Banking Guide for Irish Immigrants to Canada 2025

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

Ireland and Canada have a long and deep immigration history, with a large Irish community established across the country. Modern Irish immigration to Canada includes skilled workers, those on Working Holiday visas, and permanent residents. This guide covers practical steps for setting up your finances in Canada.

Opening a Bank Account as an Irish Newcomer

Major Canadian banks offer newcomer packages with no Canadian credit history required. Bring your Irish passport and Canadian immigration document.

• TD New to Canada Banking Package — Free chequing for 12 months, Visa card available without credit history.
• RBC Newcomer Advantage — Pre-arrival account opening. RBC is well-positioned for European newcomers.
• 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 with newcomer advisor support.

Sending Money from Ireland to Canada

• Wise — EUR to CAD at mid-market rates with transparent fees. The most cost-effective option for regular transfers.
• Revolut — Popular among Irish people. Competitive for EUR-CAD conversions if you already use Revolut. Note that Revolut's Canadian product has limitations compared to European accounts.
• Bank wire — Your Irish bank (AIB, Bank of Ireland, Ulster Bank) can SWIFT transfer to your Canadian bank. Expect fees of €15–€30 plus an exchange spread.
• Currencies Direct — Good for larger one-time transfers over €5,000.

Building Credit as a Newcomer

Irish credit history (from the Central Credit Register or ICB) has no standing in Canada.

• Start with a secured credit card from your newcomer bank package.
• KOHO's credit building feature helps establish your Canadian Equifax file.
• After 6–12 months, apply for an unsecured rewards card.

Tax Obligations for Irish Immigrants

• Irish departure taxes — Notify Revenue (Ireland's tax authority) that you have become non-resident. If you hold Irish rental property or investment income, you may still have Irish filing obligations.
• Canada-Ireland Tax Treaty — Canada and Ireland have a tax treaty to prevent double taxation. Irish taxes paid on income also taxed in Canada may be credited on your Canadian return.
• Worldwide income to CRA — Report all global income to the CRA, including Irish rental income, dividends, or freelance income.
• T1135 — File annually if foreign assets exceed CAD $100,000.
• Irish pension — Irish occupational pension and State Pension income in retirement may have specific treatment under the Canada-Ireland treaty. Consult a cross-border advisor.

SIN, OHIP, and Settlement

Apply for your SIN at Service Canada on arrival. In Ontario, a 3-month OHIP wait applies — purchase bridge health insurance. The Irish-Canadian community is large and established. Organizations like the Irish Canadian Immigration Centre (ICIC) in Toronto provide settlement services, job search support, and community connections.

Practical Tips for Irish Newcomers

• Open a TFSA early for tax-sheltered savings and investment growth.
• Contribute to an RRSP once employed for retirement savings and immediate tax deductions.
• Canadian banking apps are excellent — TD, RBC, and BMO apps are comparable to Irish mobile banking and support Interac e-Transfer for person-to-person payments.
• Avoid changing Irish currency at airports. Use Wise or your bank's online transfer service for better rates.