Join the Scotiabank StartRight® Program designed for Newcomers and get up to $2,200* in value in the first year.

Planning to immigrate? Learn how to transfer money to Canada safely and efficiently, from opening a Canadian bank account to choosing the best method. This guide also covers shipping furniture and valuables, what to declare at customs, and key tips for a smooth move.

What are the common ways to transfer money to Canada?

1. Wire transfer

A wire transfer is one of the easiest ways to transfer your money to Canada. However, you can only do this if you have opened a bank account in Canada. Upon arrival, you can easily access your funds from your Canadian bank account.

Opening a bank account with one of Canada’s “big five” banks is a good idea. They have many branches across Canada to simplify your banking needs. Canada’s “big five” banks are:

  • Bank of Nova Scotia (ScotiaBank)
  • Toronto-Dominion Bank (TD)
  • Canadian Imperial Bank of Commerce (CIBC)
  • Royal Bank of Canada (RBC)
  • Bank of Montreal (BMO).

2. International money order

Another way to transfer your money to Canada is with an international money order. This is a good option if you decide to open a Canadian bank account after you move to Canada. You will need to get an international money order from your bank in your country of origin before moving.  

Upon arrival, you’ll need to open a bank account and deposit the money order into your Canadian bank. Most international money orders have a maximum limit of $1,000 per order. This means that you must buy multiple orders to deposit all your money into a Canadian bank.

A money order is a relatively safe way to travel with money, compared to carrying large amounts of cash. Money orders can also be tracked, providing greater security if lost or stolen.

However, some banks may place a hold on funds for a period before they are available to you. The wait time will vary depending on the bank, so ask your bank when you can access your money.

People walking inside an airport terminal. Signs are directing people to baggage and arrivals halls.
Travelling with a large amount of cash carries the risk of loss and theft.

3. Cash

Cash is another option, though it may not be the safest way to transfer money to Canada. It may be hard to travel with all of your life savings. While you can legally bring cash, you must meet customs requirements. Also, travelling with a large amount carries the risk of loss and theft.

Airport departures, arrivals, and customs signage on a yellow background. You must declare the amount of money you are bringing into Canada at customs.
Declare any amount greater than CAD 10,000 at customs.

Bringing and declaring cash

You must declare the amount of money you carry to the Canadian Border Services Agency (CBSA), and any amount greater than $10,000 in Canadian dollars (CAD). This could be Canadian or foreign currency. This step ensures that you do not transfer illegal money into Canada. 

If you carry more than CAD 10,000 and do not declare it, the CBSA can seize your money. You may have to pay a penalty ranging from CAD 250 to $5,000.

Bringing a large sum of cash is not the best way to transfer your money to Canada. It’s difficult to manage a large amount of cash, and there is a risk of theft or loss.

A red combination lock with several stack of coins. Opening a Canadian bank account before moving is a safe and secure way to transfer money to Canada.
Opening a bank account is a safe and secure way to transfer money to Canada.

Should I open a bank account in Canada before I move?

Opening a Canadian bank account before you move to Canada will make it easier to:

  • Transfer money before you move
  • Show proof of funds when you arrive in Canada
  • Travel without carrying large amounts of cash.

Showing “proof of funds” is particularly important if you are immigrating through Canada’s Express Entry program, or if you are an international student.

Research Canadian banks to understand your banking options and how to choose a bank account.

Some people prefer to open a Canadian bank account upon arrival and speak to someone in person. If this sounds like you, then you can wait until after you arrive to open your bank account. But, it’s possible to open a Canadian bank account before you move, and most newcomers do it.

Arrive in Canada Financially Prepared

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

Transferring your money before you move to Canada

Finding a safe way to transfer your money is vital. Opening a Canadian bank account lets you transfer money securely before you leave your home country. You also won’t have to carry large sums of money when travelling, which increases your safety.

Furniture is wrapped up in plastic for moving. Shipping furniture to Canada is expensive and it may be less expensive to buy it new.
Check the cost to ship furniture to Canada.

Bringing goods to Canada

You can bring almost all your goods and items duty-free. Things such as silverware, pots, pans, and other household items are duty-free. However, any new items with price tags are subject to duty, so keep that in mind. Alcohol and tobacco are also subject to duty if you bring them in large amounts.

Some goods are restricted. These goods include weapons and firearms, fireworks, ammunition, and explosives. You are not allowed to bring any of these goods into Canada. Find out more about restricted and prohibited goods when entering Canada.

Deciding what to bring to Canada

Shipping costs are expensive and based on volume, so avoid bringing more than you need. You may decide that it’s more affordable to buy what you need upon arrival in Canada.

You can always check online to see how much furniture and other items cost and compare them to the cost of shipping. If replacement costs are higher, then shipping is a good idea. You’ll also avoid the stress of shopping upon arrival. Another benefit of shipping your goods is having your familiar belongings from home.

A woman is putting on hand jewellery for her Indian wedding.
Most jewellery and valuables are duty-free when moving to Canada.

Bringing jewellery and valuables to Canada

When you move to Canada, most of the jewellery and valuables you bring are duty-free. This means you will not have to pay any taxes on those items. You may have to pay duty on new items or those that still have price tags.

Generally, you do not have to pay duty on any goods you bring when you move to Canada. However, once you have moved to Canada and are bringing back any valuables from abroad, those goods may be subject to duty. You will also need jewelry appraisal reports from a recognized Canadian jeweller. 

International goods transport. Global transport with a commercial ship, airplane, transport, and cargo truck. Check costs to ship furniture to Canada. It may be better to buy it new upon arrival.
Shipping goods by air versus sea: consider cost and volume.

Shipping goods to Canada

If you have more goods than you can carry with you while travelling, you can ship your belongings before you move to Canada.

Shipping by sea

You can ship goods to Canada by sea and air. Shipping by sea is less expensive than air, but it’s less convenient and slower. You have to ship all your goods well in advance to access them upon arrival. You may not want to do that if you need those goods until you move. Once your goods arrive in Canada, you pick them up from a warehouse. The goods will not be delivered to your house.

Shipping by air

Shipping by air is more expensive, but it’s fast. You will have the comfort of waiting until your move and then shipping the goods to Canada. But just like shipping your goods by sea, you have to pick up your goods at a warehouse or further pay a moving company to deliver the goods to your home in Canada.

Shipping by sea is a good choice if you want to save money or ship a large amount of belongings. However, you’ll have to wait longer for your goods to arrive. Shipping by air might be a better option if you’re shipping a few items to Canada. Carry any essential items with you when you travel so you can access them immediately upon arrival. Ensure you do not exceed the airline’s weight and size restrictions.

10 questions to ask your moving company

  1. 1. How long has your company been in the relocation industry?
  2. 2. Can you provide references?
  3. 3. What licensing and insurance can you provide?
  4. 4. What type of estimates do you require?
  5. 5. How do you charge for moves?
  6. 6. How will you protect my home?
  7. 7. How will you protect my belongings?
  8. 8. Do you have workers’ compensation insurance?
  9. 9. What is your claim process?
  10. 10. When will my shipment arrive?

Storing your goods

You may have to store your goods in a warehouse for pickup. If you have friends or family in the city you’re moving to, consider asking if you can ship your belongings to their home. You can pick up your goods from their home and save storage fees. This may work if you’re shipping a small amount.

Insuring your belongings

When shipping your belongings to Canada, you want them to arrive safely; unfortunately, contents can be damaged during shipping. Consider insurance as part of the shipping costs. Without insurance, you cannot claim damages. If you’re paying to ship items to Canada, they are likely of high value. Insurance will protect their value and give you peace of mind.

To determine a budget for insurance, list what you want to ship and the cost to replace it in Canada.

Tip: Prepare a “goods to follow” list of all personal and household items you plan to bring to Canada. You need to present this to CBSA using forms BSF186 and BSF186A to avoid duties and ensure a smooth entry process.

Summary

Moving to Canada is an exciting new chapter! Preparing financially and logistically will make your move much smoother. Whether you choose to transfer money to Canada through a wire transfer, international money order, or by carrying cash, it’s important to plan and know the rules.

The same goes for shipping your goods. Know what you can bring, decide what to bring, and protect your belongings. With sound planning, you can begin your new life in Canada with confidence and peace of mind.

Moving to Canada requires a solid financial plan. As you prepare, these 10 Canadian financial tips and steps will help you build a strong plan. With these tips in mind, you’ll successfully navigate your financial decisions, reduce stress, and settle in Canada with greater comfort.

10 Canadian Financial Tips to Settle Comfortably

A person is looking at an online rental platform to research rental prices. Researching costs is an important financial step before moving to Canada.
Use online rental platforms to research prices before moving to Canada to build a realistic budget.

1. Research Housing & Living Costs

Research basic costs in the city where you plan to settle before you leave. Find out the average costs for housing, groceries, transportation, utilities, and medical insurance. Ensure you have the finances to cover essential living expenses. You can always curb spending on things like entertainment and clothing. However, housing expenses are less flexible.

Housing costs will be your largest expense; research rental prices in your desired city to build a realistic budget.

While you won’t have precise costs, it’s helpful to estimate your monthly expenses. Websites like Numbeo are valuable resources to compare costs in different cities.

A smiling young woman is inserting money into a pink ceramic piggy bank. A good financial tip is to save more than the minimum amount of settlement funds to reduce financial stress when you arrive.
A good financial tip is to save more than the minimum amount of settlement funds for greater comfort when settling in Canada.

2. Assess Your Financial Health

Assess your current finances, including your savings, debts, and income. Ensure you have enough savings to cover at least six months of living expenses to search for a job upon arrival.

If you’re coming to Canada through Express Entry, you must have “proof of funds” for the minimum settlement funds set by Immigration, Refugees and Citizenship Canada (IRCC). If you plan to study in Canada, you must also show that you have financial resources to support yourself. However, it’s better to have more than the minimum. More money = less stress!

Managing savings will be vital upon your arrival. You may need to find a survival job and reduce unnecessary spending to stretch your savings. 

Arrive in Canada Financially Prepared

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

3. Settle Your Financial Affairs

Pay your debts. Review your insurance policies. Sell your property or arrange to manage it from afar. Cancel monthly services and obtain the necessary proof before moving to Canada.

In the excitement of moving to Canada, it’s easy to overlook details and leave loose ends. Avoid saying “I’ll deal with it later,” because settling financial affairs from a distance will be more costly and stressful.

A computer tablet is resting on a desk and the screen is open to job market research. Ensure your skills and experience match the local labour market demand, and the housing market is within your financial reach.
Research the job market to ensure your skills match the local labour market demand.

Continuing your career in Canada is a key aspect of your move. Research the job market and industry trends in your field. Prepare a Canadian-style resume that highlights relevant skills and experience. Networking and using platforms like LinkedIn can also help your job search efforts.

The key to choosing a city is researching both the labour and housing markets. Ensure there is a demand for your skills and experience in the local labour market, and the housing market is within your financial reach. This Canadian financial tip can help you avoid making a secondary move to a more affordable city. Secondary moves are expensive.

Old notarial wax seal and stamp on official documents.
It’s easier and less expensive to gather official documents while still in your home country.

5. Gather Important Documents

Bring important documents such as professional licenses, education transcripts, and credential evaluation results. If enrolling young children in school, bring their birth certificates, school records, and immunization records.

Other documents include travel health insurance, medical records, driving license, and marriage certificate. It’s easier and less expensive to gather documents while you’re still in your home country.

A woman is wearing headphones and watching an online webinar about job search strategies before moving to Canada.

6. Register for Free Pre-arrival Settlement Services

Settlement services help newcomers adjust to life in Canada and help to remove financial, social, and cultural barriers. They can help you with key job search activities even before you arrive in Canada.

Free settlement services can help you navigate the credential recognition process, the job search process, and connect you to others in your profession.

This Canadian financial tip makes it easier and faster to join the job market upon arrival. The sooner you can continue your career, the faster you’ll reach financial stability.

A person is booking short-term rental accommodation before arriving in Canada. Booking at least six weeks in advance helps to get the best deal.

7. Book Short-Term Accommodation

Search for short-term rental accommodation and book at least six weeks in advance of your arrival date to get the best price. Select a cost-effective and convenient location that allows you to get around the city with ease while searching for a long-term rental.

An android smartphone on top of a world map. A Canadian phone number

8. Get a Canadian and Phone Number

Getting a Canadian phone number and SIM card before you move offers many benefits and allows you to:

  • Access documents at immigration
  • Connect with friends and family the moment you arrive
  • Open a Canadian bank account
  • Avoid high roaming fees
  • Start building your Canadian credit history
  • Contact potential employers.
A stethoscope, a model airplane, passport, and medical health insurance application are placed together on a blue background.  Medical health insurance will cover healthcare emergencies. This Canadian financial tip can help you avoid starting life in Canada with an expensive medical bill.

9. Buy Travel Medical Health Insurance

It’s vital to consider your healthcare needs when moving to Canada. While Canada offers a publicly-funded healthcare system, not all medical services are covered. And, some provincial and territorial health programs may not cover newcomers for the first three months.

To get free healthcare in Canada, you must be a permanent resident. Immigrants waiting to join a provincial healthcare program are vulnerable to high medical costs without Canadian travel medical insurance coverage. Private health insurance covers you while waiting to join a provincial healthcare program.

You can buy private health insurance before travelling to Canada to avoid unexpected medical costs and increase peace of mind.

A couple are reviewing an online banking statement. Opening a Canadian banking account is a great financial tip that allows many benefits and allows you transfer money securely.

10. Open a Canadian Bank Account

Learn about the Canadian banking system to make informed decisions about where to open your accounts. Research banks and their offers, including account fees and international transfer costs. You can even open a bank account before moving to Canada to simplify your move.

Opening a Canadian bank before you move offers many benefits and allows you to:

  • Transfer funds securely
  • Show proof of funds for immigration purposes
  • Manage your day-to-day finances, including receiving your salary.

Canadian Financial Tips Summary

Moving to Canada requires a solid financial plan. These Canadian financial tips and steps will help reduce stress before you move to Canada. The more you prepare, the faster you’ll achieve financial stability to reach your goals in Canada!

A young Asian couple discussing finances and money management while working on a laptop at home. Newcomers must carefully manage money and expenses in their first few months until their finances stabilize.

Whether you have recently immigrated to Canada, or you’re an international student these money management tips will help you build a foundation for financial success. From opening a bank account to filing your first income tax return, discover why these money tips for newcomers are important. Learn how you can carefully manage your money, especially during your first few months in Canada!

Top 10 Money Management Tips for Newcomers

1. Get a Social Insurance Number

Obtaining a Social Insurance Number (SIN) is one of the first money management steps to take when you arrive in Canada. A SIN is vital because it allows you to work in Canada. Your SIN also gives you access to government programs and financial benefits that serve to put money back in your pocket. Ideally, you should apply for your SIN within your first week of arriving in Canada.

Your SIN is confidential and you need to carefully protect it to avoid things like identity theft and financial fraud.

2. Open a Bank Account

Opening a bank account at a local bank will allow you to manage your finances better and avoid significant transfer fees from your accounts back home. Pick a bank close to your home or work for convenience, and, it is a good idea to set up online banking as well.

You can open chequing and savings accounts immediately and walk away with a debit card.

[cjtoolbox name=’Buying A Home As A Newcomer Webinar’]

Types of Bank Accounts to Save for Your Future

3. Get a Credit Card

Credit is an essential part of your financial success in Canada. You will need a good credit history to get a loan or a mortgage, and sometimes to rent a home or obtain a job. With a good credit history, you may be able to obtain lower interest rates on loans for large purchases such as buying a car, or your first home in Canada. Lower interest rates can save you thousands of dollars over the term of the loan.

Getting a credit card in Canada requires either a previous credit history or a deposit that will protect the lender in case you fail to pay your bill. This is also known as a secured credit card. A credit card may also come with incentives such as travel rewards, cash back on purchases, air miles, or a welcome bonus for newcomers. However, you’ll still have to practice good money management habits with a credit card. Things like charging more than 30% of your credit limit can damage your credit score and work against you financially.

Related Post:

4. Apply for Health Insurance

You can apply for provincial health insurance for yourself and your family as soon as you arrive. Application forms are available at immigrant settlement agencies, doctor’s offices, hospitals, and pharmacies. In some provinces such as British Columbia, Quebec, and New Brunswick, you may have to wait up to three months before you can access the provincial health insurance plan. During the waiting period, you may want to purchase private health insurance to protect yourself from unexpected medical expenses. Learn more about insurance for newcomers in Canada.

5. File an Income Tax Return

If you live in Canada for even a short portion of the current tax year, it’s vital to file an income tax return. Doing so will allow you to access benefits that put money back in your pocket. For example, you may be eligible for the Canada Child Benefit, the Goods and Service Tax (GST) benefit, and many other benefits. If you need help filing your first income tax return, settlement agencies can help you get started.

Related Post:

6. Assess Your Monthly Expenses

A vital money management tip, especially during your first few months in Canada, is to assess your monthly expenses and spend wisely. Until you find a full-time job, your finances will be unstable. While exploring your new city, take a tour of the nearby supermarkets to get an idea of prices for basic items. Also, be sure to locate discount supermarkets for cost savings that can help you manage your money.

Compare different cell phone and internet provider plans and special offers. And, be sure you understand any contract requirements before you sign it. Ask the provider to explain unclear details and do not feel pressure to sign the contract until you are ready.

There are several free online budget trackers, such as this money finder calculator to help with money management.

7. Make a Budget to Help with Money Management

No doubt, you researched living costs before you arrived in Canada. But, when in Canada, you’ll know the actual costs of rent, utilities, insurance, and other expenses. A budget that tracks your income and expenses will identify where you are spending your money and give you greater financial control. Your rent is likely to be the largest portion of your monthly budget.

8. Access Low-cost and Free Goods and Services to Manage Your Money

While it is tempting to start your new life with shiny new items, it is not always financially smart. Visit free websites such as Kijiji.ca or Facebook Marketplace for free or low-cost items. Immigrant settlement organizations can direct you to places where you can access furniture donations. In large buildings, renters who move out often place ads to sell their furniture at affordable prices.

Checking out garage sales and yard sales is a national pastime in Canada! This cost-saving money tip can save you money on household items and other goods. Also, library cards are free and allow you to borrow books and save on entertainment. Everywhere you look, you’ll find opportunities to manage your money and reduce costs, you just need to take advantage of them.

9. Shop Wisely with These Money Tips

Get into the habit of shopping wisely! Use coupons, avoid customer traps such as extended warranties, apply for customer loyalty cards at major stores, and resist the lure of special offers on items you don’t need. Explore neighbourhood produce and butcher shops because sometimes they offer lower prices.

10. Shake Off Bad Money Management Habits

A female newcomer is standing in her kitchen and paying a utility bill online. Paying bills on time is a smart way Canada to manage your money and boost your credit score in Canada.
Paying bills on time is a smart way to manage your money and boost your credit score in Canada.

Often, newcomers experience a state of excitement similar to that of tourists on holiday. While it is fine to enjoy your first weeks in Canada, the reality is that you are not on holiday, so avoid spending like you are. A new start in Canada is a great chance to develop good money management habits and get rid of bad ones. Whether it’s sticking to a budget, or paying your bills on time, now’s the time to start fresh and manage your money wisely.

These financial tips will help you manage your money, lower stress, and build a strong financial foundation in Canada.

Newcomers should know about the different types of bank accounts to use all the financial resources available to them. Knowing what each bank account is for will help you to put your money in the right place. Opening a bank account is one of the first things you do upon arrival in Canada. A bank account is a place where you can keep your money safe. And buying a house or using a debit card to pay at a grocery store would not be possible without a bank account. As well, a bank account makes you eligible for a loan such as a mortgage and is a convenient way to store your money.

What is a bank account?

A bank account is an account in which you can deposit and withdraw money. These transactions can be both negative and positive. A positive transaction is when you deposit money in your bank, making your account balance go up. A negative transaction is when you take out money from your bank account, making your account balance go down. These transactions decide what your account balance is, or how much money you have in your bank account.

With your bank account, you can store large amounts of money that you can withdraw at any time. However, not all bank accounts will allow you to withdraw money at any time. There are two main types of bank accounts; a chequing account and a savings account.

Opening a chequing account

Opening a chequing account will probably be the first thing you do in Canada because it is the account you will use for your day-to-day expenses. It allows you to withdraw money at any time, making it a convenient way to pay for expenses such as your grocery bill and withdraw money from an ATM. Opening a chequing account will also get you a debit card. A debit card is a card that can make payments without cash. Almost every store in Canada has a debit card terminal so you will almost always have the option of paying digitally from your chequing account.

One thing to keep in mind is that most chequing accounts have a small monthly service fee as long as the account is running. Most chequing account service fees are usually around the $10 range. However, some chequing accounts have no service fees, called no-fee chequing accounts. 

Some chequing accounts also offer ways to avoid paying monthly service fees. Some ways to avoid service fees are to either maintain a set minimum balance or deposit a certain amount of money into the account each month. The minimum deposit is usually around $5000. This means that if you have more than $5000 in your chequing account, you will be charged no fee that month. A minimum deposit usually ranges from $300 to $500. This means you need to deposit at least the minimum deposit amount in order to avoid paying your chequing account fees.

Opening a savings account

Opening a savings account allows you to save and grow your money. Unlike your chequing account, a savings account earns you interest on the money you save. However, a savings account cannot be used for day-to-day expenses. There is a fixed number of transactions you can do from your savings account each month, and that number is usually three. If you do any more transactions than that, you will have to pay transaction fees which make a savings account inconvenient for daily expenses.

Opening both a savings and a chequing account is a great way to manage your money. Together, they have all the features to meet your financial needs. You can keep the money you need for your daily expenses in your chequing account while keeping any additional money in your savings account. That way, you can pay for your expenses while earning interest on the rest of your money.

Now let’s look into some more specialized types of bank accounts that will help you save for the future.

Arrive in Canada Financially Prepared

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

Types of bank accounts to help you save for the future

Canadian banks have many resources to help you achieve your financial goals. Some of those resources include specialized bank accounts. The types of bank accounts covered in this section will help you achieve your financial goals faster. These accounts are all registered, meaning they are registered with the Canada Revenue Agency (CRA) to provide tax shelters. All the specialized accounts listed below are great saving resources because they can help you save on taxes.

The accounts covered in this section are Registered:

  1. Retirement Savings Plan (RRSP)
  2. Education Savings Plan (RESP)
  3. Disability Savings Plan (RDSP)

Learn about Registered Retirement Savings Plans

Opening an RRSP is a great way to save for your retirement. An RRSP works by delaying when you pay taxes on your income. This can be both to your advantage and disadvantage. The reason this is considered a retirement savings plan is because you will be in a lower income tax bracket at the age of retirement. 

When you deposit money into your RRSP, it will come off your income directly and won’t be considered taxable income. For example, if your income is $50,000 and you decide to put $5000 toward your RRSP, the government will only make you pay income tax on $45,000 of your income.

This doesn’t mean you don’t have to pay taxes on that money in the future. When you withdraw money from your RRSP, that money will be considered as your income, and you will be taxed on it. 

So then what is the point of RRSPs? If it saves you from taxes now, only to make you pay taxes in the future, why open an RRSP account? The answer is simple. You will have to pay more taxes when you are earning compared to when you are retired. When you take out money from your RRSP at retirement, you won’t have to pay as much income tax compared to when you were working.

Learn about Registered Education Savings Plans

As the name suggests, opening an RESP will help you save for your child’s education. Here is how an RESP works.

Every time you deposit money into your RESP, the government of Canada will contribute some money to your RESP as well. This money is called Canada Education Savings Grant, or CESG. A basic CESG is 20% on top of your deposit. However, low-income families might qualify for a 40% CESG.

To put this into perspective let’s look at an example.

Let’s say you deposit $2000 to your RESP this year. With a basic CESG, the government of Canada will contribute an additional 20% of that $2000 to your RESP. 

$2000 x 20% = $400.

After your $2000 deposit, your RESP account balance will be $2000 (your contribution) + $400 (government’s contribution), which is $2400.

Learn about Registered Disability Savings Plans

An RDSP is a savings plan intended to help people with disabilities save for a financially secure future. It works very similarly to an RESP. The government contributes money for every dollar you put in your RDSP. Unlike an RESP, however, RDSPs offer incredible returns, even as much as triple your contribution. The money contributed by the government is called the Canada Disability Savings Grant, or a CDSG. CDSGs will vary from person to person so they can even be as high as 300%!

RDSPs are an amazing way to save for the future and ensure a financially secure future for anyone with a disability. They offer some of the best returns on investments in Canada so if you are eligible for an RDSP, look into getting one.

To learn more about registered accounts in Canada, here is an article on RRSPs, RESPs, and TFSAs that explains each of those in detail, as well as some frequently asked questions.