Canada Newcomer Finance Guide

the finances for the newcomers to Canada. The Social Insurance Number (SIN) is the "9-digit number required for the work, the taxes, and the government benefits" — the "apply at the Service Canada office". The newcomer banking — the "RBC Newcomer Advantage (the free banking for 12 months)", the "TD New to Canada Banking (the no monthly fee account)", the "CIBC Newcomer Banking (the free banking for 6 months)". The credit building for the newcomers — the "secured credit card (the $200 to $1,000 deposit)", the "newcomer credit card (the no credit history required — the RBC, the TD, the CIBC newcomer cards)", the "credit builder loan (the $1,000 to $5,000 loan secured by the GIC)". The tax residency — the "tax residency starts on the date of the arrival in Canada" — the "worldwide income from the arrival date is subject to the Canadian tax" — the "foreign property reporting (the T1135 for the foreign property over $100,000 CAD)".

First 30 Days Checklist

SIN application: The "apply at the Service Canada (the in-person or the online)". The "required documents: the permanent resident card or the work permit, the passport, the proof of the residence". The "SIN is free".
Bank account: The "open the chequing account and the savings account at the bank with the newcomer program". The "RBC, the TD, the CIBC, the Scotiabank, and the BMO offer the newcomer banking packages".
Health insurance: The "apply for the provincial health card (the Ontario OHIP, the BC MSP, the Alberta AHCIP)". The "waiting period: up to 3 months". The "purchase the private health insurance for the waiting period".
Phone and the internet: The "open the cell phone account (the Rogers, the Bell, the Telus, the Freedom Mobile)". The "credit check may be required — the prepaid plan may be easier for the newcomers".

Building Credit as a Newcomer

Secured credit card: The "capital one secured card (the $200 to $1,000 deposit)". The "Home Trust secured card". The "Canadian Tire secured card". The "credit limit equals the deposit".
Newcomer credit card: The "RBC Newcomer Visa (the no annual fee, the $1,000 limit)". The "TD New to Canada Visa". The "CIBC Newcomer Card". The "no credit history required — the proof of the newcomer status required".
Credit building tips: The "use the card regularly (the small purchases)" — the "pay the full balance every month" — the "keep the credit utilization below 30%". The "check the credit score using the Credit Karma (the TransUnion) and the Borrowell (the Equifax)".

Taxes for the Newcomers

Tax residency: The "tax residency starts on the date of the arrival in Canada". The "first tax return: the Form T1 — the 'first year in Canada'" — the "report the income from the date of the arrival only".
Foreign property reporting (the T1135): The "report the foreign property with the cost over $100,000 CAD". The "foreign bank accounts, the foreign stocks, the foreign real estate".
Newcomer tax credits: The "Canada Child Benefit (the CCB) — the apply after the arrival". The "GST/HST credit — the apply for the child and the the family benefits". The "Canada Carbon Rebate — the quarterly payment".

For the banking and the bank accounts, see our Banking Guide →. For the tax system and the tax return filing, see our Personal Tax Guide → and our Tax Return Guide →.