Moving from Venezuela to Canada — Your Finance Guide (2026)
7,000+ per year (growing due to refugee/humanitarian programs). Here is what every newcomer from Venezuela needs to know about banking, credit, taxes, and money in Canada.
Top things Venezuela newcomers wonder about
- →Spanish-speaking settlement services
- →Building credit from nothing in Canada
- →Venezuelan community organizations in Toronto
- →Sending money to Venezuela — safest options
Does your Venezuela credit score transfer to Canada?
Venezuelan credit scores do not transfer. Many Venezuelan newcomers arrive under humanitarian programs and start with no Canadian credit history. KOHO is the most accessible immediate option.
Learn more: Complete Canadian Credit Guide for Newcomers →
Banking in Canada for newcomers from Venezuela
Venezuelan banks (Banco de Venezuela, Banesco, Mercantil) don't operate in Canada. Many Venezuelans arrive with limited formal banking history due to Venezuela's economic situation — Canadian banks will work with your immigration documents.
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 Venezuela
Sending money to Venezuela is complex due to currency controls and sanctions. Wise, Remitly, and Western Union offer Venezuela corridors, but exchange rates and options vary significantly. Consult current guidance.
Venezuela community in Canada
Toronto and Ottawa have growing Venezuelan communities. Spanish-speaking settlement services are widely available and helpful for Venezuelan newcomers.
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: Venezuela and Canada
Canada and Venezuela do not have a comprehensive tax treaty.
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 Venezuela newcomers settle in Canada
Most newcomers from Venezuela 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