Join the Scotiabank StartRight® Program designed for Newcomers‡ and get up to $2,300* in value in the first year.
Whether you’re preparing to move to Canada or have just arrived, managing your personal finances is vital. Creating a realistic budget is one of the most important personal finance strategies for newcomers. A good approach helps you track spending, reduce financial stress, avoid debt, and build a strong financial foundation in Canada.
Moving to Canada comes with many financial surprises—from housing costs to daily expenses. Budgeting helps you:
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.
Even if you haven’t started working yet, a budget improves your confidence and helps you stretch your savings while you settle.
Housing is often the highest expense for newcomers. Canada Mortgage and Housing Corporation (CMHC) defines “affordable” housing as when shelter costs are less than 30% of the household’s before-tax (gross) income.
For example, a family earning $60,000/year should ideally have monthly shelter costs under $1,500.
Calculation:
This definition ensures that households have income left over for other essentials such as food, transportation, and savings, especially important when arriving in a new country.
Before you move, research typical salaries for your profession. Tools like the Canada Job Bank help newcomers explore wage ranges and regional differences so you can budget realistically. Read more: Canada Job Bank | Your Vital Research Tool.
Follow these six practical steps to estimate expenses, prioritize essentials, build credit, and adjust your budget to live comfortably in Canada.
Start by researching typical costs for rent, utilities, groceries, transportation, and insurance. Knowing your expected expenses helps you plan a realistic budget even before you arrive in Canada.
Use these typical monthly cost ranges to prepare your pre-arrival budget:
| EXPENSE | TYPICAL RANGE/MONTH | TIPS FOR NEWCOMERS |
|---|---|---|
| Rent (1-bedroom) | $1,200 – $2,500 | Use trusted websites like Rentals for Newcomers. |
| Utilities (electricity, heating, internet) | $50 – $150 | Confirm what’s included in rent. |
| Mobile phone | $15 – $150 | Buy a SIM card or a temporary plan to connect immediately. |
| Food & groceries | $400 – $800 | Plan meals; cooking at home saves money. |
| Public transit | $70 – $150 | Check city transit pass costs. |
| Insurance (health + renters) | $25 – $200 | Consider short-term private travel medical health insurance. |
| Personal care & entertainment | $50 – $200 | Focus on essentials until settled. |
👉 Tip: Costs vary depending on city and lifestyle. Toronto and Vancouver are job hubs, but have higher housing prices; smaller cities offer more affordable rent.
Once you’re in Canada, keep a record of all of your expenses and update your budget with real numbers. Track your spending to identify where your money goes and adjust your budget:
This step helps you avoid surprises during your first few months in Canada.
Focus first on housing, food, transportation, and insurance. Ensuring you cover these basics will reduce financial stress and keep you within your budget.
Your highest monthly expense. Compare neighbourhoods and consider renting slightly outside the city centre for affordability.
Cooking at home is often more cost-effective than eating out.
Public transit is cost-effective in most cities.
Protect yourself with renters’ insurance and provincial or private health coverage.
👉 If you are a student, worker, or visiting family member, travel medical health insurance is essential until provincial health coverage begins.
Limit discretionary spending (eating out, shopping, entertainment) until your essentials are stable.
Maintain a financial buffer for unexpected expenses. More money = less stress!
Managing a budget responsibly helps you establish and maintain good credit. Timely payments and low debt are crucial for applying for credit cards, loans, or even renting an apartment in Canada.
Your budget keeps you on track so you can:
Read: How to use Your International Credit History in Canada.
Use trusted tools and guides like Rentals for Newcomers, banking guides, and credit-building tips to make budgeting easier and more effective:
💡 Pre-arrival tip: Open a Canadian bank account before you arrive if possible. Some banks allow online account setup for newcomers.
Costs and needs change as you settle in. Your budget will evolve as your life in Canada changes. Review it monthly to:
Most newcomers spend between $2,000 and $4,000 per month depending on the city, housing choices, and lifestyle. Rent is often the highest cost. Read more: How Much Money Will I Need to Move to Canada?
Include rent, utilities, groceries, transit, phone plans, health insurance, and settlement costs like deposits, winter clothing, and short-term accommodation.
Canada can feel expensive, especially in Toronto or Vancouver. Planning a budget early helps you manage costs and avoid financial stress.
Use public transit, cook at home, choose budget-friendly phone plans, and compare rentals using trusted platforms like Rentals for Newcomers.
A budget helps you manage settlement costs, avoid debt, build credit, and prepare for long-term goals like buying a home or continuing your education.
Whether you’re planning your move or have just arrived, creating a budget is essential for financial stability in Canada. With the right planning and tools, you can establish a solid financial foundation and experience a seamless transition to life in Canada.
Looking for the best Christmas festivals and markets in Canada? This guide highlights top holiday events newcomers love, featuring free activities, family-friendly markets, dazzling lights, and winter traditions across the country. Discover what to expect, how to stay warm, transit tips, and the most popular Christmas events by province.
Canada’s Christmas festivals are more than lights and markets; they’re a great way to:
While shopping during the holiday, stay on budget with tips from Black Friday in Canada 2025: A Newcomer’s Guide to Saving Money.
For newcomers, purchasing quality winter clothing is essential to enjoying the Christmas festivals comfortably. Read more: 4 Items for Your First Winter Season in Canada.
Dates: Nov 29, 2025 – Jan 7, 2026
Why newcomers love it: Free outdoor skating, Christmas lights, live music
Tip: Take the TTC; free skate rentals on select evenings
Location: Nathan Phillips Square
Entry Fee: Free admission
Dates: Nov 13, 2025 – Jan 4, 2026
Why newcomers love it: Canada’s most famous Christmas market, 70,000+ lights
Tip: Parking is limited—public transit recommended
Location: Distillery District
Entry Fee: Paid during peak times. General Admission: $15 + HST. Express Entry (skip line): $30 + HST. Kids 9 and under enter free.
Free Entry during select off-peak times (often weekdays before 4 pm)
Dates: Dec 4 – 7, 2025
Why newcomers love it: European-style market with German treats and handmade crafts
Location: Kitchener City Hall (200 King Street West)
Entry Fee: Free
Dates: Nov 21 – Dec 31, 2025 (weekends)
Why newcomers love it: Outdoor fires, festive shopping, and local vendors. Great for newcomers wanting free activities and family-friendly events.
Location: Lansdowne Park
Entry Fee: Free
New to Ottawa? Read more about Best Ottawa Neighbourhoods for Renting: A Guide for Newcomers.
Dates: Nov 20 – Dec 23, 2025
Why newcomers love it: Free entry, German-style Christmas with music, food, and lights
Location: Throughout Old Québec (Place d’Youville to Hôtel-de-Ville area)
Entry Fee: Free admission.
Dates: Nov 21, 2025 – Jan 4, 2026
Why newcomers love it: Multicultural outdoor market, local artisans, food trucks, kids’ activities. Perfect for newcomers who want a European-style Christmas market.
Tip: Accessible via STM metro
Location: Montréal’s Quartier des Spectacles
Entry Fee: Free
Dates: Nov 21 – Dec 14, 2025
Why newcomers love it: Waterfront light installations, markets, concerts
Location: Downtown Halifax
Entry Fee: Free (light trail + market)
Dates: Early–Mid Dec 2025
Why newcomers love it: Traditional Newfoundland festival with parades, music, and costumes.
Entry Fee: Free
Dates: Nov 28, 2025 – Jan 3, 2026
Why newcomers love it: An affordable 2.5 km drive-through light display; perfect for families.
Location: Red River Exhibition Park
Entry Fee: $30 for a personal vehicle (1 – 7 people) for one “loop” of the light route
Dates: Nov 14, 2025 – Jan 4, 2026
Why newcomers love it: Millions of lights, themed displays, family-friendly activities
Location: Wilder Institute / Calgary Zoo
Entry Fee: $21 – $29
If you’re thinking about moving to Calgary, read more: Best Calgary Neighbourhoods for Newcomers
Dates: Multiple weekends, Nov 20 – Dec 14, 2025
Why newcomers love it: Artisan market with mountain scenery, crafts, food, and live music
Location: 327 Railway Avenue
Entry Fee: $12-$15; children 2 & under: free; 3-10: $5 donation.
Dates: Nov 21, 2025 – Jan 18, 2026
Why newcomers love it: Suspension bridge lights, treetop walkways, and a stunning rainforest light show – a must-see for first-time visitors
Tip: Weekdays are less crowded
Location: Capilano Suspension Bridge Park
Entry Fee: $23 – $67 (varies by age and date)
Food & Drinks: Hot chocolate, mulled wine, gingerbread, poutine, maple treats
Shopping: Gifts, ornaments, handmade crafts, winter clothing
Payment: Most vendors accept credit/debit; cash can help
Facilities: Portable toilets or washrooms; indoor markets have full facilities
Transportation: Transit is often easier than driving
Crowds: Weekends can be busy—arrive early or visit on weekday evenings for a more comfortable experience.
Many markets are free; some attractions require tickets.
No. Most festivals are secular and open to all cultures and religions.
Warm boots, gloves, a hat, and layered clothing. Temperatures can be cold.
Yes. Many have child-focused activities, warm drinks, and entertainment.
Yes. Major markets in large cities like Toronto, Vancouver, Ottawa, and Montréal are accessible via transit.
For many newcomers, Christmas markets help create a sense of belonging during their first winter in Canada. Whether you celebrate Christmas or want to enjoy the festive atmosphere, these markets are an enjoyable way to meet people, learn about local culture, and start feeling at home.
Attending a Christmas market in Canada is a warm and welcoming way for newcomers to feel more connected to their new community.
Black Friday in Canada 2025 is one of the biggest shopping events of the year. If you’re new to the country, this is a great time to learn how Canadian sales work and how to avoid overspending during the holiday season. Below is your complete guide to what Black Friday means in Canada. We’ll cover everything from when it occurs to how to budget and shop smart.
As a newcomer, this major sale event can help you get significant savings on:
These savings can help you manage the many new expenses you face while settling in Canada.
Many newcomers report significant financial stress in their first year in Canada, especially related to household expenses like furnishings, utilities, and food. Source: Securian Canada survey.
Tip for renters: If you’re still setting up your first apartment, Black Friday is one of the best times to buy essentials affordably. For more housing guidance, read Can Newcomers Rent-to-Own a Home in Canada?
Black Friday marks the unofficial start of the holiday shopping season. Retailers across Canada offer major discounts of 20% and 60% off electronics, clothing, home goods, and more.
Many Canadian retailers offer deals up to one week before Black Friday. Cyber Monday deals often extend into a full “Cyber Week.”
Holiday shopping is exciting, but budgeting is vital to ensure you can cover everyday expenses such as rent, utilities, groceries, and transportation.
This helps you avoid surprise credit card bills in January.
If you’re building your holiday budget, you may find it useful to review our guide on cost-saving ideas for newcomers. You’ll discover 22 practical ways to reduce day-to-day expenses.
Canadians with a budget save an average of $300 more than those who shop without a plan during Black Friday (Canadian Bankers Association, 2023).
Retailers use “loss leaders”, deeply discounted items, to attract shoppers. Once inside, it’s easy to buy extra items at full price.
Tip: Only buy items on your list to avoid overspending.
Retailers often promote extended warranties on electronics. Before buying:
Many stores offer an extra discount if you sign up for their credit card. But, store cards often carry high interest rates of 20% to 30%.
For newcomers who are building Canadian credit history, this matters because:
According to Credit Cards Canada:
“There are better ways to build a positive credit history than a retail card.”
Advice: Only sign up for a retail credit card if you can pay your balance in full each month.
Want to know more about building credit? Read Building Credit History in Canada as a Newcomer.
Most major Canadian retailers offer price-matching policies, which may include:
Tip: Keep receipts and read the fine print; some deals may be excluded.
Tools like Google Shopping, PriceBat.ca (electronics), and Shopbot.ca let you compare prices across retailers. Many stores also have apps with early alerts, online-only deals, and wishlists.
Loyalty programs are popular in Canada and can help you save even more.
Rewards can include:
Popular programs: Scene+, PC Optimum, Triangle Rewards, and Amazon.ca Rewards.
Over 60% of Canadians participate in at least one loyalty program, boosting their holiday savings.
While early sales start days before, the biggest discounts typically appear:
If you enjoy in-person holiday experiences, Canada’s Christmas markets are a great way to explore local culture after Black Friday sales. Check out some of the Best Christmas Markets in Canada.
Black Friday offers the largest discounts in physical and online stores, especially for electronics and winter essentials. Cyber Monday mainly offers online deals, often continuing Black Friday promotions.
Yes, if you follow a budget and shop strategically. It’s a chance to save on items you need while settling into Canada.
Many do, but check each retailer’s policy. Limited-time deals may be excluded.
Absolutely. Many stores accept debit cards, prepaid cards, or digital wallets like Apple Pay and Google Pay.
If you’re thinking about getting a Canadian credit card, read our newcomer-friendly guide How to Get a Credit Card in Canada and Avoid Common Mistakes.
Average spending per person is around $250–$300 during Black Friday and Cyber Monday combined.
Black Friday in 2025 is a great opportunity to save money while settling into life in Canada. With a clear budget, price comparison, and smart decision-making, newcomers can take advantage of this major sale event without financial stress.
🏠 Still getting established in Canada? Explore our housing resources, to make settling in easier.
Starting fresh in a new country often comes with learning curves, including understanding Canada’s credit system. Even with excellent credit in your home country, Canadian lenders usually don’t have access to it. This can make getting a credit card, qualifying for a loan, or renting an apartment a little more challenging.
The good news is that with Nova Credit and Scotiabank, newcomers can now access their international credit history in Canada, helping to give them an easier and faster path to building financial stability.
International credit history is your record of how you’ve borrowed and repaid money in your home country.
Because Canadian lenders can’t automatically access this information, many newcomers must build a new credit history from scratch. Nova Credit’s Credit Passport® helps bridge that gap by allowing newcomers from eligible countries to share their international credit profile with participating Canadian banks.
A good credit history in Canada can help you:
Without a Canadian credit history, many newcomers face limited options. That’s why being able to use your international credit history in Canada is such an exciting breakthrough!
Yes. Through Nova Credit, newcomers from select countries can use their international credit history to receive higher limits on a new or existing Scotiabank credit card.
In addition to Nova Credit, Scotiabank offers the StartRight™ Program, tailored for newcomers with benefits like:
Scotiabank is the first bank in Canada to integrate Nova Credit into its digital credit card application process for permanent residents and foreign workers.
This means newcomers can:
➡️ Solution: This process gives you a financial head start and avoids the “no credit history” problem most newcomers face.
Yes. Nova Credit allows newcomers from select countries to share their international credit history with Canadian banks. This helps banks evaluate your credit profile when you apply for credit products.
While some Canadian banks can review international credit history through in-branch applications, Scotiabank is the first to integrate Nova Credit into its digital onboarding process. This means permanent residents and foreign workers can use their international credit history online, making it faster and more convenient to apply for a higher limit as part of their credit card application with Scotiabank.
No. Your international credit history can help you qualify for a higher credit limit, but you still need to build a Canadian credit score over time. Read more about how to get a credit card in Canada and avoid common mistakes.
No. It’s included as part of Scotiabank’s newcomer digital onboarding and credit card experience.
Being able to use your international credit history in Canada is a game-changer for newcomers. Instead of starting from zero, you can qualify for higher credit limits and build your Canadian credit score with confidence.
This article is provided for information purposes only. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific financial, investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
‡ Scotiabank StartRight® Program is available only for Canadian Permanent Residents from 0-5 years in Canada, International Students and Foreign Workers.
1To 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 with 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 client. All rates, fees, features and benefits are subject to change. Offer may be changed, cancelled, or extended at any time without notice.
2For clients onboarded as part of the Scotiabank StartRight® Program we do not charge a service fee for the transfer, however, foreign currency exchange rates apply. A transfer needs to be made from an eligible Scotiabank Chequing or Savings account. Subject to daily limits and additional terms and conditions as set out in the Scotiabank International Money Transfer Agreement found at https://www.scotiabank.com/international-money-transfer.
Winter driving in Canada can be challenging, especially if you’ve never driven in snow or icy conditions before. Temperatures can drop below freezing, visibility can disappear in seconds, and storms can make roads slippery and unpredictable.
This guide explains how to stay safe on Canadian winter roads, offers actionable tips, newcomer-friendly advice, and safety information.
If you’re new to driving in Canada, our Driving Test Guide explains the process for newcomers, incluing tests, documents, and provincial requirements.
Winter conditions are much harsher than many newcomers expect. Preparing your vehicle is the first, and most important, step to staying safe.
Pro tip: The Canadian Automobile Association, recommends switching to winter tires as soon as the temperature is consistently below 7°C. Most Canadian auto shops can install winter tires or offer tire changing services.
Cold temperatures thicken fluids, drain batteries, lower tire pressure, and reduce visibility. Doing a winter safety check ensures your car performs reliably in freezing weather.
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 GUIDEWinter tires are one of the most effective ways to reduce accidents in snow and icy conditions.
The Canadian Automobile Association (CAA) recommends installing winter tires once temperatures consistently drop below 7°C.
Most provinces do not legally require winter tires, but they are strongly recommended everywhere and mandatory in Quebec from December 1 to March 15.
Winter tires use a softer rubber compound that stays flexible in cold temperatures, helping them:
You’ll feel the biggest improvement when braking, accelerating, turning, or driving through slush.
Even a short drive can become dangerous if you get stuck, lose visibility, or slide off the road. Every newcomer should keep a winter safety kit inside their vehicle.
First aid kit
Blanket
Water and non-perishable food such as granola bars, dried foods, and juice
Flashlight
Cell phone and charger
Ice scraper and snow brush.
Canadian weather changes quickly. A clear sky can turn into a whiteout within an hour.
Check road conditions before leaving using:
If there is heavy snowfall, blowing snow, or freezing rain, consider delaying your trip. Reduced visibility and icy roads make it harder for vehicles to brake or stay in their lanes.
Understanding Canadian road signs, speed limits, and local driving etiquette can make winter driving safer. Review our 10 Essential Driving Facts for Canada
Driving with snow on your car is dangerous—and in some provinces, illegal.
Snow left on your roof can slide onto your windshield or blow onto other vehicles. Ice on your windows reduces visibility and reaction time.
Clear:
Plan an extra 5–10 minutes to remove snow before you leave.
Slowing down is the most important winter driving habit.
On snowy or icy roads, your stopping distance can double or even triple. Reducing your speed gives you more time to react.
Snowplows drive slowly and create clouds of snow that limit visibility.
In Ontario and several provinces, it is illegal to pass a snowplow working side-by-side.
Following too closely is one of the most common causes of winter collisions.
Pick a fixed object ahead—like a sign or tree—and count the seconds until your car reaches it. If you count fewer than 8 seconds, increase your distance.
Ice reduces traction, making it harder for your tires to grip the road. Even with Anti-lock Braking System (ABS) brakes, stopping too quickly can cause your car to slide.
Black ice is one of the most dangerous winter hazards because it is almost invisible.
Black ice often looks like a shiny, wet patch on the road. It commonly forms on:
If you hit black ice:
Do not brake suddenly
Keep your steering wheel straight
Ease off the gas pedal
Allow the car to slow down naturally
Use gentle steering to regain control.
They are required in Quebec and on some highways in British Columbia. Other provinces strongly recommend them.
Anything below 0°C increases the risk of ice. Freezing rain is particularly dangerous.
Modern vehicles typically need 30 seconds to 2 minutes to warm engine components.
The battery may be frozen or drained. Use a booster pack, ask for a jump-start, or call roadside assistance.
Stay home when there are:
Give yourself extra time, avoid rushing, and plan your route. With practice, winter driving becomes manageable—and even routine. Winter tires are one of the most effective ways to reduce accidents in snow and icy conditions.
New to Canada? Download our free Rental Application Guide to learn how to apply for your first home with confidence.
If you’re working in the U.S. on an H1-B visa, you may wonder whether you can move to Canada. While your H-1B visa itself doesn’t directly transfer, your U.S. work experience can strengthen your application for Canadian permanent residence under skilled immigration programs. Here’s how it works, the main pathways available, and why many H-1B professionals are choosing Canada.
Canada rewards skilled professionals with in-demand experience and education, making H-1B holders strong candidates for programs like Express Entry and Provincial Nominee Programs (PNPs).
Many H-1B workers are drawn to Canada because it offers:
Recent trends make Canada even more appealing. U.S. tech companies, after pandemic hiring surges, are now laying off employees, creating visa uncertainty. Adding to this, the U.S. government introduced a $100,000 USD fee for employers filing H-1B applications in 2025, making it more expensive to hire foreign workers.
These changes have prompted many skilled professionals to explore more stable opportunities in Canada.
Canada prioritizes candidates with:
Your H-1B experience is valuable, especially if your occupation aligns with Canada’s National Occupation Classification (NOC) system.
The H-1B visa is a non-immigrant U.S. work visa for skilled professionals in specialty occupations, including:
These fields align well with Canada’s NOC system and are in high demand:
| SPECIALIZED FIELDS | EXAMPLES |
|---|---|
| Technology & IT | Software development, data science, AI, cybersecurity, cloud computing |
| Engineering | Physicians, researchers, biomedical scientists, and pharmacists |
| Healthcare & Life Sciences | Physicians, researchers, biomedical scientists, and pharmacy |
| Finance & Business | Accountant, financial analysts, consultants, business systems analysts |
| Architecture & Design | Architects, urban planners |
| Other STEM Fields | Mathematics, statistics, physical sciences, R&D in advanced tech |
Your U.S. H-1B experience can help you qualify for Canadian immigration, but understanding the career pathways available in Canada can help you target the right roles and provinces. High-demand fields include:
Learn more in our Career Pathways section to see specific opportunities by occupation.
Want to learn more about the Express Entry system, how CRS points work, and eligibility requirements? Read our detailed guide here: What is Express Entry?
Tip: Use Canada’s CRS calculator to estimate your score based on age, education, and H-1B work history.
Match your current job title and duties with Canada’s NOC.
You need at least one year of skilled work experience (NOC 0, A, or B).
Consider improving English/French test results or completing an Education Credential Assessment (ECA). Learn more in our guide: What is Credential Recognition?
Target provinces with tech or engineering streams, such as Ontario, British Columbia, and Alberta.
Plan your transition timeline carefully while applying to Canada.
Our Canadian Pre-Arrival Checklist Guide helps you prepare for life 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 GUIDEYes. You can apply for Express Entry or a PNP while living and working in the U.S., if you meet eligibility requirements.
Yes. Skilled U.S. work experience can add valuable CRS points.
No. Continue your current employment until you receive PR approval.
Yes, some move first on a Canadian work permit through an employer transfer or the Global Talent Stream, then apply for permanent residence later.
Yes. Canada offers multiple pathways for skilled workers, families, and temporary workers. See: PR Process in Canada: Common Ways to Immigrate.
If you’re working in a skilled role in the U.S., you can use your H-1B background to strengthen your Express Entry or PNP profile, opening the door to permanent residence in Canada.
Canada welcomes skilled professionals, and your H-1B experience gives you a strong advantage on the path to continuing your career in Canada.
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!