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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.

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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.

For homeowners in Canada with a mortgage to pay and spare rooms to rent, becoming a homesharing host can help solve financial and personal needs. All homeowners quickly discover that homeownership comes with costly expenses, including the mortgage, insurance, monthly maintenance, and daily living expenses. Despite the costs, homeownership remains the goal of young Canadians and newcomers, even with the high home prices and mortgage rates, according to a recent Scotiabank survey. Renting out that spare room and welcoming housemates as a home share host can help lower your monthly homeownership costs.

Discover the benefits of becoming a homesharing host and how to do it!

A street sign that says "Earn Extra Income" promotes the benefit of becoming a homesharing host in Canada by renting out a spare room
Being a homesharing host in Canada can help you with mortgage costs.

Homesharing Can Reduce Homeownership Expenses

Renting out a spare room can bring Canadian homeowners valuable extra income via home share to help pay their mortgage and bills. Becoming a home share host is a solution that can bring financial relief, whether you’re an empty nester, a struggling young homeowner, or a newcomer to Canada homeowner. It also enables homeowners to make new friends and gain companionship.

The 1.4 million Canadians who got a mortgage in 2020 or 2021 may have seen their median monthly mortgage cost increase by $420, or 30%, upon renewal. Even though the Bank of Canada continues to lower interest rates, many homeowners renewed their mortgages when or just after the rate reached a high of 5% in 2023.

Renting out a spare room can ease that financial pressure. It also provides affordable home-share rental option for newcomers and international students.

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What is Homesharing?

Homesharing hosts rent spare bedrooms to long-term housemates for rent (and possibly help around the house and companionship). While the homesharing concept isn’t new, Prepare for Canada and Sparrow Share have partnered to offer a unique and fulfilling path for Canadian homeowners to become homesharing hosts. 

Sparrow estimates that there are over 12 million empty bedrooms across Canada. 

Homesharing in Canada Made Easy

Canada will welcome 395,000 immigrants in 2025 and 380,000 in 2026. That’s in addition to tens of thousands of international students and temporary foreign workers looking for affordable housing. Rental demand and rent asking prices nationwide remain high for renters.

Homesharing, done right, is a safe, reliable, hassle-free process that benefits both hosts and renters.

A young woman with a backpack receives a key from a homeowner host and moves in as a housemate, renting a spare room.
People under 30 form the majority of housemates in Canada.

Homesharing in Canada Means More Rentals

In Ontario, it’s estimated that more than half of residents, and three-quarters of those over 65, live in houses larger than they need. According to the Canadian Centre for Economic Analysis, that adds up to five million spare bedrooms across Canada’s largest province.

Sparrow Expertly Matches Hosts and Housemates

Oren Singer, the co-founder and CEO of Sparrow, says Canada needs “to do a better job of making it easier and safer for newcomers to find good housing options in Canada.” “There’s a ton of underutilized housing space in the form of spare rooms and basements,” said Singer.

Making Sure Homeowners Get the Right Price

Dave Frattini, Managing Partner of Prepare for Canada and Rentals for Newcomers, says the Prepare for Canada/Sparrow initiative offers a simple, turnkey homesharing service to help homeowner hosts find a pool of compatible housemates.

To ensure accountability, Sparrow verifies every potential renter through background, credit, and income checks. Their matching algorithm finds renters who complement the homeowner’s lifestyle.

Sparrow also ensures that the homeowner’s room rental is the optimal price. They collect and report rent payments to credit bureaus to motivate renters to pay on time.

Housemates can rent a room for as little as two months or up to a year.

We’re on a mission to help newcomers enter the rental market faster and easier by connecting them with homeowners and newcomer allies.

Dave Frattini, Prepare for Canada

Homeowners who want to become homesharing hosts can list their rentals and create a profile for free. A service fee for hosts is only charged once the host has received the first rental payment from the housemate.

The host service fee (a one-time-only charge) ranges from 1/4 – 1 month’s rent, depending on the length of the homesharing contract. There are no service fees for housemates.

TERM LENGTHONE TIME ONLY HOST SERVICE FEE
1 -3 months1/4 month’s rent
4 – 5 months1/2 month’s rent
6 – 9 months3/4 month’s rent
10 – 12 months1 month’s rent

Benefits for Canada Homesharing Hosts:

Becoming a homesharing host offers many benefits, including:

Watch a Canada Homeshare Host Share Her Experience:

Brigitte Sharpe of Toronto decided to become a Sparrow homesharing host after her son moved out.

“I’ve got a second room,” said Sharpe. “It’s very difficult for people to find spaces, so I thought I would give it a shot.”

Sharpe says that she and her housemate of six months bonded and now have a friendship. She believes that they will definitely get together in the future.

A Canadian homeowner sits on the floor with her laptop working on how to pay her mortgage and whether becoming a homesharing host  and renting out a spare room can help her financially.
Renting a spare room can help homeowners with their monthly housing costs.

Becoming a Canada Homesharing Host

Canadian homeowners with a spare bedroom can sign up to be a home-sharing host here.

“We’re on a mission,” says Frattini, “to help newcomers enter the rental market faster and easier by connecting them with homeowners and newcomer allies who can provide safe and affordable housing.”

“We look forward to reaching out to any homeowners across the country who want to contribute to building this innovative housing solution for newcomers.”

And, of course, for homeowner hosts, there are the benefits of “having someone around.”

“I recently spoke with one of our hosts who’s been renting out her spare room to a PhD student from the University of Toronto for about a year now,” said Singer.

Creating a Sense of Community


“She shared that, while the extra income has been helpful, the biggest benefit has been the peace of mind that comes with having someone around.”

Singer said that this reminds him “how homesharing isn’t just about financial stability, it’s about creating a sense of community.”

Canadian homeowners looking for a sense of community and an income stream from renting a spare room can sign up here to be homesharing hosts.

A homeowner shares a laugh with a housemate and friends as they prepare a meal together.
Canadian homesharing hosts say they enjoy having someone around.

Homeshare in Canada Facts

With rising homeownership expenses, becoming a Canada homesharing host may be the boost you need!