Financial Planning for Newcomers to Canada: Your First 90 Days

Days 1–14: Get the essentials in place

Before anything else, secure the basics that everything else depends on. These are the first moves that make the rest possible.

• Open a Canadian chequing and savings account.
• Apply for a Social Insurance Number (SIN) — required for work and taxes.
• Enroll in provincial health coverage (with the waiting period in mind).
• Get a starter credit product to begin building Canadian credit history.

Days 15–45: Build the credit foundation

Your Canadian credit score starts at zero, and it shapes everything from your first apartment to your first mortgage. A secured credit card or newcomer credit product, used for small recurring expenses and paid in full each month, builds the history that lenders will judge you on. The goal isn't to borrow — it's to establish that you can be trusted to repay. Six months of consistent, small, on-time use transforms a blank file into a usable score.

Days 30–60: Open the tax accounts

Canada's tax-advantaged accounts are among the best in the world — but only if you open them. The TFSA is available immediately to residents and should be one of your first savings homes. The RRSP and FHSA become powerful as your income grows. Understanding how each works — and which to fill first — can save thousands in tax over your first few years. Get the accounts open, even if the contributions are small.

Days 60–90: Plan the bigger picture

With the foundation set, the final stretch is about the future: an emergency fund in Canadian dollars, protection (life and disability insurance, especially if you have family), and a goal framework — first home, education, retirement. Newcomers often arrive with strong income but no safety net; building one deliberately is what turns earning into wealth. We help newcomers build a 90-day plan and a five-year roadmap, so the country you chose becomes the financial life you planned for.