Moving from South Korea to Canada — Your Finance Guide (2026)
8,000+ per year. Here is what every newcomer from South Korea needs to know about banking, credit, taxes, and money in Canada.
Top things South Korea newcomers wonder about
- →Korean-language banking options in Toronto
- →How to get KOHO credit card as Korean newcomer
- →TFSA vs RRSP for Korean newcomers
- →Sending money back to Korea
Does your South Korea credit score transfer to Canada?
Korean credit scores (NICE, KCB/KoreaCB) do not transfer to Canada. American Express global card transfer works for existing Korean Amex cardholders. Koreatown (Bloor-Bathurst in Toronto) has Korean-speaking financial advisors.
Learn more: Complete Canadian Credit Guide for Newcomers →
Banking in Canada for newcomers from South Korea
Woori Bank Canada and Shinhan Bank Canada have branches in Toronto's Koreatown and Scarborough. Korea Exchange Bank (KEB) and Industrial Bank of Korea also have a presence. These can be good first banking options.
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 South Korea
Wise is very competitive for CAD→KRW corridors. Korean banks (Woori, Shinhan) also offer transfers, but Wise typically offers better rates. Korean-specific remittance apps like Korea Post are options.
South Korea community in Canada
Toronto (Bloor-Bathurst Koreatown and Scarborough) and Richmond Hill have major Korean-Canadian communities. Vancouver has a large Korean community in Coquitlam and Richmond.
Most cities offer IRCC-funded settlement services in multiple languages. Search for Korean-speaking settlement agencies in your city at IRCC's settlement service finder.
Tax treaty: South Korea and Canada
Canada and South Korea have a tax treaty (in force since 1981). Provides relief from double taxation on dividends, interest, and royalties.
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 South Korea newcomers settle in Canada
Most newcomers from South Korea initially settle in Toronto and Ontario. Established communities mean more Korean-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