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Moving to a new country shouldn’t mean starting everything from scratch. Put your foreign credit history to work with Scotiabank and Nova Credit.
Start your life in Canada
Moving to a new country takes a lot of planning and hard work. We can help.
This step-by-step guide to building your new life in Canada will help you break down your big move into small actionable steps, which you can start taking before you arrive in Canada.
Book an appointment with an advisor to help you on your new journey.
Your Guide to Financial Planning
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Step 1
Plan for your move
Planning a move to another country is a huge undertaking. The best way to start this is to break the move into smaller tasks and tackle them head on.
Open a bank account
Opening an international bank account before you get to Canada will save you time and let you focus on settling in. Once you set up your account, you can make a wire transfer of up to $50,000 CAD into your account before you move. This means that you don’t need to worry about travelling with a lot of money. The Canadian banking industry is very reliable and you can rest assured that the money you transfer to your account before you arrive is secure.
Gather essential documents
To open a transactional bank account at the branch once you arrive, you’ll need two forms of identification such as your passport, permanent resident card, or Citizenship and Immigration Canada Form. If you’re an international student, you must also bring proof of enrolment from your Canadian Educational Institution.
Other documents will be helpful with renting an apartment, applying for a credit card, or getting a job. A copy of your credit score from your home country could be helpful, along with your resume, your education transcripts (or proof of a degree), your driver's license, and your birth certificate.
Take advantage of free resources
The Government of Canada’s free pre-arrival services can help you plan your transition and wrap up crucial tasks, like getting your job and education credentials recognized by an appropriate authority. For more information, check out the Government of Canada's pre-arrival services page. Their free e-book, Welcome to Canada, is also a good resource for planning your move.
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Step 2
Get settled in Canada
If you didn’t open a bank account before arriving in Canada, now is the time to do it. Do some initial research on the Canadian banking industry by visiting the Canadian Bankers Association (CBA) website. This checklist will help you understand everything else you need to do.
Find a place to live
For some newcomers, your first home in Canada will be a rental house or apartment. The Canadian Mortgage & Housing Corporation (CMHC) can help you learn more about your rights as a tenant in Canada. Once you’ve found a rental, you can get a quote for tenant insurance online. If you’re ready to buy a home, check out our “Save for a home” section below under Step 3.
Look for a job
You can start your job hunt by searching on the Government of Canada job bank website. This resource provides reports and trend analysis for every occupation. It also makes searching for a job easy and efficient by providing a variety of filters that can help you narrow down results by province or city.
Meet with a financial advisor
Book an appointment with a Scotiabank advisor once you arrive. You can look for a branch near you that fits your language needs. Your advisor will help you to achieve goals like buying a home in Canada or saving for retirement.
In addition, your advisor can help introduce you to the Scotiabank StartRight® Program1, which offers a variety of special banking products, services and solutions designed to help newcomers succeed in Canada.
- No monthly account fees on the Preferred Package chequing account for one year2
- Unlimited no-fee international money transfers3
- Free small safety deposit box for a year4
- Credit cards designed for newcomers5
- Specialized mortgages for newcomers
- Get a new vehicle loan with only 10% down6
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Step 3
Banking in Canada
Once you have your bank account taken care of, your Scotiabank financial advisor can help you with everything else. Our advisors specialize in helping newcomers to Canada. In fact, some of them are new to Canada themselves.
Build your credit history
When you apply for credit, lenders will check your credit history, which contains information on your past bill-paying behaviour. A good credit history can make it easier for you to borrow money. A bad credit history – or no history – can make it harder. You can build a good credit history faster by getting a credit card, using it, and paying the bills on time. Scotiabank offers credit cards to newcomers with no credit history who are members of the StartRight program5.
Save for a home
As you settle into Canada, homeownership may be something for you and your family to consider. There are many steps to owning a home and an advisor can help. From deciding if buying a home is right for you to applying for a mortgage, we can guide you through the process.
Start investing
After your first few months in Canada, you might find that you’ve been able to save some money. In Canada, the government sets incentives for saying like the Tax-Free Saving Account (TFSA). With this account, your savings can grow tax-free. With the Scotiabank StartRight program, it’s quick and convenient to open an account and start investing with iTRADE. StartRight customers get 10 free trades when they invest a minimum of $1000 in a new Scotia iTRADE account.7
Do your taxes
In Canada, taxes aren’t filed automatically. Tax rules in Canada may differ from those in your home country, so it’s important that you review the Canadian tax filing requirements and rules. Filing your taxes is important. You could owe tax, be eligible for a tax refund, or get benefit and credit payments. The process can seem overwhelming, especially as you adapt to your new life, but we have some helpful information to get you started.
Terms you should know
Here’s a cheat sheet to help you understand some of the terms we use in Canadian banking.
Chequing account
Chequing accounts are good for everyday banking transactions. You can use them to pay for purchases, withdraw cash, pay bills and send money. They typically offer little or no interest, but many also let you make an unlimited number of transactions.
Savings account
Saving accounts are good for building savings. They typically have a limit on the number of free transactions you can make each month, but they also offer higher interest rates than chequing accounts.
High-interest Savings Account (HISA)
A HISA is a type of bank account that pays higher interest rates on the money you deposit. Your funds are safe, secure and you can withdraw money at any time.
Registered Retirement Savings Plans (RRSP)
A RRSP lets you save money for your retirement while reducing your taxes. When you invest money in an RRSP you can then deduct that same amount from your taxable income for that year. You’ll need to wait until after you’ve filed your first year of taxes in Canada to open an RRSP.
Rewards
Rewards are incentives you get when you use your debit or credit cards to pay for purchases. In Canada, rewards can come in a variety of formats like points, miles, or cash back. Whatever the format, all reward types will give you some sort of benefit for using your card.
Tax-Free Savings Account (TFSA)
A TFSA lets you save a set amount of funds each year without incurring any taxes. Funds can be withdrawn at any time, making it a great option when saving for future goals. You can start contributing to a TFSA as soon as you arrive in Canada.
Frequently asked questions
Ready to get started?
Now that you know the basics, you’re all set to meet with a Scotia advisor.
For your personalized financial plan, find an advisor and book a meeting at a branch near you.
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1
The Scotiabank StartRight Program, created for Canadian Landed Immigrants from 0–3 years in Canada, International Students and Foreign Workers. Visit https://startright.scotiabank.com to learn more.
2
To qualify for the 1-Year No Monthly Account Fee Offer (the “Offer”), open a new Preferred Package account under the StartRight Program (the “Account”). During the first 12 months, your monthly Account fee will be waived and will not appear as a charge on your Account. The Account must be open and in good standing at the time of the waiver. All applicable service charges on the Account will continue to be applied monthly. After the first 12 months, you will begin to see the monthly Account fee charged to your Account unless you maintain a minimum daily closing balance of $4,000, in which case the monthly Account fee will be waived per the Account terms and conditions. Employees of Scotiabank and individuals who are currently or were previously holders/joint holders of a Scotiabank chequing account within the last 2 years are not eligible for this Offer. This Offer is non-transferable and cannot be combined with any other offers except as otherwise permitted. Maximum one Offer per customer. All rates, fees, features and benefits are subject to change. Offer may be changed, cancelled, or extended at any time without notice.
3
For customers onboarded as a part of the Scotiabank StartRight Program, we do not charge a service fee for the transfer, however, foreign currency exchange rates apply. Subject to daily limits and additional terms and conditions as set out in the Scotiabank International Money Transfer Agreement found at www.scotiabank.com/international-money-transfer.
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Subject to availability and signing the Safety Deposit Box lease. Upon activation, the lessor will receive a $60.00 fee waiver (value of a small safety deposit box) applied for the first year. Limit of one (1) first year waiver per client.
5
Subject to credit approval. To be eligible, you must be a participant in the Scotiabank StartRight Program. To qualify for a credit card, you must be a resident of Canada and the age of majority in your province/territory where you live. Your approval for a credit card and the credit limit assigned will be determined based on Scotiabank’s credit criteria, including your verifiable income and credit history (If available). The credit limit amount of up to $5,000 under the Scotiabank StartRight Program is subject to change by Scotiabank from time to time without prior notice. A credit history in Canada is not required in order to be eligible for a credit card under the Scotiabank StartRight Program.
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Subject to Scotiabank credit approval and financing terms and conditions. Maximum 60 month term. Minimum 10% down payment is only applicable to qualifying Permanent Residents. Qualifying Foreign Workers under the Scotiabank StartRight® program are required to make a minimum 25% down payment.
7
Conditions apply. Offer valid for new Scotia iTRADE® accounts, excluding Cash Optimizer Investment accounts, opened by new Scotia iTRADE clients who do not already have an existing account with Scotia iTRADE. If you open one or more NEW Scotia iTRADE account(s) (each, a "New Account") and fund the New Account(s) within 60 days of opening the New Account(s) with at least CAD $1,000 in cash or in Net Equity (cheque deposit, electronic funds transfer or transfer of assets) ("Minimum Amount"), from an account that is not held at Scotia iTRADE, (1) the commissions associated with the first 10 online commissionable trades of Equities, Options and ETFs placed within 365 days of the date when you funded your New Account(s) with the Minimum Amount will be credited back to the corresponding New Account within 30 days of each order fill, to a maximum amount of $9.99 per trade in the currency of the account (maximum total commission rebate of $99.90), (2) the amount of the transfer-in fee charged by another Canadian broker will be credited to your New Account (up to $150 per client) subject to Scotia iTRADE's receipt of the documentation evidencing such transfer-in fee. Scotia iTRADE reserves the right to charge you all or part of the commissions associated with the first 10 online trades completed within 365 days of funding your New Account(s) (when such commissions were previously credited back to your New Account(s)) if the conditions of the offer are not complied with. Scotia iTRADE reserves the right to modify and/or cancel this offer at any time without notice in its sole discretion. Clients must enter the promotional code SRPE15 (English) or SRPF15 (French) when submitting the New Account application to qualify. To qualify for this offer, you must satisfy Scotia iTRADE's Canadian residency requirements, have a valid Social Insurance Number, be eligible to open a Scotia iTRADE account, maintain all of your accounts at Scotia iTRADE in good standing, not be in a disallowed debit position and not have any outstanding margin calls due. This offer has no cash redemption value. This offer cannot be transferred or combined with any other promotional offer (excluding Refer-a-Friend). Limited to one offer per client. In case of joint account only one account holder will be entitled to receive free equity trades.
®
Registered trademark of The Bank of Nova Scotia.
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Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.