Opening an Estate Bank Account in Ontario: A Guide for Executors

One of the first practical tasks facing a new estate trustee is figuring out where estate money actually goes. Opening a dedicated estate bank account in Ontario — separate from your own personal accounts and from the deceased's original accounts — is not just good practice, it's central to how an estate trustee is expected to handle money under Ontario law.

If you've never done this before, the process is more straightforward than it looks. Here is what it involves and why each step matters.

Why a Separate Estate Account Matters

An estate trustee is a fiduciary who must keep estate property separate from personal property and keep proper accounts and records. Depositing estate funds into your own personal account — even temporarily, even with the best intentions — blurs that separation and makes it much harder to prove, later, exactly what came in, what went out, and why.

A dedicated estate account also makes life easier for you. When it comes time to pass accounts, respond to a beneficiary's questions, or file the estate's tax returns, a clean, separate transaction history is far simpler to work with than trying to reconstruct estate activity from a personal chequing account.

Step-by-Step: Opening the Account

1. Gather your identification and the death certificate. Every bank will need proof of the death and your own identification to start the process.
2. Bring the original will, if there is one, since it typically names you as the estate trustee and the bank will want to see that appointment in writing.
3. Ask the bank what triggers their probate requirement. Some institutions will open a basic estate account and allow limited activity — such as depositing cheques payable to the estate — before a Certificate of Appointment is issued, especially for straightforward estates; others require the certificate first. This varies by institution, so ask directly rather than assuming.
4. Provide the Certificate of Appointment of Estate Trustee, once it is issued, if the bank required probate before opening full account access.
5. Set up the account in the estate's name, not your own — typically styled as "The Estate of [Deceased's Name], [Your Name], Estate Trustee."
6. Redirect estate income and deposits into this account, including any refunds, final pay, dividends, or other amounts payable to the deceased or the estate.
7. Pay estate expenses from this account only, keeping receipts and a running record of every transaction.
8. Keep the account open until administration is essentially complete, including through the CRA clearance certificate process, before closing it out as a final step.

What Most Institutions Will Ask For

• Certified copy of the death certificate
• Original will (if one exists)
• Your government-issued identification
• The Certificate of Appointment of Estate Trustee (With or Without a Will), if the institution requires it before opening the account
• Estate identification information for tax reporting purposes

Requirements differ between banks, and even between branches of the same bank, so confirm the exact list before your appointment to avoid a wasted trip.

Common Mistakes to Avoid

• Depositing estate cheques into your personal account "just to keep things moving" — this is exactly the kind of commingling a fiduciary is expected to avoid.
• Paying estate expenses out of pocket without reimbursing yourself through the estate account, which makes your own records harder to track later.
• Closing the account too early, before a CRA clearance certificate or other outstanding matters are resolved, only to discover another cheque or refund needs a home.
• Not keeping receipts, on the assumption that "it's obviously an estate expense" — beneficiaries and, if needed, the court may expect documentation regardless.

Frequently asked questions