# Money Help for Newcomers to Canada: Tax, Credit, TFSA > New to Canada? How your first tax return works, benefits to apply for, building credit from zero, and how TFSA and RRSP room starts for new residents. Source: https://trykosh.com/for/newcomers-to-canada Kosh for newcomers to canada # A money plan for your first years in Canada Moving to Canada means a new tax system, no credit history and accounts with names you've never heard. Kosh reads your statements and turns them into a clear first-year plan. ## What gets in the way ### No credit history Your record from another country doesn't carry over. Renting, getting a phone plan or a card all start from scratch. ### A first return that's different Your first Canadian return covers only the part of the year you were resident, and you report world income for that period. Many newcomers don't realise they should file even with little income. ### Benefits you have to ask for The Canada Child Benefit and the Canada Groceries and Essentials Benefit need an application or a return before money flows. ### Money in two countries Accounts and investments abroad, transfers in, and exchange rates that make the full picture hard to read. ### Registered account rules TFSA room doesn't go back to 2009 for you, and RRSP room depends on Canadian earned income. Over-contributing to a TFSA costs 1% a month. ## What Kosh does about it ### Builds a first-year checklist SIN, bank account, credit card, benefits applications and first tax return, in order, with reminders. ### Maps your money in one place Upload Canadian statements, and those from abroad if you like; Kosh shows one picture in Canadian dollars. ### Works out your TFSA and RRSP room From your arrival year and Canadian earnings, so you don't over-contribute. ### Estimates your Canadian tax Federal and provincial tax and payroll deductions for your province, so you know your real take-home. ### Flags foreign reporting Kosh tracks the cost of property you hold outside Canada and warns when Form T1135 may apply after your first year. ## Free tools for newcomers to canada [Free tool**TFSA contribution room calculator**Add up every TFSA limit you've been eligible for since 2009, subtract what you've put in and add back past withdrawals to see the room you have today.](/tools/tfsa-contribution-room-calculator)[Free tool**Take-home pay calculator**Turn a salary or hourly wage into what actually lands in your account each payday, after federal and provincial tax, CPP and EI.](/tools/take-home-pay-calculator)[Free tool**Income tax calculator**Work out your 2026 federal and provincial income tax, CPP and EI, and what you keep, in any province or territory. Add self-employment income, capital gains and RRSP contributions to see how each one changes the bill.](/tools/income-tax-calculator)[Free tool**Emergency fund calculator**Add up your essential monthly costs, choose how many months to cover, and see your target, the gap and how long it'll take to close it.](/tools/emergency-fund-calculator) ## A CFO for newcomers to canada. Upload a statement and Kosh maps your money, estimates your federal and provincial tax and tells you the one thing to fix first. Free to start. [Start free](/signup?via=for-newcomers-to-canada) ## How does your first Canadian tax return work? For the year you become a resident, you report your world income from the date you arrived to December 31, in Canadian dollars. The return is due by April 30 of the following year. File even if your income was low: your return is how the CRA works out benefits like the Canada Groceries and Essentials Benefit, which pays up to $679 for a single person and $890 for a couple, plus $234 per child, for July 2026 to June 2027. Before your first return, you can apply for that benefit with Form RC151, or use Form RC66 to apply for the Canada Child Benefit if you have children. See [how to file taxes in Canada](/learn/how-to-file-taxes-in-canada). ## TFSA and RRSP room for new residents - **TFSA:** room starts the year you're both 18 and resident. If you arrived in 2026 you get the full $7,000 for 2026; years before you arrived don't count. - **RRSP:** room is 18% of the previous year's earned income, so it usually starts the year after your first Canadian paycheque. Your Notice of Assessment shows the number. - **FHSA:** if you're resident, 18 or older and haven't lived in a home you owned in this year or the previous four, you can open one and contribute up to $8,000 a year. ## Foreign property after year one You don't file Form T1135 for the year you first became resident. After that, if the total cost of your specified foreign property is more than $100,000 at any time in a year, you must. For new residents, cost is the market value on the day you became resident. Income from foreign property is always reportable, whatever its size. See the [newcomers' money checklist](/learn/newcomers-to-canada-money-checklist). [Free tool**TFSA contribution room calculator**Add up every TFSA limit you've been eligible for since 2009, subtract what you've put in and add back past withdrawals to see the room you have today.](/tools/tfsa-contribution-room-calculator)[Free tool**Take-home pay calculator**Turn a salary or hourly wage into what actually lands in your account each payday, after federal and provincial tax, CPP and EI.](/tools/take-home-pay-calculator)[Free tool**Income tax calculator**Work out your 2026 federal and provincial income tax, CPP and EI, and what you keep, in any province or territory. Add self-employment income, capital gains and RRSP contributions to see how each one changes the bill.](/tools/income-tax-calculator) ## Frequently asked questions Do newcomers have to file a tax return in Canada? If you became a resident during the year, you file a return covering world income from your arrival date to December 31, due April 30 of the next year. Even with little or no income, filing is how you get benefits such as the Canada Groceries and Essentials Benefit and the Canada Child Benefit. How much TFSA room do I have as a newcomer? TFSA room starts in the year you are both 18 and a resident of Canada. You get that year's full annual limit, but no room for years before you became resident. When can a newcomer contribute to an RRSP? RRSP room is 18% of your previous year's earned income up to the annual limit, so most newcomers have room the year after they start earning in Canada. Check the amount on your Notice of Assessment. How do newcomers build credit in Canada? Your credit history doesn't transfer from another country. Start with a no-fee or secured card, keep the balance low and pay in full on time. Scores run from 300 to 900 and are kept by Equifax and TransUnion. Can Kosh read statements from a bank outside Canada? Kosh reads statements uploaded as PDF, CSV or photo, and is built around Canadian accounts and tax. It covers your Canadian money in detail and can include accounts abroad in your overall picture. ## Sources - [CRA: Newcomers to Canada and the CRA](https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/newcomers-canada-immigrants.html) - [CRA: Completing your return for newcomers](https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/newcomers-canada-immigrants/completing-return-newcomers.html) - [CRA: Canada Groceries and Essentials Benefit](https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-groceries-essentials-benefit.html) - [CRA: Questions and answers about Form T1135](https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html) - [CRA: Calculate your TFSA contribution room](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributing/calculate-room.html) General information for planning, not tax, legal or investment advice. Kosh is an educational financial planning tool by Primedepth Labs. It is not registered with any Canadian securities regulator as an adviser or dealer, does not recommend specific securities, and does not hold your money or execute trades. Tax figures are estimates; confirm with the CRA or a qualified professional before acting. Investing carries risk.