Moving to Canada is exciting — but it can also feel overwhelming, especially when it comes to money. From opening a bank account to understanding taxes and budgeting for your new life, there’s a lot to learn.
Don’t worry — you’re not alone. Every newcomer goes through the same challenges, and with the right information, you can avoid common mistakes and start your Canadian journey on the right financial foot.
Here are 10 essential money tips for new immigrants in Canada that will help you budget, save, and thrive.
- Open a Bank Account as Soon as You Arrive
One of the first things you should do is open a Canadian bank account. Most banks offer Newcomer Packages with free accounts for the first year, no credit history required, and sometimes even gift cards or bonuses.
Popular options:
- RBC Newcomer Advantage
- Scotiabank StartRight Program
- CIBC Smart for Newcomers
- TD New to Canada Banking
Tip: Bring your passport, immigration documents, and proof of address to open an account quickly.
- Get Your SIN (Social Insurance Number) Immediately
- Your Social Insurance Number (SIN) is like your financial identity in Canada. You need it to work, pay taxes, and access benefits.
- Apply online or at a Service Canada office.
- Keep your SIN safe — never share it unnecessarily
- Your Social Insurance Number (SIN) is like your financial identity in Canada. You need it to work, pay taxes, and access benefits.
- Start Building Credit Early
- Budget for Housing & Rent Deposits
- Manage Grocery & Daily Expenses
- Learn About Taxes & GST/HST
- Understand Transit & Transportation Costs
- Apply for Government Benefits
- Build an Emergency Fund
- Be Patient with Your Finances
Starting a new life in Canada is exciting but financially challenging. By following these money tips for immigrants in Canada — banking, budgeting, credit, housing, taxes, and savings — you’ll set yourself up for long-term success
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