New Permanent Resident Financial Checklist for Canada

Becoming a permanent resident opens the full set of Canadian accounts and benefits, and the order you set them up in matters: a SIN comes first because almost everything else asks for it, benefit applications can go in before your first return, and TFSA room starts on the day you become a resident. This checklist puts each task in priority order. For the shorter overview of a newcomer’s first year, and the guides by status and home country, see money in Canada for newcomers.

New PR financial checklist in priority order

Your SIN as a new permanent resident

A permanent resident’s SIN doesn’t expire. To apply, Service Canada accepts your PR card, or your Confirmation of Permanent Residence (COPR) within one year of becoming a permanent resident, as the primary document, plus a secondary identity document such as your passport. Processing times by method are in how long it takes to get a SIN.

If you held a temporary SIN starting with 9 on a work or study permit, a change in status is one of the times Service Canada asks you to update your SIN record, and its update page says: “Your SIN stays the same unless your status changes.” Once the record is updated, give the current number to everyone who reports income or benefits under it:

Benefits you can apply for

The CRA lets new residents apply for benefit and credit payments before filing a first return. Form RC151 applies for the Canada Groceries and Essentials Benefit (the former GST/HST credit); families eligible for the Canada Child Benefit use Form RC66 instead (how to apply for the CCB), and the CRA uses it for the CGEB and related provincial payments too. The CRA asks for your date of entry, immigration status and your family’s income for up to two years before you arrived.

Later benefits build from your time here. The Canada Workers Benefit is claimed on your return if you have low working income. For Old Age Security: You can get the OAS pension from age 65 if you have lived in Canada for at least 10 years since age 18 and are a Canadian citizen or legal resident when it is approved (living abroad, you need 20 years and must have been a citizen or legal resident the day before you left); 40 years after age 18 gives the full pension, fewer years a partial one. Working doesn't affect eligibility, but high income is taxed back. Social security agreements with other countries can help some newcomers qualify; see OAS and GIS for newcomers. CPP builds from your contributions while you work here (the Canada Pension Plan).

Accounts to open

A chequing account comes first: you need one for direct deposit of pay and benefits. Most large banks offer a newcomer package, and the best bank accounts for newcomers compares their current terms. After that:

• TFSA. Room starts on the day you become a resident if you are 18 or older, and the year you land brings the full $7,000 limit for 2026 (TFSA room for new residents).
• RRSP. Room is 18% of the previous year’s earned income, up to the annual dollar limit, so it first appears on the Notice of Assessment for your first return.
• FHSA. $8,000 a year up to $40,000 in total, for residents who are first-time buyers; see the FHSA for new Canadians.
• RESP. See the section below.

Building Canadian credit

Credit history from another country usually doesn’t transfer, so the first Canadian card starts your file. The options, from newcomer card programs to secured cards, are covered in choosing a first credit card as a newcomer.

RESP grants for your children

The Canada Education Savings Grant adds 20% on the first $2,500 contributed each year, a grant of $500, up to $7,200 per child. The child needs a SIN and must live in Canada. Unused grant room carries forward, but the basic grant is capped at $1,000 in any one year, so starting early matters more than catching up later. Lower-income families can also get the additional CESG and the Canada Learning Bond; see how the CESG works.

Your first tax return as a PR

Your first return is due by April 30 of the year after you become a resident. It reports your income from all countries from the day you became a resident. A newcomer’s first tax return walks through the part-year rules, and tax on worldwide income covers how income from abroad is reported after you become a resident.

If you keep investments outside Canada, Form T1135 applies once the total cost of your specified foreign property is more than $100,000 at any time in the year; Form T1135 explains what counts.

What to do next

If you came from a work permit, the work permit financial guide explains which of your existing accounts carry over. If citizenship is the next step, what Canadian citizenship changes financially compares the two statuses and the cost of applying.