Banking Guide for Filipino Immigrants to Canada 2025

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

The Philippines is consistently one of the top source countries for immigration to Canada, with tens of thousands of Filipinos arriving annually through the Express Entry system, caregiver programs, and family reunification. Many Filipino newcomers arrive with savings in Philippine pesos and a strong intention to continue supporting family back home. This guide covers practical banking steps from day one in Canada.

Opening a Bank Account as a Newcomer from the Philippines

Canada's Big 5 banks all offer newcomer packages that waive monthly fees and require no Canadian credit history. Bring your passport and immigration document (work permit, PR card, or study permit) to any branch.

• TD New to Canada Banking Package — Free chequing for 12 months, Visa card available without credit history.
• RBC Newcomer Advantage — Pre-arrival account opening available online before you land. Strong app-based banking.
• Scotiabank StartRight Program — Free banking plus a credit card with a $500 guaranteed limit, even with no Canadian credit history.
• BMO NewStart Program — Free chequing and savings for 12 months. BMO advisors can guide you on international money transfer options.
• CIBC Welcome to Canada Banking — Free chequing for 12 months and access to dedicated newcomer financial advisors.

Sending Money Back to the Philippines

Remittances to the Philippines are a critical part of many Filipino-Canadian households. Canada is one of the top source countries of remittances to the Philippines. Here are the most common and cost-effective options:

• Wise — Excellent exchange rates with transparent fees. Transfers to Philippine bank accounts (BDO, BPI, Metrobank, etc.) typically arrive in 1–2 business days.
• Western Union — Highly familiar to Filipino families. Available for cash pickup at thousands of locations across the Philippines, including 7-Eleven, SM malls, and Palawan Express.
• Remitly — Popular app for Philippines remittances. Express transfers (under 1 hour) available at a premium fee; economy transfers take 3–5 days but are cheaper.
• Xoom (by PayPal) — Easy integration if your family uses PayPal. Competitive rates for PHP delivery.
• Bank wire — SWIFT transfers from your Canadian bank account directly to Philippine banks. Slower and more expensive than digital services, but useful for large amounts.

Building Credit as a Newcomer

Your credit history in the Philippines does not transfer to Canada. Start building your Canadian credit score immediately:

• Apply for a secured credit card through your newcomer bank package. Deposit $300–$500, use the card monthly, and pay in full.
• KOHO offers a credit building feature — no credit check required, small monthly fee, reported to Equifax. Good for building passively alongside a secured card.
• After 6–12 months of on-time payments, your credit score should be sufficient to apply for standard unsecured credit cards with rewards.

Tax Obligations for Filipino Immigrants

• Worldwide income reporting — Once you are a Canadian tax resident, report all global income to the CRA, including Philippine rental income or business income.
• Canada-Philippines Tax Treaty — A tax treaty exists to prevent double taxation. Keep records of taxes paid in the Philippines to claim foreign tax credits.
• T1135 — File if your foreign-held assets (Philippine bank accounts, property, investments) exceed CAD $100,000.

SIN, OHIP, and Settlement Services

Apply for your SIN at Service Canada immediately after arrival. In Ontario, the 3-month OHIP waiting period applies — purchase bridge health insurance. Many settlement organizations serve the Filipino community, including the Filipino Centre Toronto, CPCO (Canadian Philippine Connections Organization), and many Catholic community organizations across Canada.

Practical Tips

• Use Wise for large transfers to the Philippines — the savings versus Western Union add up significantly over time.
• Open a TFSA right away to shelter savings growth from Canadian taxes.
• If you are a caregiver or Live-in Caregiver Program worker, your employer must provide an employment contract — ensure your pay is deposited directly to your bank account.
• Avoid cheque-cashing services and payday lenders.
• After 12 months of good credit history, consider the Scotiabank Scene+ Visa or RBC Cash Back Mastercard for rewards on everyday spending.