This content is provided through a paid partnership between Moving2Canada and Scotiabank.
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Whether you just arrived in Canada or you're a few years into your journey, it’s important to establish strong financial foundations as you work towards your dream life in Canada.
There are two major components to establishing your financial foundations: mastering the basics, and starting to dream about your future.
Here are the basic checklist items many newcomers work towards in their first year in Canada:
Open a bank account in your first week in Canada.
Receive your first paycheck.
Get a credit card to start building your credit history.
Buy your first vehicle.
Rent your first home.
Buy your first insurance policies. You may need auto insurance, tenant insurance, and potentially life, disability and/or critical illness insurance.
Build and maintain a three-to-six-month emergency fund.
Start learning about Canada’s tax-advantaged accounts.
Getting the right bank account in Canada is an important step in managing your day-to-day finances.
Scotiabank can help you make the most of your banking in Canada. With Scotiabank, you could earn up to $2,300¹ in first-year value, including up to $580 with the StartRight™ program².
And it’s easy to get started:
Planning your financial future
Once you’ve covered the basics, it’s time to think about your longer-term financial goals:
Have you established a budget you can stick to?
What level of savings makes you feel most secure? Do you prefer a three month emergency fund or does a six month fund help you feel safe?
Are you building your credit score and developing a credit history?
Are you managing your debt effectively and responsibly?
Do you want to own a home in the future? If so, where is it located and what type of home is it? What does your savings plan look like for the down payment?
Is your current job meeting your financial needs? If not, what needs to be true for you to earn more?
Would consulting with a financial advisor make sense at this point? (Hint: it’s likely the right time.)
Scotiabank is here to support you in your financial journey
As part of the Moving2Canada community, you can book a no-obligation appointment with a Scotiabank advisor and learn how Scotiabank can support you in your financial journey
Warm Wishes,
The Moving2Canada team, sponsored by Scotiabank
Legal Disclaimer
This article is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
1Value of up to $2,300 is rounded down and calculated as follows: i) up to $583.30 first year value with the StartRightTM Program + ii) Up to $700 in chequing, savings and registered account welcome offers + iii) up to $1,098 in Scotiabank Passport Visa Infinite welcome offer, first year point earn potential and savings:
i) Value of up to $583.30 is an annual potential value for the first year based on the following benefits and savings available to StartRightTM clients as of March 3, 2026:
$203.40 in account fee savings for a Preferred Package chequing account ($16.95 monthly account fee waived for first 12 months);
$280 in fee savings when compared to in-branch Swift Wire Transfers (assumes an annual average of 7 in-branch Swift Wire Transfers at $40 per transfer);
$99.90 in fee savings for 10 free equity trades with iTRADE (10 free equity trades per year at $9.99/trade)
Actual value will depend on individual usage of the StartRightTM Program features and products. Conditions apply. All products and features are subject to change.
ii) Value of up to $700 in chequing, savings and registered account welcome offers as of March 3, 2026.
$500 for new Preferred and Ultimate Package clients who complete certain qualifying conditions. Clients who are eligible for the $500 offer can then get an extra $100 with a new Money Master Savings account and/or an extra $100 with a new eligible registered account when they complete certain qualifying transactions;
iii) Value of up to $1,098 in Scotiabank Passport Visa Infinite Card welcome offer value, first year point earn potential and savings includes the following as of March 3, 2026:
$400 in travel rewards (40,000 bonus Scene+ points) for new Scotiabank Passport Visa Infinite Card clients who spend $2,000 within the first 3 months;
$100 in travel rewards (10,000 bonus Scene+ points) for new Scotiabank Passport Visa Infinite Card clients who spend $10,000 within the first 6 months;
$100 in travel rewards (10,000 bonus Scene+ points) when you spend $40,000 annually on your Account each year (12-months);
$134 in foreign transaction fee savings based on average annual foreign spend per account over the last 24 months (save the 2.5% foreign transaction fee markup typically charged by other card issuers);
$364 value with a complimentary Visa Airport Companion Program Membership that includes 6 lounge passes (based on a ‘Preferential’ membership valued at approx. CAD$364/USD$259). Currency conversion as at November 3, 2025.
Actual offers, savings and rewards earned will depend on individual card usage and eligibility. Conditions apply.
2Scotiabank StartRight® Program is available only for Canadian Permanent Residents from 0-5 years in Canada, International Students and Foreign Workers.
