Personal Finance

11 Money Moves I Made as a New Immigrant to Canada

By Gopi · Last verified

These are the new immigrant money tips I actually used after landing in Canada in 2019: eleven money moves, in the order they matter, from your first weeks to the day you start investing. Moving from Asia to Canada means new taxes, a credit score that starts at zero, and prices that look scary when you convert them into rupees. Here is what worked for our family, and one move my wife still disagrees with.

The 11 moves at a glance

First 3 months: 1. Build credit from day one · 2. Choose a bank with a newcomer offer and avoid monthly fees · 3. Keep savings in a high-interest account · 4. Use transit, not ride apps · 5. Cook at home and shop with a list · 6. Learn to spot scam calls

First year: 7. Build an emergency fund · 8. Apply for newcomer benefits and file taxes on time · 9. Keep insurance simple until you need more

Once you’re settled: 10. Start a TFSA, then look at RRSP and FHSA · 11. If you try crypto, only a small amount (my honest story)

First 3 months

1. How do you build a credit score as a newcomer in Canada?

My take

Get a credit card in your first weeks (many banks have newcomer cards), use it for small regular spending, and pay the full balance every month. A good score later means lower interest and easier approvals for rent, a phone plan or a car loan.

Your credit history from home does not follow you, so everyone starts from zero. Avoid unnecessary hard credit checks in your first months, and never miss a payment.

2. Which bank should a newcomer choose?

My take

Compare the newcomer packages of several banks before choosing: many waive monthly fees for the first year and offer a credit card with a starting limit. Pick a reliable bank whose offer fits your needs, not the first branch you walk into.

Some banks let family members open accounts together under the same newcomer offer, which saved us fees. Check when the free period ends, so a monthly fee doesn’t start quietly in year two. If you send money home, compare the bank’s exchange rate with a transfer service: I use Wise to send money to India.

3. Where should newcomers keep their savings?

My take

Not in a chequing account earning nothing. Keep your emergency money in a high-interest savings account, separate from day-to-day spending. I keep mine with EQ Bank.

4. How can you save on transport?

My take

Use public transit for daily travel and keep ride apps like Uber or Lyft for rare, urgent trips. Transit costs far less than ride apps, and if you can manage without a car at first, you also save on insurance, parking and fuel.

5. How do you save on groceries?

My take

Make a list and stick to it, don’t shop hungry, and stock up on things you use when they are on sale. And cook at home: for the price of one restaurant dish, you can cook about three at home.

6. How do you spot scam calls as a newcomer?

My take

Newcomers are a favourite target. If someone calls claiming to be the CRA, immigration or the police and demands money now, hang up. The CRA never asks for payment by gift cards, cryptocurrency, prepaid cards or Interac e-Transfer, and never threatens arrest.

If you’re unsure, end the call and check your CRA account or call the CRA yourself on a number from canada.ca. See the CRA’s own guide, Recognize a scam, and report scams to the Canadian Anti-Fraud Centre.

First year

7. How big should an emergency fund be?

My take

Before investing anything, keep a few months of essential expenses (rent, food, transport, phone) in your high-interest savings account. In your first year, a job change or a gap between jobs is common, and this money buys you calm.

8. Which benefits can newcomers apply for, and when should you file taxes?

My take

Apply for newcomer benefits soon after you arrive, then file a tax return every year, on time, even if your income is small. Many benefits are only paid if you file.

  • GST/HST credit: newcomers without children apply with form RC151 (the CRA’s newest pages may call this credit the Canada Groceries and Essentials Benefit).
  • Canada Child Benefit: if you have children under 18, apply with form RC66, which also covers the GST/HST credit.
  • You can apply before you file your first tax return.

Details and forms: Newcomers to Canada and the CRA. My tax filing videos walk through a return step by step.

9. What insurance do newcomers actually need?

My take

Keep it simple at first. Without a car or a house, you skip the biggest insurance costs. Review what you really need (tenant insurance, life insurance once you have dependants) as your life here grows, instead of buying everything in your first month.

Once you’re settled

10. Should newcomers open a TFSA, an RRSP or an FHSA?

My take

Start with a TFSA. It is the most flexible: investments grow tax-free and you can withdraw any time. Look at the RRSP once you have Canadian earned income, and at the FHSA if you plan to buy your first home.

Account Key rule for newcomers Official source
TFSA Your room starts the year you become a resident (age 18+). There is no catch-up for years before you arrived. The 2026 limit is $7,000. Over-contributing costs 1% a month. CRA: TFSA contribution room
RRSP Room comes from Canadian earned income (18% of last year’s, up to $33,810 for 2026). In your first year filing a Canadian return, you generally can’t deduct RRSP contributions. CRA: completing your return as a newcomer
FHSA For first-time home buyers who are residents, 18+: $8,000 a year, $40,000 lifetime. CRA: First Home Savings Account

New to investing? My step-by-step guide, how to start investing in Canada, shows how I opened and use my accounts.

11. Should you invest in crypto as a newcomer? My honest story

My take

I tried crypto; my wife did not agree with the idea, and she still doesn’t. I put in only a small amount I could afford to lose. Crypto prices can swing wildly, so it should never come before your emergency fund or your TFSA.

When I started, a couple of sign-up offers gave me a $25 credit each, which is how I bought my first crypto. If you decide to try it, start small, use a regulated Canadian platform, and never send crypto to anyone who calls or messages you asking for it.

Accounts I use

These are my referral and affiliate links. If you sign up through them, I may earn a reward (and with referral links, you may get one too), at no extra cost to you. You can always go to the company's website directly instead.

  • Automated/Robo-investing

    Wealthsimple: I use Wealthsimple and have made several videos on it. If you use my refer-a-friend link, we both get rewarded when you open an account and deposit $100 within 30 days (check Wealthsimple's current conditions). You can also go to Wealthsimple directly, without this reward.

    Visit Wealthsimple (referral link · I use this)

  • EQ Bank

    EQ Bank: I have a bank account with EQ Bank. If you open an account through my referral and meet their deposit condition, we both get a bonus. You can also open an account with EQ Bank directly, without this reward.

    Request my EQ Bank link (referral link, sent on request · I use this)

  • Wise

    Wise: I use Wise to send money to India. If you're new to Wise, my referral can get you a reward, and I get one too. You can also sign up with Wise directly, without this reward.

    Request my Wise link (referral link, sent on request · I use this)

  • Crypto exchange

    Newton: I use Newton for crypto. If you sign up through my referral and meet their trading condition, we both get a reward. You can also sign up with Newton directly, without this reward.

    Request my Newton link (referral link, sent on request · I use this)

Questions people ask

Can newcomers open a TFSA right away?

Yes, once you are a resident of Canada, 18 or older, with a Social Insurance Number. Your room for the year you arrive is that year’s full limit ($7,000 in 2026), not prorated.

Do I need to file taxes in my first year in Canada?

You file a return for the year you became a resident if you have income or want benefits. Filing every year keeps benefits like the GST/HST credit and the Canada Child Benefit coming.

Does my credit history from my home country count in Canada?

Generally no. Most newcomers start building a Canadian credit history from scratch, which is why move 1 matters so much.

This is my own experience, not financial advice. Rules and limits change, so check the official CRA pages, and speak to a licensed professional for your own situation.

What next

Read how to start investing in Canada, or follow every step in my Personal Finance guide. Questions? Ask in the comments on my YouTube videos.

Spot something outdated? Tell me in the YouTube comments on the related video, or use the contact form.