What is a transit number in Canada?

A transit number (also called a branch number) is a 5-digit code that identifies a specific bank branch in Canada. It is assigned by Payments Canada and used for electronic fund transfers (EFT), direct deposit, and pre-authorized payments. Together with the 3-digit institution number, it forms the 8-digit routing code used on Canadian cheques.

What is an institution number in Canada?

An institution number is a 3-digit code assigned to each federally or provincially chartered financial institution in Canada by Payments Canada. For example: RBC is 003, TD is 004, Scotiabank is 002, CIBC is 010, BMO is 001, EQ Bank is 623, Tangerine is 614, and Simplii uses CIBC's 010.

What is an NSF fee in Canada?

An NSF (Non-Sufficient Funds) fee is charged when a transaction is presented against your account but there is not enough money to cover it. Canadian banks charged $45–$48 per NSF event in 2026. EQ Bank is unique in that it declines the transaction without charging an NSF fee. Keeping a buffer in your account prevents NSF charges.

How does Canadian bank routing work for direct deposit?

Canadian EFT routing uses an 8-digit format: a leading zero, followed by the 5-digit transit/branch number, followed by the 3-digit institution number (0TTTTTIII). For example: TD at its main branch might be 00000004. For CRA direct deposit, you enter your transit number, institution number, and full account number separately.

What is overdraft protection in Canada?

Overdraft protection is a bank service that covers transactions when your account balance drops below zero. Big 5 banks typically charge ~$5/month for the coverage plus ~21% annual interest on the amount overdrawn. Digital banks like Simplii and Tangerine generally don't offer overdraft. EQ Bank declines transactions at $0 rather than going negative.

Canadian Banking Basics 2026 — Transit Numbers, Institution Numbers, NSF Fees Explained

Canadian banking uses transit numbers (5 digits, branch-specific) and institution numbers (3 digits, bank-specific) for all electronic payments. EFT routing format: 0[transit][institution] = 8 digits.

Canadian Banking Basics — Guide Index

Routing Numbers

Fees and Account Features

Quick Reference: Canadian Institution Numbers 2026

Bank	Institution Number
BMO	001
Scotiabank	002
RBC	003
TD	004
CIBC	010
Tangerine	614
EQ Bank	623
Simplii Financial	Uses CIBC (010)

Quick Reference: NSF Fees 2026

Bank	NSF Fee
RBC	$48
TD	$48
Scotiabank	$48
CIBC	$48
BMO	$48
Tangerine	~$45
Simplii	~$45
EQ Bank	$0 (declines)

Bank-Specific Routing Guides

Written by WealthVieu

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