Moving from United States to Canada — Your Finance Guide (2026)
15,000+ per year. Here is what every newcomer from United States needs to know about banking, credit, taxes, and money in Canada.
Top things United States newcomers wonder about
- →TFSA is taxable in the US — what's the alternative?
- →FBAR and FATCA filing requirements for Americans in Canada
- →How to transfer USD to CAD efficiently
- →Cross-border tax CPA in Canada
Does your United States credit score transfer to Canada?
American credit scores (FICO from Experian, Equifax US, TransUnion US) do not automatically transfer to Canada. However, Equifax and TransUnion operate in both countries — you can request that your US credit history be considered. American Express has the best formal global card transfer program. Newcomers from the US often find credit-building easier than many other groups due to similar financial systems.
Learn more: Complete Canadian Credit Guide for Newcomers →
Banking in Canada for newcomers from United States
American banks (Wells Fargo, Bank of America, Chase) don't have retail Canadian operations. TD Bank USA is the same company as TD Canada Trust — an active US TD account can help establish a Canadian relationship. RBC has a US subsidiary (City National). HSBC US operates in Canada as HSBC Bank Canada.
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 United States
Wise is excellent for USD/CAD — mid-market rates with minimal fees. If you have a TD account in both countries, the TD cross-border banking service offers competitive rates for transfers.
United States community in Canada
Many American newcomers settle in BC (Vancouver area) and Ontario. Americans often have a shorter adjustment curve due to cultural similarities, but Canadian tax, healthcare, and financial systems have significant differences.
Most cities offer IRCC-funded settlement services in multiple languages. Search for English-speaking settlement agencies in your city at IRCC's settlement service finder.
Tax treaty: United States and Canada
Canada and the US have the most comprehensive tax treaty in the world (Canada-US Tax Convention). CRITICAL: American citizens living in Canada MUST still file US taxes (FBAR + FATCA reporting). Consult a cross-border CPA — this is a specialized area. TFSAs are NOT tax-sheltered in the US.
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 United States newcomers settle in Canada
Most newcomers from United States initially settle in Vancouver and British Columbia. Established communities mean more English-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