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The first year in a new country is busy. Money matters can feel like a long list of unfamiliar rules. The good news: a handful of early steps sets you up well for everything that follows.
Get the basics in place
- Apply for your Social Insurance Number (SIN). You'll need it to work and to file taxes. Keep it private and share it only when legally required.
- Open a Canadian bank account. Many banks offer newcomer packages — compare the fees and what's included.
- Apply for provincial health coverage (OHIP in Ontario) and check when your coverage begins.
Start building credit
- Your credit history from another country usually doesn't carry over.
- A credit card used for small purchases and paid in full every month is a common way to start.
- Good credit affects renting, car loans and, eventually, your mortgage rate.
File your taxes — even if you earned little
Filing a tax return each year can give you access to benefits and credits, such as the Canada Child Benefit and the GST/HST credit, if you're eligible. It also creates RRSP contribution room for the following year.
Protect your income early
- Check what your workplace benefits include — life, disability and health coverage vary widely.
- If people depend on your income, here or abroad, consider whether your coverage would be enough.
- Some insurers have specific requirements for newcomers, so it's worth checking eligibility before you apply.
Then start saving with purpose
- Build an emergency fund first — a few months of essential expenses is a common target.
- Learn how the TFSA, RRSP and FHSA work. Your TFSA room starts from the year you become a resident, not before.
- If you have children, look into an RESP and the government grants available.
This checklist is general information. Eligibility for programs and benefits depends on your immigration status and circumstances — check the official sources below.