Updated: April 2025  |  bremo.io financial guides

Financial Checklist for Newcomers to Canada 2025

Your Complete Financial Checklist for Arriving in Canada

Getting your finances set up correctly in Canada takes time, but following a structured checklist ensures you don't miss important steps. Mistakes in the early months — like failing to file taxes, missing benefit applications, or not building credit — can cost thousands of dollars and months of delay. This checklist covers everything from your first day to your first year.

Before You Arrive (If Possible)

• Open a Canadian bank account with a pre-arrival program (RBC, TD, Scotiabank offer these)
• Convert and transfer some savings to your new Canadian account
• Research which neighbourhood/city you'll be settling in and typical rental costs
• Download your future bank's mobile app to familiarize yourself
• Apply for a newcomer credit card online if your bank allows pre-arrival applications

First Week in Canada

• Apply for your SIN at Service Canada (bring passport and immigration document)
• Open a Canadian bank account if you haven't already
• Get a Canadian SIM card and phone plan (you'll need this for two-factor authentication on banking apps)
• Register for provincial health insurance — there's a waiting period (3 months in Ontario and BC, immediate in some provinces)
• Apply for your provincial driver's licence if you plan to drive

First Month

• Apply for a newcomer or secured credit card to start building Canadian credit history
• Set up direct deposit with your employer using your bank account information
• Register for CRA My Account online at canada.ca (you'll need your SIN)
• Set up a KOHO or similar no-fee account as a backup payment method
• Understand your rental agreement — know your rights under provincial landlord-tenant law
• Purchase tenant's insurance (typically $15-$25/month) — inexpensive and important

First Three Months

• Open a TFSA (Tax-Free Savings Account) — you can contribute immediately as a PR or citizen, $7,000 annually tax-free growth
• Start an RRSP if you have employment income — contributions reduce your taxable income
• Consider opening an FHSA if you plan to buy a home in Canada — $8,000/year tax-deductible contributions
• File for the Canada Child Benefit (CCB) if you have children — apply at canada.ca, can be worth thousands/year
• Review your employer's benefits package — understand your health/dental coverage

First Tax Filing Season (April 30)

• Gather all T4 slips from employers, T5 slips from banks, and any other income slips
• File your first Canadian tax return — use free software like Wealthsimple Tax or SimpleTax
• Include all worldwide income earned after your arrival date
• Claim applicable deductions: moving expenses (if moved for work), RRSP contributions, childcare expenses
• Apply for the GST/HST credit and provincial benefits when prompted on your return

First Year Financial Goals

• Credit score of 650+ — track via Credit Karma or Borrowell (both free)
• 3-6 months of living expenses in an emergency fund (high-interest savings account)
• TFSA contribution started
• Canadian life and disability insurance reviewed through your employer or independently
• If buying a home is a goal: FHSA opened and contributions started; target credit score of 680+