Canada Child Benefit and GST Credit for Newcomers | November 2025
Moving to Canada? Navigating financial benefits can be challenging for newcomers seeking stability and support. The Canada Child Benefit (CCB) and GST Credit offer critical financial assistance to help new immigrants establish their families and manage living expenses. By understanding these programs, newcomers can unlock additional tax benefits and maximize their financial opportunities in Canada.
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Summary Table for Canada Child Benefit and GST Credit for Newcomers | November 2025
| Name | Type | Learn More |
|---|---|---|
| CIBC eAdvantage Savings Account | Financial Service | Learn More |
| Scotiabank MomentumPLUS Savings Account | Financial Service | Learn More |
| RBC High Interest eSavings | Financial Service | Learn More |
| TD High Interest Savings Account | Financial Service | Learn More |
| BMO SmartFolio High Interest Savings Account | Financial Service | Learn More |
| National Bank High Interest Savings Account | Financial Service | Learn More |
| Tangerine Savings Account | Financial Service | Learn More |
| Simplii Financial High Interest Savings Account | Financial Service | Learn More |
| EQ Bank Savings Plus Account | Financial Service | Learn More |
| Laurentian Bank High Interest Savings Account | Financial Service | Learn More |
| HSBC Canada High Interest Savings Account | Financial Service | Learn More |
| Manulife Bank High Interest Savings Account | Financial Service | Learn More |
What Newcomers Need to Know
- The Canada Child Benefit provides tax-free monthly payments to help support families with children
- GST Credit offers quarterly financial support to help offset sales tax expenses
- Eligibility depends on income, family size, and immigration status
- Newcomers must have a valid Social Insurance Number (SIN)
- Applications can be completed online through the Canada Revenue Agency website
Our Top Recommendations
- Apply for benefits immediately after obtaining permanent residency
- Gather all necessary documentation before applying
- Ensure your income tax returns are filed accurately and on time
- Keep contact information updated with the Canada Revenue Agency
- Consider consulting a tax professional familiar with newcomer programs
Program Details
1. CIBC eAdvantage Savings Account
Category: Financial Service
The CIBC eAdvantage Savings Account offers newcomers to Canada an accessible and flexible way to start saving money with minimal initial investment. This high-interest savings account provides an excellent opportunity for immigrants to grow their finances while maintaining easy access to their funds.
What newcomers need to know:
- Minimum investment of just $25 to open the account
- No minimum balance requirement
- Can earn additional interest with Smart Interest feature
- Must save at least $200 across eAdvantage Savings Accounts to earn Smart Interest
- Interest rates are calculated daily and paid monthly
Benefits for newcomers:
- High-interest savings option
- Tax-free withdrawals allowed at any time
- Can earn interest on balances up to $200,000
- Easy online account management
- Quick application process (apply in 5 minutes or less)
How to apply:
- Visit official website to learn more
2. Scotiabank MomentumPLUS Savings Account
Category: Financial Service
The Scotiabank MomentumPLUS Savings Account offers newcomers to Canada an attractive high-interest savings option with competitive rates and flexible earning potential. This account provides an excellent opportunity for immigrants to start building their savings with attractive interest rates.
What newcomers need to know:
- Earn a savings rate of 4.65%* for a limited time with a 90-day premium period
- Higher rates available for Scotiabank Ultimate Package holders (4.75%*)
- Cannot use for direct deposits or paying Scotia bills
- Designed for individuals looking to save more and earn more
- Requires opening an account through Scotiabank
Benefits for newcomers:
- Competitive high-interest savings rate
- Potential to earn up to 4.75%* with Ultimate Package
- Flexible savings option for new immigrants
- No minimum balance requirements mentioned
- Easy online account management
How to apply:
- Visit official website to learn more
3. RBC High Interest eSavings
Category: Financial Service
The RBC High Interest eSavings Account offers newcomers to Canada an excellent opportunity to start building their savings with competitive interest rates and flexible online banking features. It provides a secure and convenient way for new immigrants to manage and grow their finances in Canada.
What newcomers need to know:
- Earn 4.60% interest when opening your first RBC High Interest eSavings account
- No minimum balance requirements
- Get instant access to your money
- Free online transfers
- Automated savings tools available
Benefits for newcomers:
- Competitive interest rates (up to 5.4% promotional rate for new customers)
- Earn interest on every dollar saved
- Instant access to funds
- No account maintenance fees
- Easy online banking platform
How to apply:
- Visit official website to learn more
4. TD High Interest Savings Account
Category: Financial Service
The TD High Interest Savings Account offers newcomers a flexible way to save money and earn interest, with options tailored to different account balance levels. This account provides an opportunity for immigrants to start building their financial foundation in Canada with a reputable banking institution.
What newcomers need to know:
- High interest rate applies to balances of $10,000 or more
- Unlimited free online transfers to other TD deposit accounts
- Interest rates vary based on account balance (e.g., 0.010% for balances between $1,000-$24,999)
- Available as a regular savings account and TFSA option
- No transaction fees on internal transfers or ATM withdrawals
Benefits for newcomers:
- Flexible savings options for different financial stages
- Online banking convenience
- No minimum balance requirements
- Option to open a Tax-Free Savings Account (TFSA)
- Easy integration with other TD banking products
How to apply:
- Visit official website to learn more
5. BMO SmartFolio High Interest Savings Account
Category: Financial Service
BMO SmartFolio offers a convenient online investing platform that brings together professional portfolio management and low fees, making it an ideal option for newcomers to Canada looking to start their investment journey. The service is particularly suitable for those who are new to investing and want a straightforward approach to growing their savings.
What newcomers need to know:
- Online investing platform with professional portfolio management
- Low-fee investment option
- No minimum investment requirements mentioned
- Suitable for investors just starting their investment program
- Provides an alternative to personalized wealth management services
Benefits for newcomers:
- Convenience of online investing
- Professional portfolio management
- Low-cost investment approach
- Unlimited free transactions (for savings accounts)
- Potential to earn higher interest rates compared to traditional savings accounts
How to apply:
- Visit official website to learn more
6. National Bank High Interest Savings Account
Category: Financial Service
The National Bank High Interest Savings Account provides newcomers with a flexible and low-risk way to save money while earning interest. This account offers an attractive option for immigrants looking to manage their finances securely and grow their savings with minimal barriers to entry.
What newcomers need to know:
- 0.65% interest rate paid monthly
- No minimum balance required to earn interest
- Free, unlimited transfers between National Bank accounts
- Risk-free savings option
- Interest calculated from the first dollar saved
Benefits for newcomers:
- Accessible savings account with no fixed monthly fees
- Funds available at all times
- Starts earning interest immediately
- Simple online account opening process
- No minimum deposit requirement
How to apply:
- Visit official website to learn more
7. Tangerine Savings Account
Category: Financial Service
Tangerine offers a flexible and high-interest savings account designed to help newcomers in Canada grow their money securely. With competitive interest rates and no minimum balance requirements, this account provides an excellent financial tool for immigrants looking to establish their financial foundation.
What newcomers need to know:
- Requires email address, full name, date of birth
- Requires Canadian address
- Must provide Social Insurance Number (SIN)
- No minimum balance required
- No unfair fees charged
Benefits for newcomers:
- High interest earned on every dollar
- Competitive promotional interest rates (currently 4.50% for 5 months)
- No-fee daily banking
- Flexible savings options
- Can open Tax-Free Savings Account (TFSA)
How to apply:
- Visit official website to learn more
8. Simplii Financial High Interest Savings Account
Category: Financial Service
Simplii Financial offers a competitive High Interest Savings Account designed to help newcomers grow their money quickly and efficiently. This account provides an attractive opportunity for immigrants looking to maximize their savings with minimal fees and high interest rates.
What newcomers need to know:
- Earn 4.50% interest on eligible deposits
- Maximum eligible deposit is $200,000
- Special interest rate valid for 5 months
- No transaction fees
- Easy to open for new Simplii customers
Benefits for newcomers:
- Competitive interest rates
- No transaction fees
- Flexible savings option
- Quick and easy account setup
- Potential to grow savings rapidly
How to apply:
- Visit official website to learn more
9. EQ Bank Savings Plus Account
Category: Financial Service
The EQ Bank Savings Plus Account is a digital banking solution designed to help newcomers manage their finances effectively in Canada. This high-interest hybrid account offers flexibility, competitive rates, and comprehensive banking features for immigrants looking to establish their financial foundation.
What newcomers need to know:
- No monthly fees for the account
- Supports personal and joint account options
- Allows direct deposits and bill payments
- Provides Interac e-Transfers® at no additional cost
- Offers deposit insurance through CDIC up to $100,000
Benefits for newcomers:
- High-interest rates on all account funds
- Unlimited transactions
- Compounded interest
- Mobile cheque deposit feature
- Ability to create multiple sub-accounts for different savings goals
How to apply:
- Visit official website to learn more
10. Laurentian Bank High Interest Savings Account
Category: Financial Service
The Laurentian Bank High Interest Savings Account offers newcomers to Canada an attractive option for securing competitive savings rates with flexible digital banking. This account provides an excellent opportunity for immigrants to start building their financial foundation with a reliable Canadian banking institution.
What newcomers need to know:
- No minimum balance requirement to open account
- High-yield savings with tiered interest rates
- Interest rates range from 2.20% to 3.20% depending on balance
- Account can be opened completely online
- CDIC insured savings account
Benefits for newcomers:
- Competitive interest rates up to 3.20%
- $0 account opening fees
- Digital banking access
- Easy online account management
- Secure Canadian banking option
How to apply:
- Visit official website to learn more
11. HSBC Canada High Interest Savings Account
Category: Financial Service
HSBC Canada's High Interest Savings Account offers newcomers an attractive option for securing competitive interest rates on their savings. This financial product provides an opportunity for immigrants to grow their money safely while establishing their financial foundation in Canada.
What newcomers need to know:
- Interest rate of 3.1% for balances up to $1 million
- Rates can vary, with some promotions up to 4.75%
- Available for new deposits
- Can be used as a TFSA (Tax-Free Savings Account)
- Offered by HSBC Bank Canada
Benefits for newcomers:
- Competitive high-interest rates
- Flexible savings options
- Potential for significant interest earnings
- Easy account management
- Potential tax advantages with TFSA option
How to apply:
- Visit official website to learn more
12. Manulife Bank High Interest Savings Account
Category: Financial Service
The Manulife Bank Advantage Account offers newcomers a flexible and high-interest savings solution to help build their financial foundation in Canada. This account provides an attractive way to grow savings with competitive interest rates and convenient banking features.
What newcomers need to know:
- High-interest account that pays interest on every dollar
- No minimum balance required
- Combines savings and chequing account features
- Easy access to funds without penalties
- Includes standard banking features
Benefits for newcomers:
- Attractive interest rate (currently 1.00%)
- Flexibility to bank the way you want
- No monthly fees
- Easy online banking access
- Helps build savings faster
How to apply:
- Visit official website to learn more
Final Words
Accessing financial benefits is a crucial step in establishing yourself in Canada. By proactively understanding and applying for the Canada Child Benefit and GST Credit, newcomers can create a strong financial foundation. Remember that each family's situation is unique, so take the time to research and seek personalized advice to maximize your benefits and support your transition to life in Canada.
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Frequently Asked Questions: Canada Child Benefit and GST Credit for Newcomers | November 2025
What are the eligibility requirements for Canada Child Benefit as a newcomer in 2025?
To qualify, you must be a permanent resident with a valid SIN, have a child under 18, and meet specific income and residency requirements.
How do I apply for GST Credit as a new immigrant to Canada?
Newcomers must file their Canadian tax return, be considered a resident for tax purposes, and have lived in Canada for at least 183 days to be eligible for the GST Credit.
Which savings accounts are best for managing Canada Child Benefit payments for newcomers?
CIBC eAdvantage, Scotiabank MomentumPLUS, RBC High Interest eSavings, TD High Interest, and BMO SmartFolio offer excellent high-interest options for newcomer families to maximize their benefit funds.
What documents do I need to claim Canada Child Benefit as a new permanent resident?
You'll need your Social Insurance Number (SIN), proof of permanent residence, child's birth certificate, and previous year's income tax return to complete your application.
How much Canada Child Benefit can newcomer families expect in November 2025?
Benefit amounts vary based on family income, number of children, and age, with potential monthly payments ranging from $200 to $600 per child depending on household circumstances.