Your First 90 Days in Canada: A Financial Checklist for Newcomers
Looking back at my own first three months in Canada, I did things in almost the wrong order — I opened a savings account before I even had my SIN sorted, and I didn’t find out about a huge chunk of government benefits until nearly a year in. If I could hand my past self one document, it would be this checklist.
This is the order I’d actually do things in now, broken into three phases, with links to the full guide for each step.
Phase 1: Week One
| Task | Why It Comes First |
|---|---|
| Apply for your SIN at Service Canada | Nothing else on this list works without it — not a bank account, not a credit card, not a benefit application |
| Open a Canadian chequing account | Needed to receive a paycheque, pay rent, and eventually get benefit deposits |
👉 Full guide: Best Bank Accounts for Newcomers to Canada
🔗 You might also like:
📌 Building Credit from Zero 📌 Filing Your First Tax Return 🔗 IRCC: Money & Taxes
Phase 2: Weeks Two Through Four
| Task | Full Guide |
|---|---|
| Apply for a newcomer credit card and start building your Canadian credit history | Building Credit in Canada as a Newcomer |
| Apply for benefit payments early — don’t wait for tax season | GST/HST Credit → Canada Groceries and Essentials Benefit |
| If you have kids, apply for the Canada Child Benefit | Canada Child Benefit (CCB): How to Apply · CCB Calculator |
| Open a TFSA — no earned income required, and your room starts accumulating the day you become a resident | TFSA in Canada: Contribution Limits & How to Invest |
Phase 3: Month Two Through Three
| Task | Full Guide |
|---|---|
| Decide whether to prioritize a TFSA or RRSP as your income stabilizes | RRSP vs TFSA: Which Should You Open First? |
| If you’re planning to buy a home eventually, open an FHSA — the earlier, the more room accumulates | FHSA Canada: Limits, Eligibility & How It Works |
| If you have kids, open an RESP to unlock free government grant money | RESP in Canada: How to Get $7,200 in Free CESG Money |
| Choose an investing platform if you plan to invest beyond a basic savings account | Wealthsimple vs Questrade · Current Wealthsimple Bonuses |
| Prepare for your first tax return, even with a partial year of income | Filing Your First Tax Return as a Newcomer |
| Get familiar with how interest rates affect your day-to-day costs | Bank of Canada Interest Rate: How It Affects Your Daily Life |
The Full Checklist at a Glance
- Get your SIN
- Open a chequing account
- Apply for a newcomer credit card
- Apply for GST/HST credit (CGEB) and CCB (if applicable) — don’t wait for tax season
- Open a TFSA
- Decide TFSA vs RRSP priority as income grows
- Open an FHSA if home ownership is a goal
- Open an RESP if you have children
- Choose an investing platform
- File your first tax return
Frequently Asked Questions
Do I need to do all of this in exactly 90 days?
No — this is a suggested order, not a deadline. Some steps (like SIN and a bank account) genuinely need to happen first because everything else depends on them. Others, like an RESP or FHSA, can wait until you’re financially ready.
What’s the single most important first step?
Your SIN. It’s required for your bank account, your credit card application, your first paycheque, and every government benefit on this list.
I don’t have kids or plans to buy a home — can I skip those steps?
Yes. Treat this as a menu, not a mandatory sequence — skip anything that doesn’t apply to your situation.
Is this financial advice?
No. This checklist reflects my own experience and general information from official sources. Your ideal order may differ based on your income, family situation, and goals — a licensed financial advisor can help you personalize it.
My Takeaway
None of these steps are complicated on their own — the hard part is not knowing they exist until you’ve already missed the early advantage of doing them sooner. Bookmark this page and come back to it as you check things off. Every guide linked above goes into the exact numbers and forms you’ll need.
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