Banking Guide for French Immigrants to Canada 2025

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

France is a significant and growing source of immigration to Canada. French nationals arrive through Express Entry, the Mobilité Francophone pathway (which gives additional Express Entry points for French speakers), Working Holiday visas, and the Franco-Canadian cultural exchange. French newcomers can choose to settle anywhere in Canada — and have the added advantage of full French-language services in Quebec and official bilingual regions. This guide covers practical banking for French immigrants to Canada.

Opening a Bank Account as a Newcomer from France

All Big 5 banks offer newcomer packages with French-language service across Canada. In Quebec, Desjardins is a major additional option.

• TD New to Canada Banking Package — Free chequing for 12 months. Full French-language service available across Canada.
• RBC Newcomer Advantage — Pre-arrival account opening. RBC offers complete French-language service Canada-wide.
• Scotiabank StartRight Program — Free banking and guaranteed credit card for 12 months. French-language service available.
• BMO NewStart Program — Free chequing and savings for 12 months with French service.
• Desjardins (Quebec) — Major Quebec credit union with extensive French-language operations and strong newcomer support. Often the first choice for French immigrants settling in Quebec.
• CIBC Welcome to Canada Banking — Free chequing for 12 months.

Sending Money Between France and Canada

• Wise — Excellent EUR to CAD rates with transparent fees. The top choice for France-to-Canada transfers.
• Revolut — Widely popular in France. Strong EUR-CAD rates with an excellent app experience.
• Virement SEPA + Wise combination — Many French newcomers use virement SEPA within France to consolidate funds, then Wise for the EUR-CAD conversion and transfer.
• Bank wire (SWIFT) — French banks (BNP Paribas, Crédit Agricole, Société Générale, La Banque Postale) can SWIFT to Canadian accounts. Typically EUR 15–30 in fees.

Building Credit as a Newcomer

Your French Banque de France credit history (Fichier des incidents de remboursement — FCC/FICP) 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 rewards card — Desjardins Visa (in Quebec) and TD Visa are popular first cards for French newcomers.

Tax Obligations for French Immigrants

• Worldwide income to CRA — Report all global income once a Canadian tax resident, including French rental income, dividends from French companies, or freelance income.
• Canada-France Tax Treaty — Canada and France have a comprehensive tax convention that is one of the most detailed Canada has with any country. French taxes paid may be credited on your Canadian return.
• French departure declaration — When you establish Canadian tax residence, you must file a departure declaration with French tax authorities (Direction Générale des Finances Publiques). You may still owe French taxes on income earned in France in your departure year.
• Assurance vie policies — French assurance vie (life insurance investment) policies may have complex tax treatment in Canada. Consult a cross-border advisor before transferring or liquidating these.
• T1135 — File annually with the CRA if your French assets (bank accounts, PEA, assurance vie, property) exceed CAD $100,000.

SIN, RAMQ/OHIP, and Settlement

Apply for your SIN at Service Canada upon arrival. In Ontario, a 3-month OHIP wait applies. In Quebec, a 3-month wait for RAMQ coverage also applies — purchase bridge health insurance. France and Quebec have a social security entente that may affect how certain French social contributions apply — check with RAMQ upon arrival.

Settlement organizations serving French immigrants include the Centre Francophone de Toronto, Mission communautaire de Montréal, and numerous other Francophone community organizations across Canada. French newcomers settling in Quebec will find the cultural transition notably smoother given shared language.

Practical Tips for French Newcomers

• Open a TFSA (Tax-Free Savings Account) as the Canadian equivalent of a PEA — all growth inside is sheltered from Canadian taxes.
• Contribute to an RRSP once employed for retirement savings and immediate tax deductions.
• Carte Vitale and French social security do not apply in Canada. Ensure you understand provincial health coverage timelines.
• French driving licences are exchangeable for provincial licences in Quebec and Ontario without a driving test.
• PayLib and Lydia (French payment apps) do not work in Canada. Set up Interac e-Transfer and a Canadian credit card immediately.