (CAA) listed on IRS.gov. We assist Canadian residents with:
- EIN application — $50 flat, 1–2 weeks. No Canadian SSN or ITIN required. Required for US LLC banking.
- ITIN application — $99 flat, 8–14 weeks. As a CAA, we certify your Canadian passport remotely — no mailing, no US travel.
- ITIN + EIN bundle — $139 flat. Get both in one application process.
- Form 1040-NR filing — US non-resident tax return for Canadian LLC owners with US-sourced income.
Get Your EIN or ITIN from Canada
IRS Certifying Acceptance Agent (CAA) · No US travel · No passport mailing · 100% money-back guarantee
Apply Now →EIN: $50 · ITIN: $99 · Bundle: $139 | apply@itinplus.com
Frequently Asked Questions
Do Canadian residents need an ITIN to open a US bank account?
For business accounts at online banks (Mercury, Relay, Wise), typically no — an EIN for your US LLC is sufficient. For personal accounts at traditional US banks, yes — an ITIN is generally required for non-resident account holders.
Can a Canadian open a US bank account without an ITIN?
Yes, for business accounts. Mercury, Relay, and Wise Business open accounts for US LLCs owned by Canadians with just an EIN + passport. Traditional banks like Bank of America and Chase usually require an ITIN for non-residents.
What is the difference between ITIN and EIN for Canadian LLC owners?
EIN is for your US business entity (LLC). ITIN is your personal tax ID. You need an EIN to open a US business bank account and file LLC taxes. You need an ITIN to file your personal 1040-NR and claim Canada-US treaty benefits on your W-8BEN.
How long does it take for a Canadian to get an ITIN?
8–14 weeks from IRS submission. An EIN takes 1–2 weeks. If you need banking quickly, get the EIN first, then apply for the ITIN for your ongoing tax compliance needs.
Does the Canada-US tax treaty help with US bank accounts?
Indirectly — yes. The treaty doesn't affect account eligibility, but once you have an ITIN, you can submit W-8BEN with treaty claims to your bank, reducing withholding on interest, dividends, and other income to treaty-reduced rates (often 0% on interest, 15% on dividends).