Pre-Departure Financial Checklist
| Task | Timeline | Details |
|---|---|---|
| Save settlement funds | 3-6 months before | $15,000-$25,000 CAD recommended |
| Set up remittance account | Before departure | Wise, Remitly, or Remitbee account |
| Get international credit card | 1-2 months before | For first few weeks’ expenses |
| Organize financial documents | Before departure | Bank statements, employment records, tax docs |
| BSP declaration (if carrying cash) | Before departure | Declare if carrying over PHP 50,000 or foreign $10,000+ |
| Tell your Philippine bank | Before departure | Maintain account for receiving payments if needed |
| Winter clothing budget | Before departure | $300-$1,000 (buy in Canada at Walmart, Value Village) |
| First/last month rent saved | Before departure | $3,000-$5,000 (depending on city) |
First-Week Financial Setup
| Action | Provider | Notes |
|---|---|---|
| Get SIN (Social Insurance Number) | Service Canada | Required for work and all banking |
| Open bank account | Scotiabank StartRight, CIBC, TD, RBC | Newcomer packages available |
| Get a phone plan | Public Mobile, Lucky Mobile | $25-$45/month |
| Apply for secured/newcomer credit card | BMO, CIBC, Capital One | Start building credit immediately |
| Open HISA for savings | EQ Bank, Wealthsimple | Park emergency funds at 4%+ |
Best Banks for Filipino Newcomers
| Bank | Newcomer Package | Why It’s Good for Filipinos |
|---|---|---|
| Scotiabank (StartRight) | Free chequing 1-3 years | Strong Philippines connections, global remittance |
| CIBC | Free chequing 1 year | Good newcomer credit card program |
| TD | Free chequing 6 months | Longest branch hours |
| RBC | Free chequing 1 year | Mobile banking, largest ATM network |
| Tangerine | Always free | Great for saving (online bank) |
Sending Money to the Philippines (Remittances)
| Method | Exchange Rate | Fee | Speed | Best For |
|---|---|---|---|---|
| Wise | Mid-market (best) | 0.5-1.5% | 1-2 days | Best overall rate |
| Remitly | Good | $0-$5 | Same day-1 day | Speed + convenience |
| Remitbee | Good | $0 (for first transfers) | 1-2 days | Canadian company, low fees |
| Coins.ph / GCash direct | Good | $3-$10 | Instant-1 day | Direct to e-wallet in Philippines |
| Scotiabank wire | Bank rate (3-5% markup) | $20-$40 | 2-5 days | Large amounts |
| Western Union | Below mid-market | $5-$15 | Same day | Cash pickup in Philippines |
Monthly Remittance Cost Comparison (Sending $500 CAD to PHP)
| Service | Fee | Exchange Rate Markup | Total Cost | Recipient Gets (approx.) |
|---|---|---|---|---|
| Wise | $3-$5 | ~0.5% | $5-$8 | ~₱20,500 |
| Remitly | $0-$4 | ~1.0% | $4-$9 | ~₱20,200 |
| Bank wire | $25-$40 | ~3% | $40-$55 | ~₱19,000 |
On $500/month remittance, using Wise vs bank wire saves $30-$50/month or $360-$600/year.
Cost of Living Comparison
| Category | Philippines (Metro Manila, ₱/month) | Canada (Major City, CAD/month) |
|---|---|---|
| Rent (1-bed) | ₱15,000-₱30,000 | $1,500-$2,500 |
| Groceries | ₱8,000-₱15,000 | $400-$700 |
| Transportation | ₱2,000-₱5,000 | $100-$200 (transit) |
| Dining out (meal for 2) | ₱600-₱1,500 | $60-$100 |
| Utilities | ₱3,000-₱7,000 | $150-$300 |
| Healthcare | Variable (private) | $0 (public) |
| Internet | ₱1,500-₱3,000 | $50-$80 |
| Phone | ₱300-₱1,000 | $25-$55 |
| Winter clothing | N/A | $300-$1,000 (one-time) |
Building Credit in Canada
| Step | Timeline | Details |
|---|---|---|
| 1. Secured credit card | Week 1 | Deposit $300-$1,000 as collateral |
| 2. Or newcomer credit card | Week 1 | CIBC, BMO offer these |
| 3. Phone plan in your name | Month 1 | Builds credit |
| 4. Use credit card for groceries | Monthly | Keep usage under 30% of limit |
| 5. Pay full balance monthly | Monthly | Most important factor |
| 6. Check credit score | Month 6 | Use Credit Karma (free) |
| 7. Apply for regular card | Month 6-12 | Upgrade or get cash-back card |
| Expected score after 1 year | 680-720+ (if managed well) |
Tax Considerations
| Item | Details |
|---|---|
| Tax residency | Become Canadian tax resident on arrival |
| Canadian income | Report all employment income to CRA |
| Philippine income | Report worldwide income; claim foreign tax credit |
| Remittances | Not taxable (gifts to family are not income) |
| Philippine property | Report if total foreign assets exceed $100,000 CAD (T1135) |
| Philippine pension (SSS, GSIS) | Report as foreign pension income in Canada |
| Tax treaty | Philippines-Canada tax treaty prevents double taxation |
| Filing deadline | April 30 |
Government Benefits
| Benefit | Eligibility | Amount |
|---|---|---|
| Provincial healthcare | After 0-3 month waiting period | Free doctor/hospital |
| GST/HST Credit | After first tax return | $350-$500/year (single) |
| Canada Child Benefit | PR with children | $600-$700+/month (child under 6) |
| Climate Action Incentive | After filing taxes | $200-$400/year |
| Ontario Trillium Benefit | Ontario residents, after taxes filed | $500-$1,000/year |
| Child care subsidies | Varies by province | Significant (if applicable) |
| Settlement services | All PRs | Free language classes, job help |
Philippine Benefits to Maintain or Close
| Account/Benefit | After Moving to Canada |
|---|---|
| SSS (Social Security System) | Can continue voluntary contributions as OFW |
| PhilHealth | Can continue overseas membership |
| Pag-IBIG Fund | Can continue, or withdraw savings fund |
| Philippine bank accounts | Keep open for receiving money/rentals |
| Philippine real estate | Can own; rental income reportable in Canada |
| Philippine investments (UITF, stocks) | Can maintain; report to CRA |
Best Cities for Filipino Newcomers
| City | Filipino Community | Cost of Living | Job Prospects | Notes |
|---|---|---|---|---|
| Toronto/GTA | Very large | High | Very good | Largest Filipino community |
| Winnipeg | Very large | Low-moderate | Good | Strong Pinoy community, affordable |
| Vancouver | Large | Very high | Good | Mild winter, expensive |
| Edmonton | Large | Moderate | Good | Oil/gas + healthcare jobs |
| Calgary | Large | Moderate | Good | Growing Filipino population |
| Montreal | Growing | Moderate | Good | Must learn French |
Common Financial Mistakes to Avoid
| Mistake | Better Approach |
|---|---|
| Sending all money home (no emergency fund) | Save 3 months expenses first, then remit |
| Using bank wires for remittances | Use Wise or Remitly (save $300-$600/year) |
| Not building Canadian credit | Get secured card immediately |
| Not filing Canadian taxes | File every year to get GST credit, CCB |
| Ignoring TFSA/RRSP | Start investing small amounts early |
| Carrying too much cash to Canada | Use Wise for large transfers (better rate) |
| Not declaring Philippine assets ($100K+) | T1135 penalty is $2,500+ |
Recommended Timeline
| Timeline | Action |
|---|---|
| Month 1 | Bank account, SIN, phone, credit card |
| Month 1-3 | Emergency fund in HISA, job search/employment |
| Month 3-6 | Start TFSA (even $50/month), set up efficient remittance |
| Month 6-12 | Build credit to 680+, explore RRSP if employer match |
| Year 1 | File first tax return, receive GST/CCB |
| Year 2+ | Plan for home purchase (FHSA), review Philippine assets |