Ontario Newcomer Finance Guide (2026)

At a glance: Ontario

Healthcare for newcomers in Ontario

Ontario eliminated the 3-month OHIP wait for most permanent residents and protected persons in 2020. Temporary residents on valid work or study permits qualify immediately. Apply at a ServiceOntario location with your PR card, passport, and proof of Ontario residence.

Source: OHIP (Ontario Health Insurance Plan) official site

Provincial income tax in Ontario

Ontario has progressive provincial income tax rates from 5.05% to 13.16%. Key provincial benefits include the Ontario Trillium Benefit (OTB), Ontario Child Benefit, and OSAP for post-secondary students.

Federal taxes are the same across all provinces and are filed with CRA. Provincial taxes are filed together with your federal T1 return — you do not file a separate Ontario return.

Banking in Ontario

Ontario is home to the head offices of all Big Six banks. Scotiabank, TD, RBC, CIBC, and BMO all operate flagship newcomer branches in Toronto, Brampton, and Mississauga with multilingual staff.

All Big Six banks — RBC, TD, Scotiabank, BMO, CIBC, and National Bank — have branches in Ontario. For newcomers without Canadian credit history, we recommend opening a chequing account at a Big Six bank for everyday banking and a KOHO account to immediately start building Canadian credit (no credit check required).

Key provincial benefits in Ontario

• ✓Ontario Trillium Benefit
• ✓Ontario Child Benefit
• ✓Ontario Works

These are in addition to federal benefits available to all Canadian residents — GST/HST Credit, Canada Child Benefit (CCB), and Canada Pension Plan (CPP). See our full tax guide to make sure you claim everything you are eligible for.

Top cities for newcomers in Ontario

Most newcomers to Ontario settle in these cities for access to jobs, community organizations, and newcomer services.

Your next steps as a newcomer in Ontario

1. 1

   Get your SIN

   Apply at Service Canada as soon as you arrive. You need it to work, file taxes, and open many financial accounts.

2. 2

   Register for OHIP (Ontario Health Insurance Plan)

   Apply immediately upon arrival. Coverage begins immediately for most newcomers.

3. 3

   Open a Canadian bank account

   Use a newcomer banking program (Scotiabank StartRight, BMO NewStart, or TD New to Canada) for a free first-year account.

4. 4

   Start building Canadian credit

   Get a KOHO credit builder or Capital One Secured card. Canadian credit history is required for mortgages, car loans, and many rentals.

5. 5

   Open a TFSA

   Your most flexible savings tool. Contributions are tax-free. Wealthsimple offers a free TFSA in about 10 minutes.

6. 6

   File your first tax return

   Due April 30. Even if you arrived late in the year, file — you may be eligible for the GST/HST Credit and other benefits.

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