Why this matters for newcomers
The first few months are expensive and unpredictable: deposits, winter clothing, furniture, transit passes. A few simple decisions now (the right bank account, a basic budget, a cheaper way to send money home) protect your savings while you settle in.
Get your Social Insurance Number (SIN)
Your SIN is a 9-digit number you need to work, file taxes, and receive government benefits. Your children need their own SIN too. It's required before the government can add free money to their education savings (Module 4). Keep it private and share it only with your employer, bank, and the government.
Open a bank account that fits a newcomer
Most major banks and credit unions offer newcomer packages. These often include a period of free banking and a credit card you can get without Canadian credit history. They can be genuinely useful, but they are also designed to win you as a long-term customer.
- Ask: “What will I pay each month after the free period ends?”
- Compare at least two banks or credit unions, including online banks with no monthly fees.
- Make sure you can get a credit card as part of the package: it's your first step in Module 3.
Build a simple Canadian budget
You don't need a complicated spreadsheet. Try splitting your take-home pay into three buckets:
| Bucket | What goes here | A starting idea |
|---|---|---|
| Needs | Rent, groceries, transit, phone, utilities, insurance | About half of take-home pay |
| Future | Emergency savings, your children's RESP, other savings | Start with any amount, even $10 a week |
| Living | Everything else: eating out, gifts, money sent home, fun | What's left |
If “Needs” takes more than half at first, that's normal in the early months, especially with high rents. The goal is to have some amount going to the Future bucket every payday, so it becomes a habit.
Sending money home without losing too much
Supporting family back home is important, and the cost adds up fast. Two costs are hiding in every transfer: the fee you can see, and the exchange rate markup you often can't. The rate a bank or service gives you is usually worse than the real market rate.
Newcomer tip
Compare the final amount your family receives, not just the fee. Check two or three providers (your bank, a specialized money transfer service, and a credit union) for the same amount on the same day. Sending a larger amount less often usually costs less than many small transfers.
Your next small step
Pick one. Do it this week.
- Get SINs for everyone in your family, including children.
- Open a bank account and ask what it will cost after the promotion ends.
- Set up an automatic transfer of a small amount each payday into a separate savings account.
Track it on your first-year checklist →
Learn more
Official, free sources. Always check these for the latest amounts before making a decision.
- Apply for a Social Insurance NumberService Canada
- Banking basics and your rightsFinancial Consumer Agency of Canada
- Sending money abroadFinancial Consumer Agency of Canada
- Find free newcomer services near youImmigration, Refugees and Citizenship Canada