Start your life in Canada

Moving to a new country takes a lot of planning and hard work. We can help.

This step-by-step guide to building your new life in Canada will help you break down your big move into small actionable steps, which you can start taking before you arrive in Canada. 

Your Guide to Financial Planning

Terms you should know

Here’s a cheat sheet to help you understand some of the terms we use in Canadian banking.

Chequing account

Chequing accounts are good for everyday banking transactions. You can use them to pay for purchases, withdraw cash, pay bills and send money. They typically offer little or no interest, but many also let you make an unlimited number of transactions. 

View our chequing account options

Savings account

Saving accounts are good for building savings. They typically have a limit on the number of free transactions you can make each month, but they also offer higher interest rates than chequing accounts. 

View our savings account interest rates

High-interest Savings Account (HISA)

A HISA is a type of bank account that pays higher interest rates on the money you deposit. Your funds are safe, secure and you can withdraw money at any time. 

Learn more about Scotiabank HISAs

Registered Retirement Savings Plans (RRSP)

A RRSP lets you save money for your retirement while reducing your taxes. When you invest money in an RRSP you can then deduct that same amount from your taxable income for that year. You’ll need to wait until after you’ve filed your first year of taxes in Canada to open an RRSP. 

Learn more about RRSPs

 

Rewards

Rewards are incentives you get when you use your debit or credit cards to pay for purchases. In Canada, rewards can come in a variety of formats like points, miles, or cash back. Whatever the format, all reward types will give you some sort of benefit for using your card. 

Explore Scotiabank credit cards and rewards

Tax-Free Savings Account (TFSA)

A TFSA lets you save a set amount of funds each year without incurring any taxes. Funds can be withdrawn at any time, making it a great option when saving for future goals. You can start contributing to a TFSA as soon as you arrive in Canada. 

Learn more about TFSAs

Frequently asked questions

Ready to get started?

Now that you know the basics, you’re all set to meet with a Scotia advisor.

For your personalized financial plan, find an advisor and book a meeting at a branch near you.

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