Toronto
Banking, transfer, and payment setup basics for newcomers.
You'll find that building credit is crucial in Toronto, and a secured credit card like the Home Trust Visa can help, with a $500 deposit and paid in full monthly. Most newcomers are surprised by the Canadian sales taxes, with Ontario charging a 13% Harmonized Sales Tax (HST) on most goods and services. Watch out for foreign transaction fees on credit cards, but options like the Scotiabank Passport Visa Infinite can help. To navigate payments, you can use Interac e-Transfer to send money between Canadian bank accounts. A common mistake is not understanding the tax implications, with federal income tax rates ranging from 15% to 29% depending on income. Today, you can take the first step by applying for a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP) to start managing your finances in Toronto.
Ranked by contributor trust level and quality score.
Downtown · Experience date Feb 21, 2026
Got a Home Trust Visa secured card with a $500 deposit. Used it for groceries every week and paid in full monthly. After 8 months my credit score was good enough for an unsecured card.
Midtown · Experience date Apr 26, 2026
Canadian federal income tax rates 2024: 15% on first $55,867, 20.5% up to $111,733, 26% up to $154,906, 29% up to $220,000, 33% above. Ontario provincial tax adds 5.05%–13.16%. Combined effective rate for a $100,000 salary: approximately 31–35%. Tax year: January 1 – December 31. Return due: April 30 (or June 15 for self-employed — but any balance owing still due April 30). File at CRA (canada.ca/cra) using NETFILE. TurboTax Canada, Wealthsimple Tax (free), and H&R Block Canada: common filing tools. Non-residents of Canada: different tax rules apply for your first year — get tax advice from an accountant who specialises in newcomer taxation.
Downtown · Experience date Mar 13, 2026
Questrade is Canada's leading low-cost investment broker. Commission: $4.95–$9.95 per equity trade, ETF purchases are free (ETF sales: $4.95 minimum). Account minimum: $1,000. TFSA, RRSP, and margin accounts available. Popular choice for: self-directed index fund investors, US stock buyers. Questrade vs Wealthsimple Trade: Questrade has better tools and supports US dollar accounts (avoiding currency conversion on US stocks). Wealthsimple Trade: zero commission, simpler interface, better for beginners. Both are regulated by IIROC (Investment Industry Regulatory Organization of Canada). Set up a TFSA with either platform and invest in XEQT or VEQT (all-equity diversified ETFs) as a simple long-term investment strategy.
North York · Experience date Feb 16, 2026
SIN (Social Insurance Number) is Canada's equivalent of a Social Security Number — required for: working legally, opening most bank accounts, filing taxes, and applying for government benefits. How to get it: Service Canada offices (walk-in, free) — bring your passport and immigration document (work permit, study permit, or PR card). Process: 15–30 minutes. You receive a SIN card or letter on the same day. Service Canada locations in Toronto: downtown (25 St. Clair Ave E), North York, and Scarborough. Priority: get your SIN within your first week — without it you cannot legally work or access most government programs. It's 9 digits and permanent (if you have PR or citizenship) — keep it confidential.
Scarborough · Experience date Mar 10, 2026
Canadian banks charge monthly fees ($15–30/month for standard accounts) unless you maintain minimum balances or have direct deposit. Ways to avoid fees: TD Student account (free with proof of enrollment), RBC Advantage Student Banking (free), or a 'newcomer' account free promotion period (6–12 months at most major banks). Online banks: Tangerine (ING's Canadian subsidiary — free chequing and savings, no fees, good interest rate), EQ Bank (high-interest savings, no fees). Credit unions (e.g., Alterna Financial, Meridian): often lower fees than big banks. Simplii Financial (CIBC): free chequing with no minimum balance — consistently recommended by Canadian personal finance community.
North York · Experience date Apr 3, 2026
Wise works very well in Canada. Receive a Canadian bank account number (CAD) for free — use it for incoming domestic transfers. Wise CAD to EUR/GBP/USD: excellent rates, 0.5% fee. Revolut: available in Canada but with limited features compared to Europe. Wise is the clear winner for: receiving salary from abroad, sending money home, or managing multi-currency finances. Important: Wise CAD account is NOT a full Canadian bank account — you cannot use it for payroll if your employer requires a Canadian transit/institution number. For payroll: use TD, RBC or another major bank. Use Wise as a supplement for international money movement.
Downtown · Experience date Nov 30, 2025
Five major Canadian banks (Big Five): TD, RBC, BMO, Scotiabank, CIBC. All offer 'newcomer' accounts designed for recent immigrants and expats — typically waiving monthly fees for 6–12 months. TD New to Canada: strong English service, good app, widely branched in Toronto. RBC Newcomer Advantage: similar, excellent international student program. Scotiabank StartRight: targets international students and immigrants, good Spanish-language service. Open with: passport, Canadian address, SIN (Social Insurance Number), and work/study permit (or proof of immigration application). Without SIN: some banks allow opening with just passport and address — TD and RBC are most flexible. Recommendation: TD for most expats — reliable, widespread ATMs, good app.