The Newcomer Money Cheat Sheet

Week 1 — Don't bleed money on FX

• DO: Open Wise before you arrive — converts at interbank rate, ~0.4% fee.
• DON'T: Convert at a big-five bank teller — hidden 1.5–2.5% spread.
• Save: ~$750 on a $50K transfer.

Week 1 — Right bank account combo

• Chequing: Big-five "newcomer package" (RBC/TD/Scotia/BMO/CIBC) — fee waived 6–12 months + newcomer credit card.
• Savings: Wealthsimple Cash or EQ Bank — 3–4% interest vs 0.05% at big-five.

Week 1–2 — Open FHSA + TFSA day one

• FHSA: $8,000/year, $40,000 lifetime. Both tax-deductible AND tax-free. Open it even if you can't fund it — room only accumulates after you open.
• TFSA: $7,000/year (2026). Tax-free growth and withdrawals.
• RRSP: Skip year one — $0 room until you've earned Canadian income.

Week 2 — First credit card

• Apply for newcomer card from your chequing bank (no Canadian credit history required).
• Put 2–3 small recurring charges on it.
• Autopay the full statement balance. Never carry a balance — 22% APR and it doesn't help your score.
• After 6 months → apply for a no-fee cash-back card.

Month 1 — File a tax return even with $0 income

• April 30 deadline for the prior calendar year.
• Establishes TFSA + FHSA + RRSP contribution room.
• Unlocks GST/HST credit (~$519/year, paid quarterly).

Five mistakes to avoid

1. Day-trading inside a TFSA → CRA strips tax-free status.
2. Personal RRSP contribution in year one → $0 room, 1%/mo penalty.
3. US dividend stocks in TFSA → 15% withholding tax. Use RRSP for those.
4. Converting CAD at a big-five teller → 1.5–2.5% lost.
5. Carrying credit card balance → 22% APR, score still doesn't improve.