Banking, credit and taxes

Opening a bank account

According to the Financial Consumer Agency of Canada (FCAC):

• you have the right to open an account even without a job, without money to deposit right away, and without being a citizen;
• you need original ID to confirm your identity (for example, two documents from reliable sources: one with your name and address, one with your name and date of birth);
• the bank must give you fee information when you open the account and written notice before raising fees;
• banks must send you an electronic alert when your balance falls below a set amount.

Credit scores

• Calculated by 2 credit bureaus, Equifax and TransUnion, usually from 300 to 900.
• Only Canadian credit activity counts: newcomers start from zero.
• It goes up with on-time payments and responsible use; down with late payments or too much debt.
• It affects borrowing for homes and cars, renting, even phone contracts.
• Check your credit report regularly for errors and fraud.

First-year taxes

According to the Canada Revenue Agency (CRA):

• most newcomers become tax residents from their first day living in Canada;
• income earned abroad before becoming a resident isn't taxed in Canada;
• your first return is filed the following year, usually by April 30;
• for 2026, federal tax runs from 14% (up to CAD 58,523) to 33% (over CAD 258,482), plus provincial tax.

Benefits you can apply for

• Canada Groceries and Essentials Benefit (formerly the GST/HST credit): a tax-free quarterly payment; apply as soon as you're a resident with form RC151.
• Canada child benefit (CCB): permanent residents apply when eligible; temporary residents from their 19th month in Canada.
• When applying, the CRA asks for income earned outside Canada for up to 2 years before you became a resident, to calculate benefits.

Note The CRA warns that offers to "cut your taxes" or "get benefits for time before you arrived" are scams. Participants must repay and may be penalized.