Moving from Colombia to Canada — Your Finance Guide (2026)
10,000+ per year. Here is what every newcomer from Colombia needs to know about banking, credit, taxes, and money in Canada.
Top things Colombia newcomers wonder about
- →How to exchange Colombian driver's licence in Canada
- →Spanish-speaking settlement services in Toronto
- →Building credit from zero
- →Sending money back to Colombia
Does your Colombia credit score transfer to Canada?
Colombian Datacrédito or TransUnion Colombia scores do not transfer. Canada has separate credit bureaus. The Colombian newcomer community has found KOHO and Borrowell particularly accessible for starting credit from zero.
Learn more: Complete Canadian Credit Guide for Newcomers →
Banking in Canada for newcomers from Colombia
No major Colombian banks operate in Canada. Grupo Aval, Bancolombia, and Davivienda don't have Canadian branches. Scotiabank has a presence in Latin America that may help establish relationships.
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 Colombia
Wise and Remitly both offer CAD→COP corridors. Compare rates carefully as Colombian peso corridor fees vary. Avoid bank wire — exchange rate spreads are high.
Colombia community in Canada
Toronto (especially Dundas West and the 'Little Bogotá' area) and Ottawa have growing Colombian communities. Calgary and Edmonton are increasingly popular.
Most cities offer IRCC-funded settlement services in multiple languages. Search for Spanish-speaking settlement agencies in your city at IRCC's settlement service finder.
Tax treaty: Colombia and Canada
Canada and Colombia do not have a comprehensive tax treaty. Seek professional tax advice if you have Colombian investment income or business income while living in Canada.
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 Colombia newcomers settle in Canada
Most newcomers from Colombia initially settle in Toronto and Ontario. Established communities mean more Spanish-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