Banking Guide for Iranian Immigrants to Canada 2025

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

Iran is one of the top source countries for immigration to Canada, particularly through Express Entry and Provincial Nominee Programs. Iranian newcomers bring professional skills and strong community ties. This guide covers the practical banking steps every Iranian immigrant needs to take in Canada, along with important notes about international money transfers given current geopolitical realities.

Opening a Bank Account as a Newcomer from Iran

Canadian newcomer banking packages are available regardless of country of origin. You will need your Iranian passport and Canadian immigration document (work permit, study permit, or PR card). No Canadian credit history is required.

• TD New to Canada Banking Package — Free chequing for 12 months, Visa card without credit history.
• RBC Newcomer Advantage — Pre-arrival account opening where possible. RBC has Farsi-speaking staff at select locations.
• Scotiabank StartRight Program — Free banking and guaranteed credit card for 12 months.
• BMO NewStart Program — Free chequing and savings for 12 months.
• CIBC Welcome to Canada Banking — Free chequing for 12 months with newcomer advisor support.

Transferring Money from Iran to Canada

International banking with Iran is significantly restricted due to SWIFT sanctions and international economic sanctions. This is one of the most challenging aspects for Iranian newcomers. Most mainstream international money transfer services cannot process Iran-to-Canada transfers directly.

• Bring funds before departing Iran — Many Iranian immigrants convert savings to USD, EUR, or CAD cash or traveller's cheques before leaving, within Iranian legal limits.
• Currency exchanges in Canada — Persian community currency exchanges in Toronto (North York), Vancouver, and other cities with large Iranian communities can assist. Ensure any service used is registered with FINTRAC.
• Licensed money service businesses — Some licensed Canadian MSBs specialize in Iran-to-Canada transfers through legal channels. Verify FINTRAC registration before using any service.
• Consult a financial advisor — Given the complexity of Iran-Canada financial transfers, a consultation with a cross-border financial advisor is strongly recommended before making large transfers.

Building Credit as a Newcomer

Your Iranian credit history has no standing in Canada. Build Canadian credit from scratch:

• Apply for a secured credit card through your newcomer bank package — this is one of the fastest ways to start building credit.
• KOHO's credit building feature adds positive entries to your Equifax file without a credit check.
• After 6–12 months of responsible use, apply for an unsecured rewards card.
• Pay all bills — phone, utilities, rent — on time.

Tax Obligations for Iranian Immigrants

• Worldwide income to CRA — Once a Canadian tax resident, report all global income including Iranian rental income or business profits.
• No Canada-Iran Tax Treaty — As of 2025, Canada and Iran do not have a comprehensive tax treaty. Potential double taxation on Iranian income must be managed. Consult a cross-border tax advisor.
• T1135 — If your Iranian assets (bank accounts, property, investments) exceed CAD $100,000, file the T1135 form annually with the CRA.

SIN, OHIP, and Settlement

Apply for your SIN at Service Canada upon arrival. In Ontario, a 3-month OHIP wait applies — purchase bridge health insurance. The Iranian-Canadian community is large and highly organized in cities like Toronto (North York, Richmond Hill), Vancouver, and Calgary. Organizations like the Iranian-Canadian Community Centre offer settlement services, Farsi-language resources, and professional networking.

Practical Tips

• Open a TFSA for tax-sheltered savings and investment growth once you receive your SIN.
• The Iranian community in Canada has well-established professional networks that can help with referrals to trusted financial advisors, accountants, and real estate professionals.
• Document the source of all funds you bring to Canada carefully — your bank may ask for verification of source of funds for larger deposits.