What is the first financial thing I should do as a new permanent resident?

The most important first step is obtaining your SIN (Social Insurance Number) from Service Canada — you need it to work, file taxes, and access all government programs and financial accounts. Apply at a Service Canada office with your Confirmation of Permanent Residence (COPR) and passport, or use the online portal if you have a PR card. The SIN is issued immediately at the office. If you previously held a SIN starting with 9 (temporary resident SIN), you must update it to your new permanent SIN at your employer, bank, and CRA My Account.

When does my TFSA contribution room start as a new permanent resident?

TFSA contribution room accumulates from January 1 of each year you are both 18 years old and a Canadian tax resident. If you became a PR at age 30 and had never lived in Canada before, your TFSA room starts from 2026 (this year) — you do not get the historical room from 2009 onward. However, if you lived in Canada previously on a work or study permit, room accumulated during those years counts. Check your exact TFSA room on My CRA Account, not through assumptions.

Am I eligible for the Canada Child Benefit (CCB) as a new permanent resident?

Yes. Permanent residents are fully eligible for the Canada Child Benefit for children under 18. To start receiving it: file your T1 tax return, complete Form RC66 (Canada Child Benefits Application), and ensure each child has a Canadian SIN. CCB is paid monthly based on your prior year family net income. In your first year, CRA may ask for proof of immigration status. Some provinces also offer additional child benefits on top of the federal CCB.

How long do I need to live in Canada as a PR to qualify for OAS?

To receive any Old Age Security (OAS) pension in retirement, you need at least 10 years of Canadian residency after age 18. To receive the full OAS amount, you need 40 years of residency after age 18. For every year below 40, you receive 1/40th of the full amount. New PRs who arrive in their 30s or 40s typically qualify for a partial OAS. Some countries have Social Security agreements with Canada that allow a partial combination, but the OAS residency years in Canada are based on physical presence, not contribution years.

Should I transfer my foreign retirement savings to Canada?

Generally, do not rush to transfer foreign retirement funds to Canada. Many transfers trigger immediate tax events in the source country and do not receive RRSP rollover treatment in Canada (with the notable exception of US-to-Canada RRSP rollovers for lump-sum distributions from US retirement plans under the Canada-US tax treaty). Leave foreign retirement accounts where they are, continue letting them grow under their local tax rules, and report the income annually to CRA when withdrawals begin. Consult a cross-border tax advisor before making any large transfers.

New Permanent Resident Financial Checklist Canada 2026

New PR Financial Checklist — Priority Order

Priority	Action	Timing
🔴 Urgent	Apply for SIN (Social Insurance Number)	Day 1–3
🔴 Urgent	Update SIN at employer if transitioning from temporary SIN (begins with 9)	Within 3 days
🔴 Urgent	Open or update Canadian bank account	Day 1–7
🔴 Urgent	Register for My CRA Account	Week 1
🔴 Urgent	Apply for provincial health insurance	Day 1 (3-month wait in some provinces)
🟠 High	Apply for provincial photo ID or driver’s licence	Week 1–2
🟠 High	Register children for provincial health card + SIN	Week 1–2
🟠 High	Apply for Canada Child Benefit (if applicable) — RC66	Week 2–4
🟠 High	Open TFSA	Week 2–4
🟡 Medium	Open RRSP and start contributing	First payroll season
🟡 Medium	Apply for FHSA if first-time home buyer	When ready
🟡 Medium	Register children for RESP	Within first 3 months for maximum CESG
🟡 Medium	File first Canadian tax return	By April 30 the year after arrival
🟢 When settled	Get first Canadian credit card (newcomer program)	Week 1–4
🟢 When settled	Apply for Canadian driver’s licence	Within grace period (usually 60–90 days)

SIN: What You Need to Know

Item	Detail
Where to apply	Service Canada office in-person; some services available online with PR card
Documents needed	COPR (Confirmation of Permanent Residence) + passport; or PR card
Issued at	Immediately at the office; same-day
If you had a temp SIN (starts with 9)	Update your employer payroll, CRA, bank, financial institutions, and Service Canada
Cost	Free
Spouse/children	Each family member needs their own SIN

Government Benefits Available to New PRs

Benefit	Eligibility	How to Receive
GST/HST Credit	File T1 return; any income level	Automatic after filing; paid quarterly
Canada Child Benefit (CCB)	Children under 18; file RC66	Monthly after RC66 processed
Provincial child benefit	Varies by province (e.g., Ontario Child Benefit, BC Family Benefit)	Usually automatic via CCB application
Climate Action Incentive (CAI)	File T1; most provinces	Quarterly with GST/HST credit payments
Canada Workers Benefit (CWB)	Working income; file T1	Annual or quarterly advance payments
RRSP contribution room	File T1 with earned income	18% of prior year earned income; shown on NOA
CESG (RESP grants)	Open RESP for child with Canadian SIN	20% on first $2,500/year per child = $500/year
Old Age Security (OAS, future)	10 years Canadian residency after 18	Apply 6 months before 65
CPP (future)	Contributions while working	Apply as early as 60

Accounts to Open — in Order

Account	Why	Where to Open
Chequing account	Daily banking, direct deposit, bill pay	Any major bank; newcomer programs at Scotiabank, CIBC, RBC, TD, BMO
HISA (High-Interest Savings Account)	Emergency fund; better rate than chequing	EQ Bank, Oaken, Motusbank, KOHO, WS Cash
TFSA	Tax-free growth; $7,000 room/year; keep emergency fund here	Same institution as HISA or brokerage
RRSP	Tax-deferred retirement savings; reduces current year tax	Bank, credit union, or brokerage
FHSA	First-time home buyers; $8,000/year, $40,000 lifetime	Bank or brokerage; must plan to buy
RESP	Tax-sheltered education savings + free government CESG grants	Bank or brokerage; open as soon as child has SIN
Credit card	Build Canadian credit history	Newcomer programs: Scotiabank StartRight, CIBC Newcomer
Non-registered investment	Flexible investing; no annual limit	Brokerage (Questrade, Wealthsimple Trade)

Updating Your SIN — Who to Notify

Institution	How to Update
Employer (payroll department)	Provide new permanent SIN in writing; request T4 correction if needed
CRA	Update via My CRA Account or call 1-800-959-8281
Bank(s)	In-branch or secure message; shows on file for T5 and T3 slips
Financial institutions (RRSP, TFSA, RESP)	Update each account holder record
Service Canada (EI, CPP)	Automatic if you applied for permanent SIN with Service Canada
Provincial health card	Call or visit provincial health authority

Building Your Canadian Credit Profile

Month	Action	Goal
Month 1	Apply for a newcomer credit card (Scotiabank StartRight, CIBC, or Neo)	Get first Canadian credit account
Month 3	First credit score generated (Equifax and TransUnion)	Establish baseline
Month 6	Score 640–680 with on-time payments; apply for a second card	Diversify credit types
Month 12	Score 700+; eligible for most standard credit products	Qualify for car loan, LOC
Month 18–24	Score 730+; eligible for most premium travel credit cards	Full access to Canadian credit market

RESP — Act Fast for Maximum CESG Grants

Detail	Amount
CESG (Canada Education Savings Grant)	20% on first $2,500 contributed per child per year = $500/year
Lifetime CESG limit per child	$7,200
Child must have Canadian SIN	Yes
Parent must be Canadian resident	Yes
Can catch up on missed years	Yes — up to one additional year’s grant per year
Additional CESG for lower income families	Up to extra $100–$200/year (income-tested)
Canada Learning Bond (CLB)	Up to $2,000 total for lower-income families; no contribution required

Tax Filing in Your First Year as PR

Item	Detail
File even if low income	Triggers CCB, GST/HST credit, climate incentive
Residency start date	Enter your PR landing date
Worldwide income	Report all income since landing date; disclose pre-arrival foreign income
TFSA room	Starts accruing from January 1 of the year you became a PR and were 18+
RRSP room	18% of the earned income reported on your first return; shown on your NOA the following year
T1135	Required if you held foreign assets over $100,000 CAD at any point during the year