Landing your first real job after graduation is exciting. There are also dozens of financial decisions to make in the first 30–90 days — and missing some of them has real consequences. This checklist covers every money move a new Canadian graduate should make when starting their first job.
Week 1: HR and Payroll Setup
- Complete your TD1 forms (federal and provincial) — determines your tax withholding. Claim all eligible credits including the basic personal amount.
- Set up direct deposit — provide your bank account number (VOID cheque or direct deposit form from your bank app).
- Confirm your pay schedule (bi-weekly, semi-monthly, monthly) and calculate your expected net pay.
- Get your employee benefits package materials and enrollment deadline. Most plans have a 30–60 day window.
- Understand your group RRSP or pension plan — does the employer match? Match contribution = free money.
Month 1: Benefits Enrollment
Group Benefits — Don't Miss the Enrollment Window
Most group benefit plans require enrollment within 30–60 days of your start date. After the window closes, you may have to wait for an open enrollment period (often once a year) or qualify due to a life event. Decisions to make:
- Health and dental: Choose single, family, or no coverage (if covered by a spouse/parent's plan)
- Life insurance: Often 1–2x salary by default; consider whether to buy more
- Disability insurance: Short-term and long-term disability covers your income if you can't work
- Group RRSP: Enroll and contribute at least enough to get the full employer match (typically 2–6% of salary)
- DPSP (Deferred Profit Sharing Plan): Employer-funded, no employee contribution — enroll if offered
Month 1–3: Financial Foundation
- Open a TFSA investment account if you don't have one (Wealthsimple Trade or your bank). Start contributing immediately — even $100/month.
- Open an FHSA if you're a first-time buyer and plan to purchase a home in the next 5–15 years. Room starts accumulating from the day you open it.
- Set up automatic savings transfer — even $200/month to TFSA on payday before you can spend it.
- Confirm your OSAP repayment starts 6 months after graduation. Set up automatic payment through NSLSC.
- Check your credit score on Borrowell or Credit Karma. Note where you are and what to improve.
- Get renters insurance if you're not already covered — $15–$30/month.
By December 31: Year-End Tax Planning
- Make TFSA contributions before December 31 for the current year's room.
- Make any FHSA contributions you plan for the year — room doesn't extend beyond one carryforward year.
- Consider an RRSP contribution before the March deadline (counts for prior year's taxes).
- Review your T4 preview in your employer's portal — ensure income and deductions are correct.
- Gather receipts for any work-from-home expenses, moving expenses, or other deductible costs.
Tax Filing — Your First T1 Return
Filing Your First Full Employment T1
Your first T1 return covering a full year of employment income is due April 30. Use Wealthsimple Tax (free for most returns) or H&R Block Online. Key things to include:
- T4 slips: From your employer, available through your payroll system or mailed by end of February
- Tuition carryforward credits: From your university years — claim any unused tuition tax credit
- RRSP contribution receipts: If you contributed before March 1
- T2202 (tuition slips): From any partial-year enrollment — may have 2025 tuition to claim
- Moving expenses: If you moved more than 40km for your job, these are deductible
- CRA Auto-Fill My Return: Use CRA's Auto-Fill feature to pull T4, T3, T5, and RRSP slips automatically
RRSP Contribution Room — Don't Overlook Accumulated Room
Each year you worked (even part-time as a student), you built RRSP contribution room at 18% of earned income. By graduation, you likely have years of accumulated room — potentially $20,000–$50,000 or more. This room never expires and carries forward indefinitely. Find your exact room on your most recent CRA Notice of Assessment or in CRA My Account online. You don't need to use it all now — but knowing your room lets you plan strategically.
30-Day, 90-Day, 1-Year Financial Milestones
- 30 days: Benefits enrolled, direct deposit active, OSAP repayment confirmed, emergency fund plan in place
- 90 days: TFSA opened and first contribution made, FHSA opened if applicable, budget established and tracking
- 1 year: First T1 return filed, RRSP room reviewed, TFSA contributions on track for $7,000/year, student loan payments current
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