Banking Guide for Italian Immigrants to Canada 2025

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

Italy has a long and distinguished history of immigration to Canada. Italian-Canadians represent one of the largest immigrant communities in the country, with deep roots in Ontario, Quebec, and British Columbia. Modern Italian immigration to Canada continues through Express Entry and skilled worker pathways. This guide covers practical banking steps for Italian newcomers.

Opening a Bank Account as a Newcomer from Italy

All Big 5 banks offer newcomer packages with no Canadian credit history required. Italian-speaking staff and resources are available in communities with large Italian populations.

• TD New to Canada Banking Package — Free chequing for 12 months. TD has strong presence in Italian-Canadian communities in the GTA.
• RBC Newcomer Advantage — Pre-arrival account opening available.
• 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.

Sending Money Between Italy and Canada

• Wise — Excellent EUR to CAD rates with transparent fees. The most cost-effective option for regular Italy-to-Canada transfers.
• Revolut — Popular in Italy. Competitive for EUR-CAD conversions.
• Bank wire (SWIFT) — Italian banks (Intesa Sanpaolo, UniCredit, Banca Mediolanum) can SWIFT transfer to Canadian accounts.
• Currencies Direct — Good for larger one-time transfers over EUR 5,000.

Building Credit as a Newcomer

• Your Italian Centrale Rischi or CRIF credit history has no standing in Canada. Start with a secured credit card.
• KOHO's credit building feature for passive Equifax reporting.
• After 6–12 months, apply for a standard rewards card.

Tax Obligations for Italian Immigrants

• Worldwide income to CRA — Report all global income once a Canadian tax resident.
• Canada-Italy Tax Treaty — Canada and Italy have a comprehensive tax convention. Italian taxes paid may be credited on your Canadian return.
• AIRE registration — Italian citizens living abroad are required to register with AIRE (Anagrafe degli Italiani Residenti all'Estero) at the Italian consulate in Canada. AIRE registration affects your Italian tax status.
• T1135 — File annually if Italian assets exceed CAD $100,000.

SIN, OHIP, and Settlement

Apply for your SIN at Service Canada upon arrival. In Ontario, the 3-month OHIP wait applies. Italian-Canadian community organizations, community centres, and Italian consulate services across Canada offer resources for newcomers.

Practical Tips

• Open a TFSA for tax-sheltered savings growth.
• Use Wise or Revolut for EUR-CAD transfers — significantly cheaper than bank wires.
• Register with AIRE at the Italian consulate after settling in Canada.
• Italian driving licences may be exchangeable for provincial licences in some provinces within a specified window after arrival.