Banking Guide for Ukrainian Immigrants to Canada 2025

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

Ukraine has been a significant source of immigration to Canada for over a century, and since 2022, Canada has welcomed hundreds of thousands of Ukrainians under the Canada-Ukraine Authorization for Emergency Travel (CUAET) program. Whether arriving as long-term immigrants or under emergency pathways, this guide covers essential banking steps for Ukrainian newcomers.

Opening a Bank Account as a Newcomer from Ukraine

All Big 5 banks and many credit unions offer newcomer banking packages. CUAET arrivals are specifically recognized by most banks as eligible for newcomer packages. Bring your Ukrainian passport and Canadian immigration document (CUAET authorization, work permit, or PR card).

• TD New to Canada Banking Package — Free chequing for 12 months. TD has been a prominent supporter of Ukrainian newcomer services.
• RBC Newcomer Advantage — Pre-arrival account opening available. RBC has dedicated resources for Ukrainian 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 for 12 months.

Transferring Money from Ukraine to Canada

Ukraine's banking system has operated under significant restrictions since February 2022. The National Bank of Ukraine (NBU) has implemented capital controls that affect international transfers. However, several options remain viable:

• Wise — Available for UAH to CAD transfers subject to NBU regulations. Check current status directly with Wise for the most up-to-date availability.
• Western Union / MoneyGram — Have maintained operations in Ukraine during the conflict, subject to NBU regulations on amounts.
• Bank wire — Major Ukrainian banks (PrivatBank, Monobank, Raiffeisen Ukraine) can SWIFT transfer to Canadian accounts, though limits apply under NBU capital controls.
• Bring funds directly — Many Ukrainian newcomers brought savings in EUR or USD cash or through pre-departure transfers.

Building Credit as a Newcomer

• Apply for a secured credit card through your newcomer bank package. Ukrainian credit history has no standing in Canada.
• KOHO's credit building feature adds positive Equifax entries without a credit check.
• After 6–12 months of on-time payments, apply for an unsecured rewards card.

Tax Obligations for Ukrainian Immigrants

• Worldwide income to CRA — Report all global income to the CRA once you are a Canadian tax resident.
• Canada-Ukraine Tax Treaty — Canada and Ukraine have a tax convention to prevent double taxation. Ukrainian taxes paid on income also reported in Canada may be credited on your Canadian return.
• T1135 — File annually if your Ukrainian assets (bank accounts, property, investments) exceed CAD $100,000. Given wartime conditions, asset valuation may be complex — consult a tax advisor.

SIN, OHIP, and Settlement

Apply for your SIN at Service Canada immediately on arrival. In Ontario, a 3-month OHIP wait applies for most immigration categories, though some provinces have expedited coverage for Ukrainian arrivals — check with your provincial health authority. Ukrainian community organizations across Canada, including the Ukrainian Canadian Congress and local Ukrainian cultural centres, provide extensive settlement support, Ukrainian-language services, and community connections.

Practical Tips

• Open a TFSA for tax-sheltered savings as soon as you receive your SIN.
• Several non-profits and government programs have provided emergency financial assistance to Ukrainian arrivals — check with your settlement organization about available supports.
• Monobank (Ukrainian digital bank) may be useful for managing funds in Ukraine while you transition, but cannot be used for Canadian purchases.
• After 12 months in Canada, apply for an unsecured credit card and begin building toward a full Canadian credit profile.