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Plan your move to Canada
TD is ready to guide you through our products and services. We can offer advice about which of our solutions would best suit your needs as a newcomer to Canada. Take a look at our banking products for new Canadians.
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Canadian banking basics
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Prepare for your move
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Why choose TD?
Banking in Canada
Meet Canadian newcomers and hear their stories of how they made Canada their home and why they chose TD.
TD Banking Specialists are ready for you
We're ready with advice and guidance about our products and services. Visit us at any TD branch when you arrive in Canada and we’ll be happy to work with you to recommend which of our solutions would best fit your needs. We look forward to helping you with your financial journey as you settle in your new home.
Common banking terms in Canada
Get to know these types of banking products and services to help you feel confident about your finances:
- Interac e-Transfer®
Once you have a Canadian bank account, the Interac e-Transfer® service lets you send and receive money through email or text message to people in Canada who have a Canadian bank account. - Debit card
A debit card is a card that gives you access to your deposit account and can be used to withdraw money directly from your bank account. You can use this card to pay for any purchases you make at a retailer. - Chequing account
You can use this bank account for your day-to-day transactions. Chequing accounts generally don’t pay interest. - Savings account
This type of account generally pays interest on the money you deposit in it.
- Money order/Bank draft
Money orders and bank drafts are types of cheques that are guaranteed by your bank. This type of payment is used when the person or company being paid wants a guaranteed form of payment or if the payment at hand has a large sum. - Credit card
A credit card is a type of loan that you’re required to apply for. If you’re approved, you’ll receive a credit limit. The limit is different for every individual. When you use your credit card, you must repay at least a minimum amount every month. - Cheque
A cheque lets you take out money from your chequing account if you want to make a payment to a person or company.
Prepare for your move
Here are some things to get ready for your move, as suggested by the Government of Canada:
- Explore newcomer services to help you find a job, a place to live, a school for your kids and register for English classes. The Government of Canada website is a good place to start.
- Consider where you’ll stay when you arrive. You may want to choose a temporary place like a hotel or with a relative first before looking for long-term housing.
- Bring all your important documents to Canada, such as valid passport, immigration visa, birth certificate, and a list including all belongings you’re bringing with you to Canada and their dollar value.
- Prepare your proof of funds if you’re coming to Canada through the Federal Skilled Worker Program or Federal Skilled Trades Program
- Find a school for yourself or your kids. Choose between public schools or private schools.
- Organize your finances and make sure you can access your funds when you arrive in Canada. If you’re bringing more than $10,000 cash or cash equivalent into the country, you must declare it at the border.
- Consider buying private health insurance. You’re eligible for Canada’s public healthcare after living in the country for three months.
- Start your job search if you’re looking for employment. Find out if your qualifications are recognized in Canada and use job search websites to see current opportunities, like working in canada.
- Expand your language skills in English and French, Canada’s two official languages.
- Prepare for all four seasons. It can get very cold or very hot in Canada, so be sure to pack the right clothes.
Visit the Government of Canada’s immigration website for more info.
Immigrating to Canada
The Government of Canada lists many ways to immigrate, including:
- Express Entry
- Family sponsorship
- Provincial nominees
- Caregivers
- Start-up Visa
- Self-employed
For more info about how to immigrate to Canada, visit the Government of Canada website.
Cost of living in Canada
According to the Government of Canada, here are some typical expenses in Canada:
- Housing: As a guideline, it’s recommended that Canadians spend less than 30% of their income on housing. If you’re renting, you’ll have to pay for your first and last month up front.
- Taxes: The taxes you pay depends on your province and income. Canadians pay taxes at the provincial and federal level, taxes on goods and services and property taxes. Taxes go towards paying for important parts of your community.
- Health insurance: Canada has public healthcare, but some things like vision care, dental care, prescription drugs and wheelchairs are not-covered. You may want to buy private health insurance to get more coverage.
- Home and car insurance: If you own a car in Canada, car insurance is mandatory. Home, condo and tenant insurance isn’t mandatory, but helps protect your property.
- Utilities: As a renter, utilities may or may not be included in your rent. Depending on where you live, utilities may include electricity, natural gas, water, cable and/or telecommunications.
- Pay cheque deductions: Most employers take some money from their employee’s pay cheques to pay for income taxes, employment insurance, union dues (if you belong to a union), or pension plans.
- Childcare: Childcare costs and subsidies depend on your province. Depending on your child's age, daycare or afterschool programs can be a good idea.
- Tipping: In Canada, it is common to add tips to your payment for many services. For example, Canadians typically tip for great service from a restaurant server, hair stylist, or taxi driver.
- Communication: Keep in mind Canada’s prices for cell phone plans and internet may be higher than you’ve experienced in other countries where you may have lived.
First steps to moving to Canada
Here are some resources from the Government of Canada to help you plan your move:
Why choose TD?
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Corporate Citizenship at TD
Our Corporate Citizenship Platform, The Ready Commitment, was launched in 2018 with the goal of providing financial support to four main pillars: Vibrant Planet, Connected Communities, Financial Security, and Better Health. Together, we aspire to help open doors to a more inclusive future.