Private Banks in Canada

Compare leading private banks and their services in Canada

Market Overview

Market Size

CAD 1.8 trillion

Total private banking assets under management

Regulatory Body

OSFI (Office of the Superintendent of Financial Institutions)

Primary financial regulator

Average Management Fee

0.65% - 2.10%

Typical fee range for wealth management

Private Banks in Canada

Bank Minimum Investment Management Fee Key Services Heritage
TD Private Investment Counsel
CAD $500,000 0.65% - 1.75%
  • Investment Counsel
  • Wealth Advisory
  • Portfolio Management
Since 1855 Get Matched
BMO Private Wealth
CAD $1,000,000 0.75% - 1.85%
  • Private Banking
  • Wealth Management
  • Estate Planning
Since 1817 Get Matched
Scotiabank Private Client Group
CAD $1,000,000 0.70% - 1.80%
  • Private Client Services
  • Wealth Management
  • International Banking
Since 1832 Get Matched
National Bank Private Banking
CAD $1,000,000 0.75% - 1.85%
  • Private Banking
  • Wealth Management
  • Trust Services
Since 1859 Get Matched
RBC Private Banking
CAD $2,000,000 0.80% - 1.90%
  • Private Banking
  • Investment Management
  • Credit Solutions
Since 1869 Get Matched
UBS Private Banking
CAD $3,000,000 0.85% - 1.95%
  • Wealth Planning
  • Investment Management
  • Portfolio Management
Since 1862 Get Matched
Credit Suisse Private Banking
CAD $5,000,000 0.80% - 1.90%
  • Wealth Planning
  • Investment Advisory
  • Portfolio Management
Since 1856 Get Matched
Morgan Stanley Private Bank
$5,000,000 0.65% - 1.85%
  • Investment Management
  • Portfolio Management
  • Financial Planning
Since 1935 Get Matched
HSBC Private Banking
$5,000,000 0.60% - 1.75%
  • Investment Management
  • Portfolio Management
  • International Banking
Since 1865 Get Matched
J.P. Morgan Private Bank
CAD $15,000,000 0.90% - 2.10%
  • Investment Management
  • Portfolio Management
  • Trust Services
Since 1799 Get Matched

Requirements and Documentation

Minimum Investment

CAD 500,000

Typical minimum investment requirement

Required Documentation

  • Valid ID
  • Proof of residence
  • Source of wealth documentation
  • Tax compliance

Key Regulations

Bank Act

Investment Dealer and Trust Services Act

Know Your Client rules

Anti-Money Laundering requirements

Frequently Asked Questions

What is the minimum investment for private banking in Canada?

Minimum investments for private banking in Canada typically start from CAD 500,000, varying by bank and services required.

How are private banks regulated in Canada?

Private banks in Canada are regulated by OSFI (Office of the Superintendent of Financial Institutions) under strict regulatory frameworks ensuring client protection and financial stability.

What are the typical management fees in Canada?

Management fees for private banking in Canada typically range from 0.65% - 2.10%, depending on the bank and portfolio size.

What services do private banks in Canada offer?

Private banks in Canada offer comprehensive wealth management services including investment advisory, estate planning, tax optimization, and family office services.

How do I open a private bank account in Canada?

Opening a private bank account in Canada requires meeting minimum investment thresholds, providing extensive documentation, and undergoing comprehensive due diligence processes.

What are the tax implications of private banking in Canada?

Private banking in Canada involves complex tax considerations including reporting requirements, tax optimization strategies, and compliance with international regulations like CRS and FATCA.

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