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For newcomers to Canada, financial uncertainty is common in the first few years. Unexpected costs such as medical bills, urgent home repairs, or job loss can quickly strain your budget. An emergency fund ensures you can handle these surprises without harming your financial health. This guide covers:
According to Statistics Canada (2023), one in four Canadians reports difficulty covering a $500 unexpected expense. Having an emergency fund significantly reduces this risk.
Health emergencies can happen anytime, and medical costs can be high before provincial coverage applies. If you’re new to Canada, it’s vital to understand your healthcare options; learn how newcomers can access free healthcare in Canada.
While traditional emergencies include medical bills and home repairs, newcomers may also encounter immigration, housing, employment, and banking emergencies. Preparing for these emergencies can make your transition to Canada smoother and less stressful.
Tip: Start small and gradually increase your fund. Even $50 – $100 per month can add up over time.
Tip: Only keep a small amount at home. Keep your main fund in a bank account for security.
Read next: How to Save Money on Rent in Canada.
Extra income streams can act as a safety net during a financial setback.
According to Statistics Canada Household Income Survey shows that households with multiple income streams are 30% more likely to maintain financial stability during job loss.
Tracking your monthly spending is key to building an emergency fund. Use our Cost of Living in Canada guide to see typical expenses newcomers face and find areas where you can save.
Your saving habits can protect you from the unexpected, and it’s important since nearly 40% of Canadians say they couldn’t cover a $500 expense without borrowing.
As you set up your emergency savings, it’s also a great time to start building your credit in Canada. Responsible use of credit helps you qualify for better banking products and boosts your financial confidence as a newcomer. Learn more about Building Credit as a Newcomer.
Watch the video to discover common mistakes newcomers make with credit cards that can harm their credit rating in Canada:
Aim for at least 3 months of living expenses initially. Gradually work toward 6 months. You may also want to have a small stash of cash ($500–$1,500).
Yes, especially if you keep a small amount in a hidden or secure location. Keep larger funds in a bank account.
No. An emergency fund is only for unexpected or urgent costs. Using it for regular spending defeats its purpose.
Automate savings, cut non-essential expenses, and consider earning passive income through freelancing, selling items, or digital products.
No, but financial advisors highly recommend them, especially for newcomers facing uncertain employment or living costs.
Start building your emergency fund today by:
Tip: Explore our Financial Literacy Month guide to learn how to manage finances, set goals, and grow your emergency fund.
Start building your emergency fund today, even with small monthly savings, a cash stash, or passive income. Combined with good credit habits, you’ll have financial security and peace of mind.
Remember: saving for emergencies and building credit go hand-in-hand; together, they form the foundation of a strong, stable financial life in Canada. Take the first step today and start planning for both your short-term and long-term financial security.
For more money-saving guidance, explore our Managing Money section.
November 2025 marks the 15th anniversary of Financial Literacy Month (FLM) in Canada. Led by the Financial Consumer Agency of Canada (FCAC), FLM supports the National Financial Literacy Strategy 2021–2026, helping Canadians and newcomers strengthen their financial knowledge and skills for better financial well-being.
This year’s theme is “Talk Money,” encouraging people to speak openly about money and break the stigma surrounding financial discussions. Whether you’re an international student managing a tight budget or a newcomer managing household expenses, talking about money increases confidence and improves financial decision-making.
Newcomers face unique financial challenges: navigating a new banking system, building credit from scratch, and managing living costs in a new economy. Financial literacy can help newcomers make informed choices about credit, savings, and investments, and avoid costly mistakes.
Financial literacy is vital and can help you:
According to the FCAC, only 49% of Canadians describe themselves as financially confident, highlighting the need for accessible, practical financial education.
Financial literacy is the ability to manage money effectively. Key skills include:
According to a 2023 OECD study, over 40% of Canadians lack basic financial literacy skills, highlighting the ongoing need for education and conversation.
Budgeting gives you control over your finances. A practical way to budget is by following the 50-30-20 Budget Rule:
Adjust your budget based on your income. If you earn less, reduce discretionary spending. If you earn more, increase savings or investments.
Read next: How to Save Money on Rent in Canada.
Canadians with a monthly budget save 2–3x more than those without a plan.
Financial Consumer Agency of Canada, 2022
Not all debt is harmful. Here’s how to borrow strategically to strengthen your financial future.
Good debt helps you build assets or increase your earning potential. Examples:
Bad debt reduces your net worth, for example, high-interest credit card debt or loans for depreciating assets such as new cars or luxury items.
Pro Tip: Using a credit card responsibly (paying the balance in full each month) can actually build your credit score and lower borrowing costs over time.
An emergency fund protects you from unexpected financial shocks. Here’s how to build one.
Your saving habits can protect you from the unexpected, and it’s important since nearly 40% of Canadians say they couldn’t cover a $500 expense without borrowing.
Read more: How Can Newcomers in Canada Build an Emergency Fund?
If you’d like expert help creating your newcomer budget, join our free financial webinar.
Join us for an eye-opening session on how to build your financial future in Canada with confidence. This free webinar is hosted in partnership with Scotiabank, a trusted leader in newcomer banking. Together, we’ll guide you through how the Canadian banking system works and share free tools and strategies to help you plan, save, and invest wisely as a newcomer.
REGISTER FOR THE WEBINARFinancial scams are more sophisticated than ever. Here’s how to stay safe and protect your money in Canada.
Remember:
Financial scams aren’t just about fake CRA calls; they can also appear in housing listings. Read How Can Newcomers Avoid Rental Scams? 10 Smart Tips to learn how to verify listings and protect your money.
In 2024, Canadians lost over $150 million to scams (Canadian Anti-Fraud Centre).
Investing helps grow wealth and achieve long-term goals. The sooner you start investing, the sooner you will begin to see gains.
Here’s a quick comparison of Canada’s main registered savings accounts and how each account can support your financial goals:
| SAVINGS PLAN | BENEFITS |
|---|---|
| Registered Retirement Savings Plan (RRSP) | Designed for retirement savings with tax-deductible contributions. Money grows tax-free until withdrawn in retirement (when your tax rate is often lower). You can also borrow from your RRSP to buy a first home or pay for education. |
| Tax-Free Savings Account (TFSA) | Lets you grow savings tax-free. Investment income, interest, and dividends aren’t taxed, even when withdrawn. Great for short-, medium-, or long-term goals as you can withdraw funds at any time. |
| Registered Education Savings Plan (RESPs) | Helps families save for a child’s post-secondary education with government matching grants — up to $500 per year (20% of the first $2,500 contributed). Funds grow tax-deferred. Lifetime contribution limit: $50,000 per child. |
| Tax-Free First Home Savings Account (FHSA) | Helps first-time home buyers save for a down payment. Combines the benefits of a TFSA and RRSP: tax-deductible contributions and tax-free withdrawals. |
Once you understand the savings options, you can speak to a financial advisor to create a plan that fits your goals.
Managing your budget, learning how credit works, and setting financial goals can feel overwhelming when you’re new to Canada. But you don’t have to do it alone. For newcomers, a financial advisor can also explain how the Canadian banking system works, help you build your credit, and identify programs or accounts designed for newcomers.
A financial advisor in Canada helps you create and manage a plan to reach your short- and long-term financial goals. They can guide you through key areas such as budgeting, investing, saving for retirement, and building credit.
Here’s what they typically do:
For newcomers, a financial advisor can also explain how the Canadian banking system works, help you build your credit, and identify programs or accounts designed for newcomers.
Start with the 50-30-20 rule, track expenses for a month, and adjust based on your income and goals.
A student loan is good debt if your degree leads to strong earnings; it becomes bad debt if you cannot repay it from your income.
Financial scams often use urgency, threats, or fake offers to pressure you. The Canada Revenue Agency or your bank will never request payments by e-transfer, cryptocurrency, or gift cards. Always verify suspicious messages directly with the official organization.
Looking to build your financial skills in Canada? These trusted national resources can help newcomers learn to budget, save, and invest with confidence.
Whether you’re learning how to open your first bank account or planning long-term financial goals, Canada offers several free and reliable tools to help you get started:
The FCAC leads Financial Literacy Month and offers tools to help you budget, save, manage debt, and understand banking in Canada.
Many local settlement agencies offer free workshops that cover budgeting, credit scores, taxes, and avoiding scams.
Find free newcomer services in Canada.
Read next: Essential Services to Help Newcomers Settle in Canada
Canadian banks offer specialized newcomer programs that make it easier to settle and manage your money. These often include no-fee bank accounts, credit cards without a Canadian credit history, and financial advice tailored to newcomers. Many banks also provide resources on budgeting, saving, and building credit to help you start your financial journey with confidence.
Financial Literacy Month 2025 is a great time to gain control of your finances. Budget, manage debt, save, invest, and talk openly about money to build confidence, make informed decisions, and strengthen long-term financial well-being in Canada.
For more money-saving guidance, explore our Managing Money section.
Many newcomers to Canada eventually face a big question: should you keep renting, or is it time to buy your first home? Deciding whether to rent versus buy a home in Canada is a personal choice that depends on your finances, lifestyle, and long-term goals. Both options have pros and cons, and understanding them is the first step to making a smart housing decision. If you decide homeownership is the path for you, learn how to get pre-approved for a mortgage so you know how much you can afford.
According to Statistics Canada, approximately two-thirds of Canadians (66%) own their homes, reflecting the high value people place on homeownership, even as affordability challenges persist.
| PROS OF RENTING | CONS OF RENTING |
|---|---|
| Flexibility: Easier to move if your job or personal circumstances change. Ideal for short-term or uncertain plans. | No equity growth: Rent payments do not contribute to wealth or property ownership. |
| Lower upfront costs: No down payment or major repairs required. | Lease restrictions: The terms of the lease may limit certain activities, and you must comply with all rules set by the landlord. |
| Access to premium areas: Rent in neighbourhoods where buying may be unaffordable. | Limited control over the property: You usually cannot renovate, paint, or make changes without approval from your landlord. |
| Lower additional costs: Insurance is only for contents, not the building. | Lease uncertainty: Landlords do not have to renew your lease, so you may need to move when your lease expires. |
As of 2025, the average rent for a one-bedroom apartment in Canada is about $2,000 per month, with prices higher in cities like Toronto and Vancouver.
According to recent surveys, approximately 75% of newcomers aim to buy a home within 3 – 5 years of arriving in Canada. However, you need to weigh the pros and cons before rushing into a decision.
| PROS OF BUYING A HOME | CONS OF BUYING |
|---|---|
| Equity and wealth creation: Monthly mortgage payments build ownership in your property. | High upfront costs: down payment, closing costs, and home inspections. |
| Security and stability: Owning your home gives long-term control over your living space. | Financial responsibility: Mortgage repayments, taxes, insurance, and maintenance are ongoing obligations. |
| Potential appreciation: Homes can increase in value over time, creating profit when sold. | Reduced mobility: Selling a home can take a long time compared to ending a lease. |
| Freedom to customize: Renovate, decorate, and improve your house as you wish. | Market risk: Home value may fluctuate due to interest rates or economic conditions. |
| Credit benefits: Timely mortgage payments improve your Canadian credit profile. |
The Canadian Real Estate Association reports the average home price in Canada was approximately $750,000 in 2025, highlighting the importance of budgeting carefully before buying.
Anna Prokofieva, a former newcomer from Ukraine, explains:
“I decided to buy because paying for equity is better than paying rent. Renting gave me flexibility, but I wanted freedom and long-term security. I carefully evaluated my finances, future needs, location, and type of housing before making the decision. The most important thing for me was to establish credit in Canada from the moment I arrived.”
After Prokofieva decided to buy, she got pre-approved for the mortgage, so she knew what she could afford.
A recent Scotiabank survey found that 45% of newcomers identify a lack of credit history as their biggest obstacle to buying a home in Canada.
Read next: How to Build Credit in Canada: A Guide for Newcomers
Join us for an insightful webinar designed to help you navigate the various routes to owning a home in Canada. Whether you’re looking to buy your first home through a traditional mortgage, exploring co-ownership opportunities, or interested in rent-to-own solutions, this webinar will provide the information and tools you need to make informed decisions.
REGISTER FOR THE WEBINARGetting pre-approved for a mortgage in Canada is a vital first step when you’re ready to buy a home, especially for newcomers who want to understand how much they can afford and strengthen their home-buying credibility.
Here’s a clear, step-by-step breakdown:
Before you apply, take stock of your finances:
💡 Tip: If you’re new to Canada, establishing credit history (through a credit card or small loan) can help you qualify more easily.
Lenders need documents to verify your financial situation. Common requirements include:
You can apply for pre-approval with:
The lender will review your financial details, credit score, and debt-to-income ratio to determine how much they’re willing to lend and at what interest rate.
Tip for Newcomers: Build a Canadian credit history early. You can start by opening a bank account before arrival. Learn more in our Guide to Building Credit in Canada
If you qualify, the lender gives you a Pre-Approval Letter, which confirms:
This letter shows real estate agents and sellers that you’re a serious buyer.
Once pre-approved, you can:
Use the Scotiabank Rent or Own Calculator to see whether renting or buying makes the most sense for your financial situation.
If you’d like to learn more about your homebuying options, join our free home ownership for newcomers webinar.
Many newcomers aim to buy within 3 – 5 years of arriving. However, timing depends on your finances, credit history, job stability, and comfort with local housing markets.
Yes, Canadian banks typically require a credit history. You can start building a credit history when you open a Canadian bank account and manage credit responsibly.
It depends on your savings, income, and local housing prices. As of 2025, average home prices in Canada remain high, with many newcomers weighing rent versus buying decisions carefully.
Beyond your mortgage, expect property taxes, insurance, maintenance, and possibly condo fees. Budgeting for these costs is vital.
Not necessarily. Renting provides flexibility, access to desirable neighborhoods, and lower upfront costs. It can also give newcomers time to save for a down payment and establish credit.
Deciding whether to rent or buy a home in Canada is a personal choice that depends on your finances, lifestyle, and long-term goals.
For some newcomers, the journey to homeownership takes time, and that’s okay. Whether you start by renting, buying, or exploring a rent-to-own option, or a home co-ownership option. Each path can bring you closer to your goals.
Learn how a rent-to-own program can bridge the gap between renting and buying in our post: Can Newcomers Rent-to-Own a Home in Canada
Before making a decision, carefully evaluate your financial situation, establish a Canadian credit history, and use tools like the Scotiabank Rent or Own Calculator to guide your choice. Sound planning ensures your housing decision supports your life and financial goals in Canada.
With more than enough money to move to Canada, you’ll be able to settle comfortably and alleviate financial stress. Applying to become a permanent resident (PR) in Canada includes showing proof of funds to the Canadian visa office in your home country. It demonstrates you have the minimum amount of settlement funds to move and support your family. Discover how much money you need to move to Canada for the Express Entry system, the documents you need, and other costs to consider.
You must have the minimum funds set by Immigration, Refugees and Citizenship Canada (IRCC). However, having more than the minimum will provide greater ease and comfort.
You’ll require more money if you have more family members. If you have more than the minimum amount, list this in your Express Entry profile.
IRCC updates these figures each year.
| NUMBER OF FAMILY MEMBERS | MINIMUM FUNDS REQUIRED (Canadian Dollars) |
|---|---|
| 1 | $15,263 |
| 2 | $19,001 |
| 3 | $23,360 |
| 4 | $28,362 |
| 5 | $32,168 |
| 6 | $36,280 |
| 7 | $40,392 |
| For each additional family member, add: | $4,112 |
Canada’s Express Entry system is designed for skilled workers who want to become permanent residents. It is one of the most common and popular ways to immigrate to Canada.
You do NOT have to show proof of funds if you:
Proof of funds requirements differ for international students. Discover the minimum proof of funds for international students.
You must have enough to settle in Canada and cover housing, food, transportation, and household expenses. Some of the most expensive cities to live in Canada in 2025 include Vancouver, Toronto, and Calgary.
Researching the average costs of renting or buying housing, transportation, food, childcare, and other essentials will help you plan a realistic budget.
Once you know the minimum settlement funds required, assess your financial situation. Consider how much savings, investments, cash, and other assets you have. You may need to save more money to meet the minimum requirements. Or, you may find that you have a suitable amount of settlement funds for your new start in Canada!
If you are invited to apply for permanent residence, you must show you have readily accessible minimum funds. You can contact your bank to obtain a proof of funds letter. It must include the bank’s letterhead and the following information:
Join us for an eye-opening session on how to build your financial future in Canada with confidence. This free webinar is hosted in partnership with Scotiabank, a trusted leader in newcomer banking. Together, we’ll guide you through how the Canadian banking system works and share free tools and strategies to help you plan, save, and invest wisely as a newcomer.
REGISTER FOR THE WEBINAR
You must meet the minimum amount of proof of funds. However, you can bring as much money as you wish to make it easier to move and settle comfortably in Canada.
When you enter Canada, you must declare if you’re bringing more than $10,000 (CDN). Declare how much money you are bringing and expect to pay duty (a fee) on the amount greater than $10,000 Canadian. These funds could be cash, stocks, bonds, etc.
Researching the cost of living in the city you plan to live in will help you realistically budget for housing, transportation, food, childcare, and other expenses.
The more research you do, the better prepared you’ll be to achieve financial stability and success!
The additional amount of funds that you require will vary based on:
Consider your family’s unique financial needs. These guidelines will help you determine how much you may need beyond the minimum. More funds will provide breathing room to cover basic living expenses for four to six months while you search for a job. The following guidelines don’t include airfare or moving expenses:
| NUMBER OF PEOPLE | SUGGESTED AMOUNT (CDN) |
|---|---|
| One adult moving alone | $25,000 |
| One couple moving together | $30,000 |
| A couple with one child under 10 | $33,000 |
| A couple with a child over 10 | $35,000 |
| For each additional child under 10 | Add $1,000 |
| For each additional child over 10 | Add $2,000 |
Whether you are moving to Canada permanently or temporarily, coming to study, or visiting as a grandparent or parent, travel medical health insurance is vital. It provides coverage for medical emergencies and health care needs until you become eligible for any provincial health care plan.
The cost varies based on your age, health condition, and coverage plan. It’s never too early to begin your research or get a travel medical insurance quote to save you from unexpected medical expenses.
Toronto and Vancouver, Canada’s most popular cities for newcomers, are major job hubs, however, housing costs are the highest. If you dream of homeownership, you’ll likely be able to buy a larger home in a suburb or smaller city.
Whether you’re planning to move to Canada or arriving soon, it’s vital to select the best city to meet your needs. The key to choosing a city is researching both the labour and housing markets. Ideally, you want to ensure that your skills and experience match the local labour market, and the housing market is within your financial reach.
If you’re moving to Canada with a dog or cat, don’t forget to budget for pet travel expenses. These can include veterinary certificates, microchipping, airline cargo fees, and an IATA-approved crate. Costs can range from $400–$1,000, depending on your route and airline.
Pet relocation is a real (and often overlooked) moving expense. Learn from a real-life experience in our post on moving to Canada with pets, a step-by-step guide on how a newcomer brought their dog from India to Canada!
The amount of money you will need to move to Canada is based on family size and is set by IRCC. You’ll also need a proof of funds letter from a bank, and importantly, you must maintain financial stability during your immigration process.
Research cities in Canada and consider where you want to live. Consider the cost of living, and the job and housing markets, so you arrive financially prepared. The more research you do, the better prepared you’ll be for an exciting and successful start in Canada!
Moving to Canada from India is a big transition for most new immigrants. There are many cultural and societal differences between the two countries. So, newcomers need to learn what to expect upon your arrival. The more you know about Canada and what to expect, the easier your transition will be. We’ve identified the top things you can expect when moving to Canada from India.
The country is actively seeking immigrants to call Canada home. The Government of Canada plans to bring about 765,000 thousand newcomers to the country as permanent residents by 2026.
The country also has dozens of visa and immigration programs to help you enter. Some of the most common are:
As a permanent resident, you will have access to health care benefits. But not all medical services are free. There are certain health costs you will have to pay for. For example, while you don’t have to pay to see a family doctor, you do have to pay for prescription medication or elective procedures. You can offset these costs by buying private health insurance. Your employer may offer additional health insurance through your employee benefits program at work.
Continuing your career at the same level when you move to Canada from India can be a challenge. Regardless of your professional credentials, they may not be recognized by companies in Canada. So you should carefully research your profession in Canada before you arrive. It can take years to get accreditation in Canada, especially if you work in a regulated profession. However, with research, you can learn what you require to work in Canada before you arrive. And this can save you time, money, and energy!
You can even take steps to transition your career well in advance of your move. This will help you with your job search when you arrive in Canada. Learn more about credential recognition before you arrive in Canada.
Moving to Canada is a major life decision that is exciting, full of opportunity, and, let’s be honest, a little overwhelming. Whether you’re immigrating alone, with a partner, or your entire family, there’s a lot to plan before boarding your flight. That’s why we created the Canadian Pre-Arrival Checklist Guide. It’s your step-by-step companion to prepare for life in Canada. From organizing your documents and opening a bank account to packing smart and finding a place to live, we’ve laid it all out clearly by timeline: 3 months, 2 months, and 1 month before your move.
GET FREE GUIDEIf you’re planning to move with your pet, be sure to research travel requirements early. Each airline and country has specific documentation, vaccination, and crate rules. Read our guide on bringing pets to Canada to learn what to expect and how to prepare your furry companion for the journey.
The city you choose to call your new home can have a significant impact on your cost of living. Cities such as Toronto, and Vancover offer many opportunities, but they also have some of the highest cost of living in Canada. This includes higher rent and housing prices, insurance, and food.
To get a sense of rental costs in cities across Canada, visit our Rentals for Newcomers site. Here you can get the most up-to-date rental housing costs. It’s also a practical and easy-to-navigate site to make it easy to find housing! And you can even determine the average cost of rentals in each city. This can help you build a realistic housing budget even before you arrive in Canada.
Driver’s licencing is a provincial jurisdiction. No province in Canada currently has a driver’s licence exchange program with India. Driving laws and rules are different in Canada compared to India. Therefore, you will have to get a Canadian driver’s licence when you move to Canada from India. You will have to pass all licencing requirements in the province you reside in – including a knowledge and road test.
Canada experiences has four seasons: spring, summer, fall, and winter. The temperatures can range from vary significantly 40 degrees C and humid in the summer to -30 degrees C with the windchill in the winter. Weather can be unpredictable, so you need clothing for all seasons. When you move to Canada from India, you’ll have to prepare to wear the right type of clothing.
Canada is more expensive place to live than in India, and you have to pay tax on almost everything you buy. Taxes are used to fund public programs in Canada such as healthcare and education. While you do not pay tax on essential food items, you will pay tax on clothing, consumer goods, energy, cars, and even your property. The tax rates vary by province.
Canada is one of the most culturally diverse nations in the world. It’s just one of the many reasons immigrants choose to come to Canada. People from all over the world call Canada home. It is a huge part of Canadian identity. And there are large Indian communities in many cities across the country like, Surrey, British Columbia, and Brampton, Ontario. These communities can help you ease your transition. These cities are also know for their exciting Diwali celebrations each year.
It’s important to research Canada before you arrive. Despite what you may read, it will not be quite like your real-life experience. Use the above information to manage your expectations about what it is like to move to Canada. The more you know, the easier it will be to settle in Canada!
Moving to Canada is exciting, but one of the biggest questions newcomers ask is: How much will it cost to live? Understanding the cost of living in Canada helps you plan your finances, avoid surprises, and make confident decisions about where to live. Whether you’re coming alone, with a partner, or as a family, this guide breaks down what you can expect to spend and how to manage your money wisely during your first year in Canada.
Settling in Canada means mastering housing and overall living costs. This post breaks down the numbers to help you build a realistic budget.
A recent MoneySense / Leger Marketing survey found that:
In 2024, average household disposable income was $100,702, a 5.5% increase from 2023.
While the average income aligns with comfort benchmarks, living costs vary depending on location, household type, and whether you rent or own your house.
Since 2020, the “basket” of goods/services costs rose by about 15%, while disposable income grew by 21%, resulting in a net gain for most households. However, lower-income groups still lag.
Comfortable income ranges from about $58k in affordable cities to over $106k in expensive suburbs near Toronto and Vancouver.
Now that we’ve seen how income compares to inflation, let’s look at what that means for your biggest expense: housing.
Canada Mortgage and Housing Corporation (CMHC), Canada’s national housing agency, recommends that housing costs stay below 30% of your gross (total) household income. Spending more than that can create financial stress and reduce your ability to save.
Housing is the biggest expense for most newcomers. Prices are highest in cities such as Toronto and Vancouver, and lower in smaller or mid-sized cities like London, Winnipeg, and Fredericton.
Read next: How to Save Money on Rent in Canada.
TIP: Your first few months may feel tight financially. Budget for setup costs like furniture, transit passes, and winter clothing.
Costs vary by city and lifestyle, but here’s a general breakdown of average expenses to help you plan your first budget.
| EXPENSE | SINGLE PERSON (Monthly) | Family of 4 (Monthly) |
|---|---|---|
| Rent | $1,500 – $2,200 (1-bedroom apt) | $2,500 – $3,500 (2+ bedroom apt) |
| Utilities & Internet | $200 – $350 | $300 – $450 |
| Groceries | $400 – $600 | $1,000 – $1,300 |
| Public Transportation | $100 – $160 | $200 – $400 |
| Childcare | – | $800 – $1,400 |
| Healthcare extras (e.g., dental, prescriptions, etc.) | $50 – $100 | $150 – $250 |
The cost of living varies across Canada. Major cities tend to have higher housing costs, while smaller cities and towns are more affordable.
| CITY | AFFORDABILITY LEVEL | NOTES |
|---|---|---|
| Vancouver, British Columbia | $$$ | Beautiful scenery, mild climate, and strong newcomer communities; however, housing prices are among the highest in Canada. |
| Toronto, Ontario | $$$ | Canada’s largest city offers diverse job opportunities and vibrant cultural communities, but high rent and living costs. |
| Calgary, Alberta | $$ | Reasonable housing, no provincial sales tax, and a strong job market in energy, tech, and finance sectors. |
| Edmonton, Alberta | $$ | Family-oriented city with reasonable rent, large parks, and no provincial sales tax. |
| Ottawa, Ontario | $$ | Stable government employment, bilingual opportunities, and excellent public services. |
| Fredericton, New Brunswick | $ | Affordable housing, excellent quality of life, and a welcoming community for international students and professionals. |
| Winnipeg, Manitoba | $ | Affordable housing and family-friendly environment; active settlement programs and strong community networks. |
| London, Ontario | $ | Smaller city near Toronto with lower rent and access to education and healthcare services. |
Smaller and mid-sized cities such as Fredericton, London, and Winnipeg offer a great balance between affordability, safety, and access to newcomer support.
Read more:
Discover Fredericton, New Brunswick: The Heart of the Capital Region
Living in London, Ontario: Everything You Need to Know
If you’d like expert help creating your newcomer budget, join our free financial webinar.
Join us for an eye-opening session on how to build your financial future in Canada with confidence. This free webinar is hosted in partnership with Scotiabank, a trusted leader in newcomer banking. Together, we’ll guide you through how the Canadian banking system works and share free tools and strategies to help you plan, save, and invest wisely as a newcomer.
REGISTER FOR THE WEBINARArriving in Canada often means starting fresh with a new home, new job, and new systems. A clear first-year budget helps you manage your savings while settling.
| CATEGORY | ESTIMATED ANNUAL COST |
|---|---|
| Housing & utilities | $21,000 |
| Food & groceries | $ 6,000 |
| Transportation | $ 2,000 |
| Phone & internet | $ 1,000 |
| Miscellaneous & clothing | $ 2,000 |
| TOTAL | $32,000 |
About to move? Read more about Canadian Financial Tips Before You Move to Canada
Already in Canada? There are plenty of ways to stretch your dollar, especially during your first year. Discover more cost-saving ideas: 22 practical tips for newcomers.
Discover more cost-saving ideas: 22 practical tips for newcomers.
It depends. Comfortable income ranges from $58K to $106K, depending on the city where you choose to live and household type.
Housing costs should ideally be below 30 – 35% of gross (total) income. If your housing costs exceed this amount, you can reduce your budget in other areas (i.e., clothing, entertainment, etc.) to manage your expenses.
Smaller cities such as Winnipeg, Halifax, and Fredericton tend to be more affordable. They offer lower rent and a slower pace of life, making them ideal for families and newcomers.
Immigration, Refugees and Citizenship Canada (IRCC) recommends proof of funds ranging from $15,263 for a single applicant to $28,362 for a family of four. Having extra savings for your first few months can make settling in smoother. Read more about How Much Money Will I Need to Move to Canada?
Settling into life in Canada takes time, but you don’t have to do it alone. Many organizations offer free or low-cost support.
Learn more about Essential Services to Help Newcomers Settle in Canada
Adjusting to the cost of living in Canada can feel overwhelming at first, but with planning, budgeting, and community support, most newcomers find financial stability within their first year.
Be patient with yourself, stay informed, and use newcomer resources to help you build the life you’ve imagined in Canada!
For more money-saving guidance, explore our Managing Money section.
If you’re moving to Canada, Ottawa is one of the best cities to consider for renting. It combines affordability, career opportunities, and a high quality of life. As Canada’s capital, it offers a balance of city life, green space, and family-friendly communities. With so many Ottawa neighbourhoods to choose from, it’s an ideal destination for newcomers looking to rent and settle in. Discover where to live in Ottawa, unique neighbourhoods, lifestyles, rental prices, and amenities!
Ottawa is located in eastern Ontario, on the north bank of the Ottawa River, directly across from Gatineau, Quebec. It’s a vibrant, multicultural, bilingual city with a growing tech sector, excellent post-secondary schools (University of Ottawa, Carleton University, Algonquin College), and more affordable housing compared to Toronto.
Before choosing where to live, you may want to understand what everyday life in the capital looks like. Explore Living in Ottawa, Ontario for an overview of jobs, transportation, and what makes this city newcomer-friendly.
If you have recently arrived and need flexibility, consider short-term rentals or homesharing options. These options allow you to settle quickly while exploring neighbourhoods before signing a long-term lease.
Newcomer Tip: Use trusted platforms like Rentals for Newcomers (RFN) to find verified listings and avoid rental scams. Be cautious of landlords who ask for deposits before you see the unit, or request payment through untraceable methods. Always get a lease in writing and confirm landlord details.
$ Affordable: Under $1,600/month (Vanier, Orléans)
$$ Mid-range: $1,600 – $2,000/month (Sandy Hill, Old Ottawa South, Kanata, Alta Vista)
$$$ Expensive: Over $2,000/month (Glebe, Westboro, New Edinburgh)
| NEIGHBOURHOOD | ESTIMATED 2025 RENTAL RANGE* |
|---|---|
| Kanata | $$ Mid-range |
| Sandy Hill | $$ Mid-range |
| Old Ottawa South | $$ Mid-range |
| The Glebe | $$$ Expensive |
| Vanier | $ Affordable |
| Westboro | $$$ Expensive |
| Alta Vista | $$ Mid-range |
| Orléans | $ Affordable |
| Civic Hospital | $$ Mid-range |
| Dow’s Lake | $$ Mid-range |
| New Edinburgh | $$$ Expensive |
Ottawa offers many distinct neighbourhoods, types of housing and prices.
Downtown Ottawa has many high-rise and low-rise apartments, condominiums, and houses.
Central neighbourhoods such as the Glebe or Westboro offer a mix of housing including semi-detached and single-family homes, as well as townhouses.
Suburban neighbourhoods (outside the downtown core) have semi-detached and single-family houses, and townhouses.
Consider renting in neighbourhoods that balance affordability, amenities, and access to transit. The best choice depends on your lifestyle, whether you prioritize commuting, family-friendly amenities, or scenic lakefront living. Here are some top neighbourhoods to consider.
Click on the Google map of Ottawa to zoom in and find an area or neighbourhood that is right for you!
Yes, Kanata is a large, family-friendly suburb in west Ottawa, known for its parks, community centres, and tech industry hubs. Modern homes and green space make it ideal for families seeking suburban life with urban access.
Ideal for: Families, tech professionals
Vibe: Suburban, safe, community-oriented
Rental Range (2025 estimate): $$ mid-range
Access: 25–30 min to downtown; OC Transpo buses
Why newcomers like it: Excellent schools, abundant parks, proximity to Kanata North tech hub.
Yes, Sandy Hill is one of the most popular areas for international students. It’s home to University of Ottawa students and offers a mix of historic homes and apartments, with lively streets filled with restaurants and shops.
Unlock the Secrets to Crafting a Winning Rental Application. Are you a newcomer to Canada searching for your perfect rental home? Look no further! Our comprehensive guide will help you navigate the rental application process confidently and successfully!
GET FREE GUIDEBecause it’s right next to Carleton University. Old Ottawa South is a quieter, historic area next to The Glebe and Carleton University. Bank Street offers local shops and cafés, while parks like Brewer Park provide recreation along the Rideau River.
Ideal for: International students, academics.
Vibe: Quieter than Sandy Hill, with historic charm.
Rental range (2025 estimate): $$ mid-range.
Access: Bank Street shops, Rideau River parks, Carleton University campus.
Why newcomers like it: Affordable student housing, cultural venues like the Mayfair Theatre.
Yes, The Glebe is a trendy, historic neighbourhood south of downtown Ottawa with tree-lined streets, boutique shops, and restaurants. It offers a mix of older homes and condos.
Ideal for: Young professionals, families.
Vibe: Upscale, walkable, with shops and entertainment.
Rental range (2025 estimate): $$$ expensive.
Access: TD Place stadium, Lansdowne Park, Bank Street restaurants.
Why newcomers like it: Vibrant lifestyle, community events, and proximity to downtown.
Yes, Vanier is known for affordability near downtown. Located on the east bank of the Rideau River is a historically francophone neighbourhood that is increasingly multicultural and affordable.
Ideal for newcomers seeking lower rent.
Vibe: Urban, multicultural, in transition (gentrifying).
Rental range (2025 estimate): $ affordable.
Access: Quick bus ride to downtown.
Why newcomers like it: Affordable rents, strong francophone and immigrant communities.
Westboro is a trendy, revitalized neighbourhood near the Ottawa River. It’s popular among professionals and retirees, offering a lively mix of shops, restaurants, and outdoor spaces.
Yes, Ottawa is more affordable. An average 1-bedroom rent in Ottawa is $1,977, compared to over $2,295 in Toronto (Sept 2025).
Kanata, Orléans, Alta Vista, and Civic Hospital are family-friendly with schools and parks.
Sandy Hill (University of Ottawa) and Old Ottawa South (Carleton University) are most popular.
Finding a rental home in Ottawa means balancing lifestyle, budget, and convenience. The good news? Whether you’re a student, professional, or family, Ottawa offers a range of neighbourhoods to match your goals. Take time to research each area, compare prices, and plan for financial success as you settle into your new home in Canada’s capital.
Once you’ve explored Ottawa’s best neighbourhoods and found areas that fit your lifestyle, the next question is whether to rent or buy your first home in Canada. Understanding the financial pros and cons of each option can help you make a confident housing decision. Read our guide: Rent or Buy a Home in Canada? A Guide for Newcomers to compare costs, benefits, and what’s right for your long-term goals.
When renting, it’s vital to understand how renting works and what to expect as a newcomer before you sign a lease.
👉 Start here: Rental Application Tips for Newcomers in Canada to Get Approved
It’s one of Canada’s most cherished fall traditions, a time to share food, give thanks, and enjoy the beauty of the season. Whether you’ve just arrived or are still settling in, here’s everything newcomers need to know about Thanksgiving in Canada: its meaning, history, and how you can celebrate it wherever you live.
Thanksgiving is a holiday devoted to showing gratitude for the good things in life, from health and family to harvest and community. While it started as a harvest celebration, it has evolved into a non-religious, inclusive holiday that welcomes everyone, regardless of background or beliefs.
For newcomers, it’s a great time to experience Canadian culture, meet neighbours, and even try traditional foods for the first time.
The spirit of giving thanks goes back thousands of years to Indigenous traditions. First Nations communities celebrated harvests through feasts, dance, and ceremony to give thanks for the land’s bounty.
Later, in 1620, English settlers (known as “pilgrims”) arrived in North America and celebrated their first successful harvest with help from the Wampanoag people.
Learn more about how Canada honours Indigenous Peoples on the National Day for Truth and Reconciliation.
People celebrate Thanksgiving in Canada on the second Monday of October each year. In 2025, it falls on Monday, October 13.
Because it’s a long weekend, many families gather for dinner on Saturday or Sunday before the holiday.
In 1957, Canada officially declared Thanksgiving a national holiday, a day “for general thanksgiving to Almighty God for the bountiful harvest with which Canada has been blessed.” Today, it’s a secular celebration that honours gratitude, family, and community.
It’s a statutory holiday in most provinces and territories, meaning many workplaces and schools close for the day.
Learn more about statutory holidays in Canada throughout the year.
In most provinces, you’ll get a paid day off work, but in Atlantic provinces, it may be an optional holiday.
| PROVINCE/TERRITORY | STATUTORY HOLIDAY |
|---|---|
| Alberta | Yes |
| British Columbia | Yes |
| Manitoba | Yes |
| New Brunswick | Optional |
| Newfoundland and Labrador | Optional |
| Northwest Territories | Yes |
| Nova Scotia | Optional |
| Nunavut | Yes |
| Ontario | Yes |
| Prince Edward Island | Optional |
| Quebec | Optional (not a statutory holiday; employers may provide it as a day off under collective agreements) |
| Saskatchewan | Yes |
| Yukon | Yes |
The centrepiece of Thanksgiving is sharing a meal, often with a delicious turkey dinner, stuffing, mashed potatoes, gravy, cranberry sauce, and pumpkin pie.
If you don’t have family nearby, consider hosting a “Friendsgiving” where you invite friends, neighbours, or other newcomers to share a meal.
Thanksgiving weekend is the perfect time to take in the fall scenery. You can:
Football is a Thanksgiving tradition for many families. Both the CFL (Canadian Football League) and the NFL (National Football League) host games over the holiday weekend, often called the Thanksgiving Classic.
Many Canadians donate food or volunteer. It’s a wonderful way for newcomers to connect with their community and give thanks by helping others.
Volunteering at Thanksgiving is also a great way to build skills and relationships. The benefits go beyond good feelings. See our guide on the benefits of volunteering for newcomers for ideas and tips.
Thanksgiving is about more than food; it’s about belonging.
Joining local celebrations, volunteering, or sharing a meal with friends can help newcomers feel more connected to Canadian life. It’s also an opportunity to start your own traditions and share food or customs from your home country with new friends.
As a newcomer, navigating your first settlement steps can feel overwhelming, but with this guide it doesn’t have to be. The guide aims to provide all the necessary information, tools, and resources that will ensure you get started on the right foot and are able to successfully navigate your first few months in Canada.
GET FREE GUIDEYes, it’s a statutory holiday in most provinces, but not all. In some Atlantic provinces, it’s optional for employers.
Canadian Thanksgiving is in October, not November, and focuses more on the harvest season than historical events.
Absolutely! Thanksgiving in Canada is for everyone; it’s about gratitude, community, and enjoying the season together.
Whether you celebrate with turkey, a potluck, or a walk through the fall colours, Thanksgiving in Canada is a reminder to pause, be thankful, and connect with others.
Welcome to your first Canadian Thanksgiving. May it be full of warmth, friendship, and gratitude.
Planning your move to Canada? Living in Edmonton might be the perfect choice. From a strong economy and affordable housing to excellent schools and healthcare, Edmonton offers newcomers the resources to settle in smoothly. This guide will help you navigate life in the city and make informed decisions before you arrive.
Edmonton is the capital city of Alberta, located in western Canada along the North Saskatchewan River. It’s about 300 km north of Calgary and is known for its wide-open skies, four distinct seasons, and friendly communities. For newcomers, living in Edmonton means easy access to nature, a growing job market, and a balanced cost of living.
Edmonton began as a Hudson’s Bay Company trading post in the late 1700s and has grown into one of Canada’s most dynamic and diverse cities. It’s home to the University of Alberta, one of the country’s top research institutions, and the West Edmonton Mall, once the largest shopping mall in the world.
The city’s multicultural population continues to grow, with thousands of immigrants settling here each year. From vibrant cultural festivals to community programs that support newcomers, Edmonton offers a welcoming environment where people from around the world can thrive.
Many newcomers choose this city for its:
Safe neighbourhoods, accessible services, and a strong support network make it easier to start a new life in Canada.
Living in Edmonton means access to a thriving economy, powered by energy, construction, healthcare, and technology. With an average income around $72,000/year, Edmonton offers newcomers both opportunity and affordability.
To plan your finances before you land your first job, check out: How Much Money Will I Need to Move to Canada?
The top industries hiring include:
If you’re exploring regulated professions or skilled trades, visit Career Pathways in Canada.
💡 Tip: Before your first job in Canada, open a newcomer bank account and learn how to manage your income effectively. Read: Canadian Financial Tips Before You Move to Canada.
Many professionals must have credentials assessed before working in Alberta. Read more: What is Credential Recognition?
Living in Edmonton offers newcomers one of Canada’s more affordable major city housing markets. The city provides a mix of rental apartments, condos, and single-family homes, suitable for singles, families, and students.
| AVERAGE RENT Source: rentals.ca | AVERAGE HOME PRICE Source: WOWA |
|---|---|
| 1-bedroom: $1,391 2-bedroom: $1,759 | Average home price: $461,281 Average townhouse price: $301,342 Average condo price: $218,063 |
Renting is often the first step for newcomers. You’ll discover a range of neighbourhoods and types of housing to suit different lifestyles and budgets.
Despite recent price increases, Edmonton remains more affordable than Calgary, Vancouver, or Toronto, making it an attractive option for newcomers planning long-term settlement.
When applying for rentals, most landlords check credit scores, so it helps to build credit in Canada early.
Tips for renting successfully:
Searching for your first home in Canada? Join this exclusive session for key insights on housing market conditions, affordable options, and renting without credit history. Tailored for newcomers settling in the next six months, register now for valuable tips and a free guide!
REGISTER FOR THE WEBINARFor those ready to buy a home, Edmonton offers affordable options compared to other large Canadian cities.
Tips for newcomers buying a home:
Check out more tips for first-time home buyers.
Buying a home provides stability and positions newcomers to take advantage of Alberta’s low property taxes and long-term property value growth.
When choosing the right neighbourhood, consider factors such as housing costs, access to public transit, and your lifestyle. Popular options for newcomers include:
Learn more in our full guide: Best Edmonton Neighbourhoods for Newcomers.
Organizations like the Welcome Centre for Immigrants and the Edmonton Immigrant Services Association offer support with settlement, employment, and language services.
Language programs can help newcomers improve their English skills, making it easier to integrate into the community and workplace. Discover more about Employment Services to Help Newcomers Work in Canada.
Edmonton’s road system and major highways (Yellowhead, QE2) make driving and connecting to other regions easy. Gas prices are among the lowest in Canada, making commuting cost-effective.
The Edmonton Transit Service operates buses and Light Rail Transit lines connecting key areas like Downtown, the University of Alberta, and South Edmonton. Read more about how Edmonton Transit Moves You Affordably.
New residents can register for the Alberta Health Care Insurance Plan (AHCIP), which covers most medically necessary services. You can also buy additional private insurance for services like prescription drugs and dental care. Read more: Do You Need Travel Medical Health Insurance to Move to Canada?
Edmonton is home to several major hospitals, including the University of Alberta Hospital and the Royal Alexandra Hospital.
The city offers many educational options through public, private, and Catholic school boards. Programs include bilingual and French immersion tracks.
Edmonton is home to the University of Alberta, Northern Alberta Institute of Technology (NAIT), and MacEwan University. These post-secondary schools offer a range of academic and vocational programs.
Winters are cold, with average temperatures in January around -11.7°C. Snowfall occurs roughly 141 days per year, so winter tires and proper clothing are vital. Despite the cold, residents enjoy over 2,299 hours of sunshine annually, making the climate bright and manageable.
Summers are warm, with average temperatures in July reaching 17.5°C. Thunderstorms and large hail are not uncommon during the warmer months.
Known as “Canada’s Festival City,” it hosts many cultural events year-round, including the Edmonton International Fringe Festival and the Edmonton Folk Music Festival.
The city offers outdoor activities, from exploring the North Saskatchewan River Valley to visiting nearby national parks like Elk Island.
Yes. Over 25% of the population are immigrants, according to Statistics Canada (2024). The city is welcoming and supportive, with strong settlement services.
In 2025, rent averages $1,071 for a one-bedroom; the median home price is $435,000. Expect $2,000 – $2,500/month for living expenses.
Yes. Housing in Edmonton is typically more affordable, though daily expenses are similar.
The city is generally safe, though crime levels vary by neighbourhood. You can learn about local safety programs and resources through community police initiatives.
Living in Edmonton offers newcomers a balance of affordability, opportunity, and community support. Stable employment, accessible services, and diverse neighbourhoods make it easier to build a new life in Canada.
Before you move, plan your finances, explore housing and employment options, and leverage newcomer support programs to start strong.
September 30 marks Canada’s National Day for Truth and Reconciliation, also known as Orange Shirt Day. This day honours Indigenous survivors of residential schools and remembers the children who never returned home. For newcomers to Canada, September 30 is a powerful opportunity to learn about the country’s Indigenous history and understand how reconciliation shapes Canadian society today.
Fast Fact: More than 150,000 Indigenous children attended residential schools across Canada between the 1870s and 1990s (Government of Canada).
Orange Shirt Day began in 2013 as a grassroots movement inspired by Phyllis Webstad, a residential school survivor from British Columbia.
At six years old, Phyllis arrived at her residential school wearing a new orange shirt her grandmother had bought for her. It was taken away, and she never saw it again. The orange shirt now symbolizes the loss of identity, culture, and dignity that Indigenous children experienced.
Every Child Matters — this phrase reminds Canadians that all children deserve safety, love, and respect.
For anyone living in Canada, including newcomers, the National Day for Truth and Reconciliation is an opportunity to reflect, show respect, and learn. It’s a reminder that understanding Indigenous history helps build a more inclusive future for everyone who calls Canada home.
In 2015, Canada’s Truth and Reconciliation Commission (TRC) released 94 Calls to Action to help redress the legacy of residential schools. These actions focus on education, justice, and commemoration.
To honour this commitment, Parliament passed Bill C-5 in 2021, officially recognizing September 30 as a federal statutory holiday.
As of 2025, 6 provinces and territories (British Columbia, Prince Edward Island, New Brunswick, Yukon, Northwest Territories, and Nunavut) officially observe the day as a statutory holiday.
Across Canada, people honour the day in meaningful ways:
Every year, the Peace Tower on Parliament Hill and landmarks across Canada are lit orange in solidarity.
Every year, communities nationwide host events to educate and unite Canadians in reflection and reconciliation.
Not all provinces and territories recognize September 30 as a paid statutory holiday. Here’s the current breakdown (2025):
| PROVINCE/ TERRITORY | STAT HOLIDAY |
|---|---|
| Federal Employees | Yes, applies to federally regulated industries (i.e. banks) |
| British Columbia | Yes |
| Prince Edward Island | Yes |
| Manitoba | Yes |
| Nunavut | Yes |
| Yukon | Yes |
| Northwest Territories | Yes |
| Ontario, Alberta, Quebec, Saskatchewan, Nova Scotia, Newfoundland and Labrador | *No, observed as a commemorative day |
*Even if not a statutory holiday, schools and communities across these provinces host learning events and reflection activities.
Moving to Canada means joining a nation that continues to learn from its past. Participating in reconciliation activities helps build cultural awareness and shows respect for Indigenous communities. Here’s how you can show support and build understanding in simple, respectful ways:
The orange shirt symbolizes the loss of identity and culture experienced by Indigenous children forced into residential schools. It’s a symbol of resilience and hope for healing.
They are closely connected. Orange Shirt Day began in 2013 as a grassroots movement and later inspired the creation of the federal holiday in 2021.
Yes. Everyone in Canada can participate, learn, and reflect on the meaning of reconciliation.
You can visit Reconciliation Information for Newcomers to Canada, explore the Truth and Reconciliation Commission website, or attend community workshops.
September 30 is a time to listen, learn, and remember. For newcomers and long-time Canadians alike, acknowledging this day is a step toward understanding, healing, and unity.