First Steps After Landing
Financial Priorities (First Month)
| Priority |
Action |
| 1 |
Get SIN (Social Insurance Number) |
| 2 |
Open bank account |
| 3 |
Get phone number |
| 4 |
Apply for health card |
| 5 |
Set up address proof |
Get Your SIN
| Where |
Service Canada |
| Required for |
Work, banking, taxes |
| Documents |
PR card/work permit, passport |
| Timeline |
Same day usually |
Banking in Canada
Opening Your First Account
| Major Banks |
Newcomer Programs |
| RBC |
RBC Newcomer Banking |
| TD |
TD New to Canada |
| Scotiabank |
StartRight |
| BMO |
NewStart |
| CIBC |
Newcomer Banking |
What Banks Offer Newcomers
| Benefit |
Typical |
| No monthly fee |
1 year |
| Free Interac transfers |
Often |
| Credit card approval |
Without Canadian history |
| Mortgage pre-approval |
Based on down payment |
What to Bring
| Document |
Purpose |
| PR card or work permit |
Status proof |
| Passport |
ID |
| SIN |
For interest reporting |
| Proof of address |
Utility bill, lease |
| Employment letter |
If available |
Building Credit
Why Credit Matters
| Reason |
Details |
| Rent approval |
Landlords check |
| Phone contracts |
May need credit |
| Mortgage |
Essential for approval |
| Lower interest rates |
Good credit = savings |
How to Build Credit
| Strategy |
Details |
| Secured credit card |
Deposit = limit |
| Newcomer credit card |
Bank programs |
| Phone plan |
In your name |
| Pay on time |
Every month |
| Keep utilization low |
Under 30% |
Secured Credit Cards
| Option |
Details |
| Home Trust Secured |
Popular choice |
| Refresh Financial |
Rebuilding focus |
| Bank secured cards |
Ask your bank |
Timeline for Credit Building
| Month |
Expected Progress |
| 0 |
Apply for secured card |
| 3 |
Credit file established |
| 6 |
Score visible (~600-650) |
| 12 |
Score improving (670+) |
| 24 |
Full credit history (700+) |
Understanding Canadian Taxes
When You Become Tax Resident
| General Rule |
Upon landing |
| Tax on |
Worldwide income |
| First year |
May be partial |
| Filing deadline |
April 30 |
Your First Tax Return
| Report |
|
| Canadian income |
Employment, investment |
| Foreign income |
From residency date |
| Foreign assets |
Over $100K (T1135) |
Important Tax Numbers
| Concept |
Explanation |
| RRSP room |
Based on earned income (18%) |
|
None until first Canadian job |
| TFSA room |
Accumulates from year of residency |
|
~$7,000/year |
Government Benefits
Canada Child Benefit (CCB)
| If You Have Children |
|
| Apply |
After tax return filed |
| Amount |
Based on income, children |
| Tax-free |
Yes |
GST/HST Credit
| Who Qualifies |
Low-to-moderate income |
| Apply |
With first tax return |
| Payments |
Quarterly |
| Tax-free |
Yes |
Provincial Benefits
| Province |
Benefits |
| Ontario |
Trillium Benefit |
| BC |
Climate Action Credit |
| Alberta |
Climate Action Rebate |
| Quebec |
Solidarity Tax Credit |
TFSA and RRSP for Newcomers
TFSA Rules
| Key Points |
|
| Room starts |
Year you become resident |
| 2024 limit |
$7,000 |
| No catch-up |
For years before residency |
| Best for |
Emergency fund, savings |
RRSP Rules
| Key Points |
|
| Room based on |
Previous year’s earned income |
| First year |
Zero room |
| After first tax return |
18% of income (capped) |
| Best for |
Tax reduction if income |
Housing
Renting in Canada
| Requirement |
Details |
| Credit check |
Landlords will check |
| References |
From previous landlord |
| Employment proof |
Paystubs, job letter |
| Deposit |
First + last month typical |
Without Credit History
| Strategy |
|
| Offer more deposit |
Extra months rent |
| Employer letter |
Confirm income |
| Bank statement |
Show funds |
| Co-signer |
If possible |
Buying a Home
| Newcomer Programs |
|
| 35% down payment |
May skip some requirements |
| FHSA |
Can contribute immediately |
| Home Buyers’ Plan |
RRSP withdrawal (if room) |
Banking Costs
Typical Fees
| Fee Type |
Range |
| Monthly account fee |
$0-$30 |
| Interac e-Transfer |
$0-$1.50 |
| ATM (other bank) |
$2-$5 |
| Foreign exchange |
2.5% |
Free Banking Options
| Provider |
Type |
| Simplii Financial |
No-fee bank |
| Tangerine |
No-fee bank |
| EQ Bank |
High-interest, no fees |
| PC Financial |
No-fee banking |
Money Transfer
Bringing Money to Canada
| Method |
Cost |
| Wire transfer |
$15-$50 + exchange |
| Wise (TransferWise) |
~0.5-1% |
| Bank draft |
Varies |
| Carry cash |
Declare over $10K |
Best Options
| For |
Consider |
| Large amounts |
Wise, OFX |
| Recurring |
Wise |
| Speed |
Wire (expensive) |
| Exchange rates |
Compare carefully |
Employment
Getting Paid
| What to Know |
|
| Direct deposit |
Most common |
| Pay frequency |
Bi-weekly often |
| Taxes withheld |
Automatic |
| Pay stub |
Shows deductions |
Understanding Your Paycheque
| Deduction |
What It Is |
| Income tax |
Federal + provincial |
| CPP |
Canada Pension Plan |
| EI |
Employment Insurance |
Insurance Needs
Health Insurance
| Provincial Coverage |
|
| Start date |
Varies by province |
| BC |
After 3 months |
| Ontario |
After 3 months |
| Alberta |
Immediately |
During Waiting Period
| Need |
Interim private coverage |
| Providers |
Manulife, Blue Cross |
| Cost |
$100-$200/month |
| Essential |
See doctor without paying |
Other Insurance
| Type |
When Needed |
| Tenant insurance |
Required for renting |
| Auto insurance |
Required for driving |
| Life insurance |
When you have dependents |
Cultural Financial Differences
Canadian Banking
| May Be Different |
|
| Cheques |
Still used sometimes |
| Interac e-Transfer |
Common for person-to-person |
| Tap payments |
Very common |
| Credit cards |
Widely used |
Tipping Culture
| Service |
Standard Tip |
| Restaurants |
15-20% |
| Taxi/Uber |
10-15% |
| Hair salon |
15-20% |
| Delivery |
$3-5 or 10-15% |