How to file taxes as a Canadian immigrant, international student, and temporary foreign worker.
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.
Book an appointment with an advisor to help you on your new journey.
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 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.
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.
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.
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.
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.
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 Funds can be withdrawn at any time, making it a great option when saving for future goals.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.
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.
There is no better time than now to work on a financial plan to help you build more wealth, plan for the unexpected and help bring you peace of mind.
Everyone makes mistakes. But planning ahead can help you get around the financial mistakes that would affect your new life in Canada.