# Newcomers to Canada: Money and Tax Checklist (2026) > A money checklist for newcomers to Canada: SIN, bank account, building credit, filing your first tax return, benefits, and when TFSA and RRSP room starts. Source: https://trykosh.com/learn/newcomers-to-canada-money-checklist Guide - Getting started # The newcomer's money checklist for Canada Your first year in Canada sets up your credit history, your benefits and your tax-free savings room. Most of it is free and straightforward if you do it in the right order. Here's the checklist. Updated October 31, 20264 min readBy the Kosh team On this page[1\. Get your Social Insurance Number (SIN)](#sin)[2\. Open a bank account](#bank)[3\. Start building Canadian credit](#credit)[4\. Apply for benefits you may qualify for](#benefits)[5\. File your first tax return](#taxes)[6\. Understand your TFSA room](#tfsa)[7\. Know when RRSP room starts](#rrsp)[8\. Plan for a home early](#home)[9\. Think about foreign assets and accounts](#foreign)[FAQs](#faq) ## 1\. Get your Social Insurance Number (SIN) A SIN is the nine-digit number you need to work in Canada, file taxes and get government benefits. Apply through Service Canada. Keep it confidential: give it to your employer, your bank for interest-earning accounts, and the government, but not to landlords or anyone who doesn't need it by law. If you can't get a SIN, the CRA may be able to issue a temporary tax number (TTN) for taxes and benefits. ## 2\. Open a bank account Most banks and credit unions have newcomer packages, often with reduced fees for the first year. Compare monthly fees after the promotion ends, and ask about low-cost accounts. Set up direct deposit for your pay and online banking access to your statements. ## 3\. Start building Canadian credit Your credit history from another country usually doesn't carry over, so you start fresh. Credit matters for renting, phone plans, car loans and, eventually, a mortgage. Start with a basic or secured credit card, use it for small regular purchases, and pay the full balance on time every month. More in [credit scores in Canada](/learn/credit-score-canada). ## 4\. Apply for benefits you may qualify for You don't have to wait for your first tax return to apply. The CRA says eligible newcomers can apply for the Canada Groceries and Essentials Benefit (CGEB, formerly the GST/HST credit) as soon as they arrive, and families with children can use **Form RC66** to apply for the Canada child benefit (CCB), which also covers the CGEB. For July 2026 to June 2027, the CCB pays up to $8,157 a year per child under 6 and $6,883 per child aged 6 to 17, reduced at higher family incomes. ## 5\. File your first tax return You file for the year you became a resident, by April 30 of the following year (for example, arrived in 2026, file by April 30, 2027). On it you report your date of entry and your **world income after** you became a resident. The CRA also asks for income earned outside Canada for up to two years before you became a resident, to calculate your benefits. File every year even if you had no income, because benefits are based on your return. See [how to file taxes in Canada](/learn/how-to-file-taxes-in-canada). ## 6\. Understand your TFSA room If you're 18 or older, TFSA room starts to accumulate **in the year you become a resident**: you get that year's full limit ($7,000 for 2026), but **no room for years before you arrived**. Someone who arrived in 2024 has 2024, 2025 and 2026 limits only. Contributing based on the $109,000 figure you see quoted for people eligible since 2009 creates an over-contribution taxed at 1% a month. The [TFSA guide](/learn/tfsa-explained) has the details. ## 7\. Know when RRSP room starts RRSP room is 18% of the previous year's **Canadian earned income**, up to the yearly maximum ($33,810 for 2026). In your first year you usually have no RRSP room, because you had no Canadian earned income the year before. After your first return, your notice of assessment shows your room. See [RRSP explained](/learn/rrsp-explained). ## 8\. Plan for a home early If buying a home is a goal, look at the First Home Savings Account: if you're a resident, at least 18 and haven't lived in a home you or your spouse owned in the current year or previous four, you may qualify. Contributions are deductible and qualifying withdrawals for a first home are tax-free. See [FHSA explained](/learn/fhsa-explained) and [how mortgages work](/learn/how-mortgages-work-in-canada). ## 9\. Think about foreign assets and accounts Once resident, you're taxed on world income, including interest, dividends and rent from accounts and property back home. If the total cost of your specified foreign property is more than $100,000 at any time in the year, you generally need to file Form T1135. This can be complex, especially for property abroad and pensions, so this is a good time to get professional tax advice. [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**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) **Where Kosh fits** Kosh is built for people setting up their money in Canada: it reads your Canadian bank and card statements, tracks your spending in dollars, and works out your TFSA, RRSP and FHSA room from your arrival date so you don't over-contribute. It never asks for bank logins. ## Frequently asked questions Do newcomers get TFSA contribution room? Yes, if you're 18 or older, room starts to accumulate in the year you become a resident of Canada. You get that full year's limit but no room for years before you arrived. Can I contribute to an RRSP in my first year in Canada? Usually not, because RRSP room is based on the previous year's Canadian earned income. Your room builds after you earn income in Canada and file a return. Do I need to file a tax return if I just arrived in Canada? Yes, file a return for the year you became a resident, by April 30 of the following year. File every year after that, even with no income, to keep receiving benefits. Can newcomers get the Canada child benefit? Yes, if you meet the eligibility rules. Families can apply with Form RC66, which also applies for the Canada Groceries and Essentials Benefit, without waiting for their first tax return. Does my credit history transfer to Canada? Generally not. Most newcomers start building a Canadian credit history from scratch, often with a basic or secured credit card paid in full each month. ## Sources - [CRA: Newcomers to Canada (immigrants)](https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/newcomers-canada-immigrants.html) - [Service Canada: Social Insurance Number](https://www.canada.ca/en/employment-social-development/services/sin.html) - [CRA: Before you contribute to a TFSA](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributing/before.html) - [CRA: How contributions affect your RRSP deduction limit](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contributing-a-rrsp-prpp/contributions-affect-your-rrsp-prpp-deduction-limit.html) - [CRA: How we calculate your CCB](https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-we-calculate-your-ccb.html) - [CRA: Canada Groceries and Essentials Benefit](https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-groceries-essentials-benefit.html) - [CRA: Form T1135 foreign income verification](https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html) Written by the Kosh team and checked against the rules in force on October 31, 2026. This guide is general information, 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. ## Upload your statement and Kosh does this for you. Kosh reads your bank, card and investment statements, estimates your federal and provincial tax and turns guides like this one into your own numbers and next steps. [Start free](/signup?via=learn-newcomers-to-canada-money-checklist)