Banking Guide for Chinese Immigrants to Canada 2025

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

China consistently ranks among the top three source countries for immigration to Canada. Whether you are arriving through Express Entry, the Provincial Nominee Program, business immigration, or student pathways, setting up your Canadian banking quickly is essential. This guide covers account opening, money transfers from China, credit building, and your Canadian tax obligations.

Opening a Bank Account as a Newcomer from China

All Big 5 Canadian banks offer newcomer packages. Many have Mandarin- and Cantonese-speaking staff, particularly in Vancouver, Toronto, and Richmond Hill.

• TD New to Canada Banking Package — TD has extensive Mandarin and Cantonese service capacity. Free chequing for 12 months.
• RBC Newcomer Advantage — Pre-arrival account opening online. RBC has dedicated resources for newcomers from China including Mandarin phone support.
• Scotiabank StartRight Program — Free banking and a guaranteed credit card without Canadian credit history.
• BMO NewStart Program — BMO has multiple Chinese-language branches in Metro Vancouver and Greater Toronto Area.
• CIBC Welcome to Canada Banking — CIBC also has multilingual service available across major cities.

To open an account, bring your passport and immigration documents. Some banks will open accounts before you arrive — particularly useful given China's strict capital controls.

Transferring Money from China to Canada

China has strict foreign exchange controls under the State Administration of Foreign Exchange (SAFE). The annual individual limit for converting and sending money abroad is USD 50,000 per year. This is a critical consideration when planning your move.

• Wise — Works for CNY to CAD transfers but is subject to Chinese banking regulations. Best used once funds are already outside China.
• Bank wire (SWIFT) — The most common method for moving larger sums. Your Chinese bank can send funds to your Canadian bank account. Expect fees of USD 25–50 plus the exchange rate spread. Transfers may take 3–7 business days and may require documentation of the source of funds.
• Foreign currency purchase before leaving — Many newcomers purchase CAD or USD in China before departure within the annual $50,000 USD equivalent limit.
• Working with a licensed foreign exchange broker — For larger transfers (over CAD $50,000), a currency broker may offer better rates than banks and can advise on compliance.

Building Credit as a Newcomer

Your credit history in China (Zhima Credit / Sesame Credit or PBOC credit reports) has no standing in Canada. You must build credit from zero.

• Get a secured credit card through your newcomer package immediately. Use it for regular purchases, pay in full each month.
• KOHO's credit building feature is a no-credit-check way to add positive history to your Equifax file.
• After 6–12 months, apply for a standard rewards card. RBC Ion Visa and TD Cash Back Visa are popular first cards.

Tax Obligations for Chinese Immigrants to Canada

• Worldwide income reporting — Once a Canadian tax resident, all global income must be reported to the CRA, including Chinese rental income, dividends from Chinese companies, and business income.
• Canada-China Tax Treaty — Canada and China have a tax treaty. Taxes paid in China on income also taxed in Canada can be credited on your Canadian return.
• T1135 Foreign Income Verification — If you hold Chinese bank accounts, investments, or property worth more than CAD $100,000 combined, file the T1135 annually.
• Departure tax in China — China has introduced exit taxes on high-net-worth individuals. Consult a cross-border tax specialist before finalizing your move.

SIN, OHIP, and Settlement Services

Apply for your SIN immediately at Service Canada. In Ontario, there is a 3-month wait before OHIP coverage starts — get bridge insurance. Settlement organizations serving Chinese newcomers include SUCCESS (BC), the Chinese Cultural Centre of Greater Vancouver, and the Centre for Immigrant and Community Services (GTA). Many offer Mandarin and Cantonese services.

Practical Banking Tips

• WeChat Pay and Alipay do not work in Canada for most purchases. Set up a Canadian Interac debit card and credit card as quickly as possible.
• Open a TFSA to shelter investment returns from Canadian tax.
• If you plan to purchase real estate in Canada, note the Foreign Buyer's Ban (as of 2023) and additional provincial taxes (BC Foreign Buyer Tax, Ontario Non-Resident Speculation Tax) that may apply.
• Maintain clear documentation of the source of funds for any large transfers.