Financial Checklist

Before you embark on your journey to Canada, it’s important to get your finances in order. Whether you’re coming for work, education, or to start a new life with your family, being financially prepared before you land is one of the best ways to set yourself up for success.

Below are 9 factors that should be part of your financial planning when immigrating to Canada.

1. Open a Bank Account (checking & savings)
2. Get a Job or start a business
3. Build your credit score
4. Consider becoming a Homeowner
5. Consider to plan for children’s College Education
6. Save and Invest
7. File your Taxes
8. Plan for Retirement
9. Stay Educated

This financial checklist below will help you organize your money, documents, and main essentials so you can feel confident about your financial future in Canada.

Pre-Move Financial Checklist For Immigrants

1. Understand The Cost Of Living

•  Research housing prices, food costs, transportation, childcare, and insurance in your chosen city.
• Use cost-of-living comparison tools like Numbeo or LivingCost.org
• Budget for your first 3-6 months.

Tip: Factor in one time costs like furniture, winter clothing, and deposits for rent or utilities.

2. Save an Emergency Fund (in Canadian Dollars if possible)

Immigrating to a new country costs more than just the flight and all the paperwork. You’ll need funds for:

• Rent + deposits
• Groceries & transportation
• Cell phone plans
• New job search expenses (resumes, travel, clothes)

Target Savings:

• Solo immigrants: $5,000-$10,000
• Families: $10,000-$25,000

3. Open a Canadian Bank Account ( or prepare documents to do it)

You can’t do much financially in Canada without a bank account.

Banking and Finances

• Open a Canadian bank account remotely (if possible).
• Arrange for the transfer of funds to your new Canadian account.
• Inform your current bank of your move.
• Research and apply for a Canadian credit card for newcomers.

◊ Bring at least two pieces of ID (passport + immigration documents).

◊ Choose a newcomer-friendly bank (RBC, Scotiabank, CIBC, TD).

◊ Research account fees, debt cards, and how to transfer money internationally.

4. Organize Your Financial Documents

•  Make sure to bring digital and physical copies of:
•  Proof of funds (bank statements)
•  Tax returns from your home country
• Work experience letters or pay slips
• Educational credentials
• Credit reports (if available)
•  Insurance policies

Tip: These help when applying for jobs, housing, credit cards, and benefits.

5. Plan for Currency Exchange & Money Transfers

• Avoid large exchanges at airports (high fees)
• Compare transfer services like Wise, Remitly, or Western Union
• Notify your home bank of your move and international transactions

Tip: Know how much you can bring without declaring it. Anything over CAD 10,000 must be declared.

6. Build a Strategy to Establish Canadian Credit

Obtaining a credit card is one of many ways to build credit history. It’s a good idea to start building your credit as soon as possible. It will help you for:

• Renting Apartments
• Cell Phones (on contract)
• Car loans
• Mortgages

Tip: If you plan ahead:

• Apply for a secured credit card after arriving
• Use it responsibly to build a Canadian credit score
• To have a good credit score, use no more than 30% of your credit limit.

7. Set Up Canadian Digital Essentials

These help you manage money, access services, and stay connected.

• SIM card and mobile plan (start with a prepaid)
• Download banking apps
• Set up CRA (Canada Revenue Agency) account after getting a SIN (Social Insurance Number)
• Sign up for job boards ( Indeed.ca, Job Bank)
• Use Google Maps or Transit apps for local Travel

8. Know What Financial Benefits You May Qualify For

Once you’re a resident, Canada offers:

• Canada Child Benefit (CCB)
• GST/HST Credit
• Provincial newcomer programs
• Free tax filing centres

Tip: Apply for Social Insurance Number (SIN) immidiately to access benefits and work legally.

9. Plan for Your First 30-60 Days in Canada

• Temporary housing or Airbnb (budget for 2-4 weeks)
• Transportation (public transit is affordable; car rental is pricey)
• Grocery stores and food costs
• Winter clothing (budget for seasonal needs)

10. Long-Term Financial Planning

Think beyond your arrival. Ask yourself:

• How will I earn income in the first 3 months?
• Will I go back to school or get a license for my profession?
• How soon can I start saving or investing?

Then  you can  start:

• Budget monthly expenses
• Look into RRSPs & TFSAs after you’re settled
• Learn the Canadian Tax system

Financial preparation is key to a smooth transition. This financial checklist will help you start your new life on a solid foundation. Goodluck with your move!

Check out this article: https://masteringpersonalfinances.com/financial-planning-in-canada/