Financial Checklist for Moving to Canada

If you’re moving to Canada or have recently arrived, you’ll quickly learn how the Canadian financial system works, how to manage everyday money matters, and what to expect when looking for a place to live. The more you understand about banking, credit, saving and the steps involved in buying a home in Canada, the better prepared you’ll be to make sound financial decisions and settle in comfortably.

How and why you’re moving to Canada

Your financial priorities in Canada will depend largely on why you moved here. Are you coming as a student or as a worker? Each path has different practical steps and timelines when it comes to banking, credit-building and long-term planning.

• International students: If you arrive as a student, start by opening a Canadian savings or chequing account. Once you reach the legal age—either 18 or 19, depending on the province—you can apply for a credit card to begin building your credit history. A good credit score helps when you later apply for loans, rent an apartment or even seek certain jobs. If you plan to work while studying, make sure you understand the rules for working as an international student in Canada.
• Workers and newcomers arriving to work or settle: If you come on a work visa or as a permanent resident, you’ll likely focus on establishing steady income, opening bank accounts, and building credit. You may also want to invest some of your savings. For cautious, low-risk options, consider a high-interest savings account (HISA) or guaranteed investment certificates (GICs). As your income and savings grow, you can explore other investments such as mutual funds or exchange-traded funds (ETFs), possibly with guidance from a financial advisor.

Buying your dream home in Canada

If you decide to put down roots in Canada, buying a home can be an important milestone. Home styles, prices and availability vary greatly across the country, so your choice will depend on family size, lifestyle and budget. Expect higher prices in major cities and sought-after neighbourhoods.

• Detached or single houses: Standalone homes on their own lots. These are usually the most expensive residential type in Canadian markets.
• Semi-detached houses: These homes share a single common wall with another house but sit on separate lots.
• Townhouses or row houses: Attached dwellings in a row, sharing one or more walls with neighbours and often managed by a homeowners’ association or similar arrangement.
• Condominiums (condos): Individual units within a larger building or complex. Owners hold title to their unit and a shared interest in common areas, governed by a condo corporation and board of directors. Condo living often includes monthly fees to cover maintenance and shared services.

Real estate professionals you should know about

The home-buying process in Canada is regulated and typically managed by licensed professionals. Working with trained experts helps protect buyers and makes the transaction smoother. Key professionals include:

• Real estate agents (realtors): A skilled agent does more than show properties. They match homes to your needs and budget, identify potential risks, advise on neighbourhood services and amenities, and negotiate offers on your behalf.
• Mortgage agents and brokers: Licensed to arrange mortgage financing, these professionals search for suitable mortgage products and competitive interest rates based on your income, assets and credit profile. Brokers often have access to multiple lenders; banks can also provide mortgages directly but typically offer only their own products.
• Real estate lawyers or notaries: Legal experts become involved once you’ve agreed to purchase. They handle contracts, title searches, closing paperwork and ensure the legal transfer of ownership—helping to protect you during one of the biggest purchases you’re likely to make.

Costs to expect when buying a home in Canada

Beyond the purchase price, several additional costs come with buying a home. Knowing these in advance helps you budget and avoid surprises.

• Down payment: The portion of the purchase price you pay upfront. Typical minimums range from 5% to 20%, depending on the mortgage and your situation. A larger down payment reduces the mortgage amount and lowers long-term interest costs.
• Land transfer tax: A fee paid when registering property in your name. This tax is calculated as a percentage of the purchase price and varies by province and municipality. Some cities charge both provincial and municipal transfer taxes.
• Home insurance: Required by most lenders, home insurance protects the structure and contents against covered risks like fire or theft. You can add optional coverage for risks such as flooding or high-value items not included under standard policies.
• Mortgage insurance: Two main types exist: life insurance that protects your beneficiaries if you die before paying off the mortgage, and mortgage default insurance (mortgage loan insurance) that protects the lender when a down payment is less than 20%. Default insurance premiums are usually added to the mortgage amount.
• Closing costs: These include legal fees, title insurance, appraisal and inspection costs, and any prepaid property taxes that must be reimbursed. Closing costs are commonly estimated at 1.5% to 4% of the purchase price, though actual amounts vary.
• Ongoing and other expenses: Expect ongoing property taxes, maintenance and repair costs, utilities, and—if applicable—monthly condo or strata fees that fund building maintenance and shared services.

More resources and next steps

Before committing to a purchase, educate yourself about mortgages, down payments, government programs and regional market differences. Accurate information and careful financial planning can save thousands of dollars over time and make homeownership more manageable.

• Every mortgage calculator you will ever need
• 7 smart strategies for first-time home buyers
• Home buyers: How large should your down payment be?
• Home-financing tips for different types of buyers
• The Canadian mortgage stress test, explained
• Where to buy real estate in Canada
• How much you need to afford a home in Toronto and the GTA
• Tips on saving money as a new homeowner

Buying property in Canada is a major financial decision. By gathering accurate information, working with licensed professionals, and planning for upfront and ongoing costs, you can protect your investment and make choices that suit your long-term goals. With careful preparation, you’ll keep more of your hard-earned money to enjoy your new life in Canada.

Read more about moving to Canada

• Earning, saving and spending money in Canada: A guide for newcomers
• Common questions from newcomers about working in Canada
• Best jobs in Canada for immigrants: Industries in demand
• Credit scores and credit reports: What newcomers need to know