Moving from Vietnam to Canada — Your Finance Guide (2026)
8,000+ per year. Here is what every newcomer from Vietnam needs to know about banking, credit, taxes, and money in Canada.
Top things Vietnam newcomers wonder about
- →Vietnamese-speaking settlement services in Toronto
- →Building credit without Canadian history
- →Wealthsimple vs bank TFSA for newcomers
- →Sending money to Vietnam
Does your Vietnam credit score transfer to Canada?
Vietnamese credit scores (PCB — Vietnam Credit Information Centre) do not transfer. The Vietnamese-Canadian community in Toronto (east end) has strong informal financial networks, but formal Canadian credit building through KOHO or secured cards is the recommended path.
Learn more: Complete Canadian Credit Guide for Newcomers →
Banking in Canada for newcomers from Vietnam
Vietnam's banks (Vietcombank, VietinBank, BIDV) don't have Canadian retail branches. TD and RBC are popular with Vietnamese newcomers.
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 Vietnam
Wise is competitive for CAD→VND corridors. Remitly and Western Union also offer Vietnam. Local Vietnamese hawala networks exist but formal services are safer and more traceable.
Vietnam community in Canada
Toronto (Mississauga Chinatown area near Dundas-Spadina, and east Scarborough), and Edmonton have significant Vietnamese communities. Little Saigon communities offer Vietnamese-language services.
Most cities offer IRCC-funded settlement services in multiple languages. Search for Vietnamese-speaking settlement agencies in your city at IRCC's settlement service finder.
Tax treaty: Vietnam and Canada
Canada and Vietnam do not have a tax treaty. Worldwide income must be reported.
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 Vietnam newcomers settle in Canada
Most newcomers from Vietnam initially settle in Toronto and Ontario. Established communities mean more Vietnamese-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