Moving from China to Canada — Your Finance Guide (2026)
30,000+ per year. Here is what every newcomer from China needs to know about banking, credit, taxes, and money in Canada.
Top things China newcomers wonder about
- →WeChat Pay / Alipay in Canada — what works?
- →TFSA vs investment accounts for new Canadians
- →How to convert RMB to CAD efficiently
- →Mandarin-speaking tax accountants in Richmond/Markham
Does your China credit score transfer to Canada?
Your Zhima Credit (Alibaba/Ant Financial) or Baihang Credit score does not transfer to Canada. You start a new Canadian credit file. American Express's global card transfer is a notable exception for existing Chinese Amex cardholders.
Learn more: Complete Canadian Credit Guide for Newcomers →
Banking in Canada for newcomers from China
HSBC Canada has extensive Mandarin and Cantonese services, especially in Metro Vancouver and Toronto. Bank of China, ICBC (Industrial and Commercial Bank of China), and Bank of East Asia all have Canadian branches in major Chinese-Canadian communities.
Once in Canada, use a Big Six newcomer banking program for your main chequing account:
- • Scotiabank StartRight — can apply from outside Canada before you land
- • BMO NewStart — strong newcomer onboarding in most cities
- • TD New to Canada — dedicated newcomer advisors
- • CIBC Smart Start — up to $400 bonus for newcomers with direct deposit
Sending money from Canada to China
Wise is highly competitive for Canada–China transfers. Avoid Chinese state banks' international wire fees — they are typically 0.1% of the amount plus SWIFT fees, and exchange rates are less competitive than Wise.
China community in Canada
Richmond (BC) and Markham/Richmond Hill (Ontario) have the densest Chinese-Canadian communities with Mandarin-first business environments, restaurants, and community organizations.
Most cities offer IRCC-funded settlement services in multiple languages. Search for Mandarin, Cantonese-speaking settlement agencies in your city at IRCC's settlement service finder.
Tax treaty: China and Canada
Canada and China have a tax treaty (in force since 1986). Key provisions: reduced withholding on dividends, interest, and royalties. Canadian residents must report worldwide income including income from China. Consult a tax professional about CPE (Chinese Pension Enrollment) reporting.
All Canadian residents must file an annual tax return with CRA by April 30. Even if you arrived mid-year, filing your first return may make you eligible for the GST/HST Credit and Canada Child Benefit. Read our complete tax guide for newcomers →
Where China newcomers settle in Canada
Most newcomers from China initially settle in Richmond and British Columbia. Established communities mean more Mandarin, Cantonese-speaking services, familiar foods, cultural organizations, and job networks.
See city-specific guides: Newcomer city guides →
Your first 90 days financial checklist
- 1Get your SIN at Service Canada (free, same day)
- 2Open a newcomer chequing account at a Big Six bank
- 3Get a KOHO credit builder card to start your Canadian credit file
- 4Register for provincial health coverage
- 5Set up CRA My Account online
- 6Apply for GST/HST Credit (CRA form RC151 if no T4 yet)
- 7Open a TFSA at Wealthsimple — start saving, even $25/month
- 8File your first tax return by April 30