Newcomer & student money guides
Short, sourced answers to the money questions newcomers and international students ask most in Canada: credit, study permit funds, buying a home, moving money and TFSA, RRSP and FHSA.
Can I get a credit card in Canada with no credit history?
Yes. How big bank newcomer programs and secured cards let newcomers get a first Canadian credit card, with limits, documents and tips.
Yes. How big bank newcomer programs and secured cards let newcomers get a first Canadian credit card, with limits, documents and tips.
How long does it take to build a credit score in Canada?
Most newcomers get a first Canadian credit score three to six months after opening their first credit account. Here is how to build a good score faster.
Most newcomers get a first Canadian credit score three to six months after opening their first credit account. Here is how to build a good score faster.
How much money do I need for a Canadian study permit in 2026?
For applications from September 1, 2026, one student outside Quebec must show $23,448 for living costs, plus tuition and travel. A GIC is no longer required.
For applications from September 1, 2026, one student outside Quebec must show $23,448 for living costs, plus tuition and travel. A GIC is no longer required.
Can newcomers buy a home in Canada? The foreign buyer ban explained
Permanent residents can buy freely. The federal ban on non-Canadians buying homes runs until January 1, 2027, with exceptions for many work permit holders and some students.
Permanent residents can buy freely. The federal ban on non-Canadians buying homes runs until January 1, 2027, with exceptions for many work permit holders and some students.
Can I transfer my credit history from another country to Canada?
Your foreign credit score does not transfer automatically, but Scotiabank and RBC can use credit history from some countries through Nova Credit to offer higher limits.
Your foreign credit score does not transfer automatically, but Scotiabank and RBC can use credit history from some countries through Nova Credit to offer higher limits.
How do I move money from Hong Kong or China to Canada for a down payment?
Move your down payment early, compare the amount received rather than the fee, keep a clear paper trail for your lender, and know the limits on moving money out of mainland China.
Move your down payment early, compare the amount received rather than the fee, keep a clear paper trail for your lender, and know the limits on moving money out of mainland China.
TFSA, RRSP or FHSA: which should newcomers use first?
Newcomers get TFSA room from the year they become resident ($7,000 for 2026), RRSP room only after earning Canadian income, and FHSA room once they open one.
Newcomers get TFSA room from the year they become resident ($7,000 for 2026), RRSP room only after earning Canadian income, and FHSA room once they open one.
First-time home buyer programs in Canada: what newcomers can claim
The FHSA, Home Buyers’ Plan, $10,000 home buyers’ amount, GST rebate on new homes and provincial land transfer tax breaks, and the catch for newcomers who owned a home abroad.
The FHSA, Home Buyers’ Plan, $10,000 home buyers’ amount, GST rebate on new homes and provincial land transfer tax breaks, and the catch for newcomers who owned a home abroad.
Can I withdraw my Hong Kong MPF after moving to Canada?
Yes, on the ground of permanent departure: a statutory declaration plus proof you can live in Canada, once in a lifetime. A BN(O) passport or visa is not accepted as proof.
Yes, on the ground of permanent departure: a statutory declaration plus proof you can live in Canada, once in a lifetime. A BN(O) passport or visa is not accepted as proof.
Filing your first Canadian tax return as a newcomer
You become a tax resident on the day you settle in Canada. Your first return is due April 30 of the next year, and you should apply for benefits right away, before you file.
You become a tax resident on the day you settle in Canada. Your first return is due April 30 of the next year, and you should apply for benefits right away, before you file.
Can newcomers get the Canada Child Benefit?
Permanent residents can apply as soon as they arrive. Temporary residents qualify from their 19th month in Canada. For July 2026 to June 2027 the maximum is $8,157 per child under 6.
Permanent residents can apply as soon as they arrive. Temporary residents qualify from their 19th month in Canada. For July 2026 to June 2027 the maximum is $8,157 per child under 6.
How do I open a bank account in Canada as a newcomer?
You have the right to open an account with two pieces of ID, even with no job, no money to deposit and no Canadian credit history. What to bring and how to pick an account.
You have the right to open an account with two pieces of ID, even with no job, no money to deposit and no Canadian credit history. What to bring and how to pick an account.