Financial Checklist Before Moving to Canada

3 Months Before You Leave

✅ Confirm Your Proof of Funds Requirement

If your immigration category (Express Entry, Study Permit, or certain Provincial Nominee Programs) requires proof of funds, confirm the exact amount required and ensure you have access to it. Funds must typically be held in a verifiable account (or a GIC for study permits).

See our guide: [Study Permit Proof of Funds](/articles/study-permit-proof-of-funds)

✅ Open a Canadian Bank Account from Abroad (If Possible)

Several Canadian banks allow you to open a newcomer account before you arrive:

• RBC International Account Opening — Available in select countries
• TD International — Application available in some markets
• Scotiabank StartRight — Pre-arrival account opening

Having a Canadian bank account before you land means you can arrange wire transfers from your home country before arrival and avoid currency exchange at the airport.

✅ Arrange Interim Health Insurance

Most Canadian provinces have a 3-month waiting period before provincial health coverage begins. Purchase private interim health insurance before you depart.

Look for a policy with:

• Minimum $1,000,000 CAD coverage
• Emergency hospitalization and surgery
• Prescription drug coverage
• No exclusion for pre-existing conditions (or confirm what is excluded)

Providers: Manulife CoverMe, Tugo, GMS, Blue Cross Visitor to Canada plans.

✅ Notify Your Home Country Bank

Inform your current bank that you are moving abroad. Ask about:

• International wire transfer limits and fees
• Whether your current card will work in Canada (Visa/Mastercard debit and credit cards generally do)
• Whether your bank has a Canadian partner for fee-free ATM access
• How long your account can remain open with an international address

✅ Research Currency Exchange Options

Avoid exchanging large amounts of currency at airports — rates are poor. Better options:

• Wise (formerly TransferWise): Transfers at mid-market rates with low fees
• Remitly or XE: Competitive rates for many currencies
• Your home bank wire transfer: Check the fee and exchange rate ahead of time

Plan to arrive with at least $2,000–$3,000 CAD in accessible funds for immediate first-week expenses (deposit, groceries, transit, SIM card, hotel if needed).

✅ Understand Your Tax Obligations in Your Home Country

Moving to Canada does not automatically end your tax obligations in your home country. Check:

• What you must file for the year you depart
• Whether you need to formally notify your home country tax authority of emigration
• Tax treaty provisions between your home country and Canada to avoid double taxation

Canada has tax treaties with over 90 countries. The relevant treaties are listed at: canada.ca/tax-treaties

✅ Take an Inventory of Your Worldwide Assets

The CRA requires newcomers to report certain foreign assets on their first tax return. Assets worth more than $100,000 (CAD) held outside Canada must be declared annually on Form T1135 (Foreign Income Verification Statement).

This includes:

• Foreign bank accounts
• Foreign investment accounts (stocks, mutual funds)
• Foreign real estate (not your principal residence)
• Interests in foreign corporations

Start tracking this information before you leave so your first Canadian tax return is accurate.

1 Month Before You Leave

✅ Organize Your Financial Documents

Gather originals or certified copies of the following and store in your carry-on luggage (never checked baggage):

Identity documents:

• Passport (valid for at least 6 months beyond planned stay)
• PR card, COPR, or work/study permit
• Birth certificate
• Marriage certificate (if applicable)

Financial documents:

• Last 3 years of tax returns from your home country (useful for mortgage applications, sponsorship applications, and establishing financial history)
• Bank statements from the last 3–6 months
• Investment account statements
• Proof of funds letter from your bank (translated if not in English or French)
• Property ownership documents (if you own real estate you are not selling)

Employment documents:

• Employment offer letter from your Canadian employer (if applicable)
• Professional credentials and certifications

Insurance documents:

• Interim health insurance policy documents
• Life insurance policy (if applicable)

✅ Review Your Incoming Goods Declaration (CBSA)

When you arrive in Canada as a new resident, you can import your personal belongings duty-free under the Settler's Effects Tariff. You must declare all goods you are bringing at the time of entry.

You can bring duty-free:

• Clothing and personal effects
• Furniture and household goods
• Vehicles (subject to Canadian standards compliance)
• Most personal electronics

You must declare and may face duty/restrictions on:

• Large amounts of cash (over CAD $10,000 — must be declared to CBSA, not subject to duty but must be reported)
• Firearms (complex import rules — consult CBSA in advance)
• Certain foods (fresh produce, meat, dairy — restrictions apply)
• Prescription medications (bring a signed prescription letter and keep in original packaging)

✅ Set Up a Digital Financial Command Centre

Before leaving, organize your digital access:

• Email address you can access in Canada
• Login credentials for all your home country financial accounts (saved securely)
• Download your bank's app
• Set up online access to the CRA (you can register for CRA My Account after filing your first return)

✅ Calculate Your Settlement Budget

Estimate your first 3 months of Canadian expenses:

Aim to arrive with at least 3 months of living expenses in accessible liquid funds beyond any required proof-of-funds amount.

First Week in Canada

✅ Apply for Your SIN (Social Insurance Number)

Apply on one of your first days in Canada at a Service Canada office. Bring your immigration documents. You will receive your SIN number the same day in person.

See our guide: [Getting a Social Insurance Number (SIN)](/articles/getting-a-social-insurance-number-sin)

✅ Open a Canadian Bank Account

If you were not able to open one pre-arrival, visit a bank on Day 1 or 2. All major banks have newcomer programs with fee-free accounts for 1–2 years.

See our guide: [Opening a Newcomer Bank Account](/articles/opening-a-newcomer-bank-account)

✅ Apply for Your Provincial Health Card

Apply immediately, even in provinces with a 3-month waiting period. The clock starts from your application date.

✅ Get a Canadian SIM Card

A working Canadian phone number is needed for your bank, employer, and government accounts. Start with a prepaid SIM and upgrade to a monthly plan once your bank account is set up.

✅ Locate a Walk-In Clinic

Before you have a family doctor, walk-in clinics handle non-emergency medical care. Find the closest one to your home address and save the address and hours in your phone.

First Month

✅ Apply for a Secured Credit Card

With no Canadian credit history, start building your score immediately. Apply for a secured credit card from your bank (you deposit $500 which becomes your credit limit). Use it monthly and pay in full every month.

See our guide: [Understanding Canadian Credit Scores](/articles/understanding-canadian-credit-scores)

✅ Register for CRA My Account

After receiving your SIN, you can register for CRA My Account — the federal government's online tax portal. This gives you access to your tax slips, benefit payments, and contribution room.

See our guide: [How to Register for CRA My Account](/articles/how-to-register-for-cra-my-account)

✅ Open Your TFSA

As a Canadian resident 18+, you begin accumulating TFSA contribution room immediately. Open a TFSA at your bank or a low-cost platform (Wealthsimple, Questrade) and begin saving.