Banking Guide for Brazilian Immigrants to Canada 2025

Updated March 2025 — bremo.io Canadian Finance Guides for Newcomers

Brazil is an increasingly important source country for Canadian immigration, particularly through the Global Talent Stream, Express Entry, and student pathways. Brazilian newcomers bring substantial skills and often maintain financial connections to Brazil. This guide covers opening accounts, transfers, credit building, and taxes for Brazilian immigrants in Canada.

Opening a Bank Account as a Newcomer from Brazil

Canada's Big 5 banks offer newcomer packages with no Canadian credit history required. Bring your Brazilian passport (CPF is useful documentation) and your Canadian immigration document.

• TD New to Canada Banking Package — Free chequing for 12 months, Visa card without Canadian credit history.
• RBC Newcomer Advantage — Pre-arrival account opening available.
• Scotiabank StartRight Program — Free banking for 12 months and a guaranteed credit card. Scotiabank has Brazilian connections through its Latin American operations.
• BMO NewStart Program — Free chequing and savings for 12 months.
• CIBC Welcome to Canada Banking — Free chequing for 12 months.

Sending Money Between Brazil and Canada

Brazil has currency controls through the Banco Central do Brasil. Large international transfers require proper documentation of source of funds.

• Wise — Good rates for BRL to CAD or CAD to BRL. Subject to Brazilian currency regulations.
• Western Union — Available for Brazil with bank deposit options.
• Remessa Online (Brazil-based) — Popular Brazilian platform for international transfers. May offer competitive BRL rates for transfers from Brazil to Canada.
• Bank wire — SWIFT from Brazilian banks (Itaú, Bradesco, Banco do Brasil) to Canadian banks. Larger transfers may require Central Bank documentation.

Building Credit as a Newcomer

Your Brazilian Serasa or SPC credit score has no standing in Canada. Build from scratch:

• Secured credit card from your newcomer bank package.
• KOHO's credit building feature for passive Equifax reporting.
• After 6–12 months, apply for a standard unsecured card.

Tax Obligations for Brazilian Immigrants

• Worldwide income to CRA — Report all global income once you are a Canadian tax resident.
• Canada-Brazil Tax Treaty — As of 2025, Canada and Brazil do not have a comprehensive tax treaty. This means potential double taxation on income from Brazil. Consult a cross-border tax advisor to manage this exposure.
• Brazil Exit Tax (Carnê-Leão) — Notify Receita Federal (Brazil's tax authority) of your departure. Brazil may have exit tax implications on certain assets.
• T1135 — File annually with the CRA if your Brazilian assets exceed CAD $100,000.

SIN, Provincial Health Insurance, and Settlement

Apply for your SIN at Service Canada upon arrival. In Ontario, a 3-month OHIP wait applies. Brazilian communities are growing in Toronto, Vancouver, and Calgary. Community organizations and Portuguese-language resources (given shared language similarities) can be helpful during settlement.

Practical Tips

• Open a TFSA for tax-sheltered savings in Canada.
• The absence of a Canada-Brazil tax treaty makes cross-border tax planning important — invest in a professional advisor early.
• Brazil's Pix instant payment system does not work in Canada. Set up Canadian Interac e-Transfer and a credit card as your primary payment methods.