What Is a Bank Statement in Canada?

A bank statement is one of the most important documents tied to your everyday finances. However, many Canadians rarely look at it. Not closely, anyways. Whether you use a chequing account for bills, a savings account as an emergency fund, or multiple accounts across the biggest banks in Canada, your statement provides a clear record of what has happened to your money.

In this guide, we explain the basics of a bank statement including what information it shows and why it matters beyond just checking your balance. We’ll also cover how to access your statements in Canada and common mistakes to avoid.

Bank statement defined

A bank statement shows a summary of your bank account and what happened in it during a specific period of time. Usually, in Canada, that timeframe is one month. It is similar to a credit card statement in that it gives you the official record of your account’s activity.  

Regardless of whether you have a savings vs chequing account in Canada, you will receive a bank statement provided that transactions occurred in the account. It doesn’t matter how many chequing accounts you have, you will get a statement for each one if activity took place during the period. This means it will reflect any money going into or coming out of the account, including transfers, withdrawals, deposits, bill payments, and interest earned.

Note: Not every bank will offer a paper statement. Today, some opt for digital copies only. If you need a hard copy of the document, you can print it using your online banking portal.

What information is on a bank statement?

A bank statement shows you where your money came from, where it went, and how your balance changed over time. The exact information included on a bank statement will vary slightly depending on the institution. That said, most Canadian bank statements include the following:

• Institution name and bank branch contact information
• Account holder details like your full name and account number
• Statement period time frame
• Summary of the account including total deposits, withdrawals and net change during the period
• Opening statement balance
• Closing balance at the close of the statement period
• Detailed transaction history including all ATM deposits or direct deposits, cash withdrawals, Interac e-Transfers, bill payments, fees, and interest earned. Generally, only posted transactions will show in the history.

Types of bank statements in Canada

Most Canadians receive different types of bank statements depending on the accounts they hold. Common statements include:

• Chequing account statements focusing on everyday activity like deposits, debit purchases, bill payments, and fees
• Savings and high-interest account statements which track deposits, withdrawals, and interest earned
• Joint account statements showing combined activity for all account holders
• Business bank account statements, used for tracking income, expenses, and business cash flow
• Registered account statements (such as TFSA, RRSP, RESP, etc) which focus on contributions, withdrawals, and investment activity rather than day-to-day spending

How to access your bank statement

In Canada, most financial institutions post monthly statements to your online or mobile banking account as a downloadable PDF. They will send you a notification by email when a new one is available.

Some banks still offer paper statements, sent by mail. This option is less common today, though, and may come with an extra cost. To avoid these additional fees and take advantage of mobile and online banking, many Canadians choose digital statements as their default.

Why bank statements are important

A bank statement is more than a balance check. It shows how your money actually moves. Reviewing it regularly can help you to track your spending by spotting patterns that don’t align with your financial goals and re-adjusting your habits accordingly.

Record-keeping is another key benefit of bank statements. Many loan, rental or mortgage applications ask for the documents, and they can also help you track your income or interest earned at tax time.

Last, but certainly not least, bank statements protect you. They make it easier to catch errors, unexpected fees or unauthorized transactions. By identifying these issues early on, it's easier to resolve them. Especially since some banks have a limit on how long you have to report a problem. This means that reviewing your statement regularly can help you stay in control.

Common bank account statement mistakes to avoid

• Ignoring small or unfamiliar charges. Minor amounts can signal larger issues or a recurring fee you were previously unaware of. If you find one, reach out to your financial institution immediately.
• Relying only on your account balance. This number is a snapshot in time only. It doesn’t show the transactions in your account which provide the full story of where your money is going.
• Not reviewing your statements regularly. Skimming the balance doesn’t count either! Instead, check every transaction to ensure errors and fraudulent transactions do not go unnoticed.
• Forgetting to download statements before you close your account. Your online access often disappears once the account is closed. This means you will need to reach out to your bank’s customer service department to get those statements if you find you need them in the future.

Takeaway

Your bank statement is more than just a routine document. It can play a role in managing your finances, help document your account activity, track your spending, support applications, and assist tax reporting. Not only that, but it can act as an early warning system for errors and fraud. Whether you review it monthly or only when something looks off, taking the time to understand your statement gives you greater control over your money.