Government Savings Programs (RESP, RRSP, TFSA) for Newcomers in Canada | September 2025
As a newcomer to Canada, understanding the various government-registered savings programs can help you build a strong financial foundation. These programs offer significant tax benefits available and can help you save for retirement, education, and other life goals while maximizing your earnings through tax advantages. Be sure to explore available financial assistance programs that can further support your financial journey in Canada.
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Summary Table for Government Savings Programs (RESP, RRSP, TFSA) for Newcomers in Canada | September 2025
| Name | Type | Learn More |
|---|---|---|
| Scotiabank StartRight Program Registered Accounts | Financial Service | Learn More |
| RBC Newcomer Advantage Registered Accounts | Financial Service | Learn More |
| BMO NewStart Program Registered Accounts | Financial Service | Learn More |
| CIBC Newcomer to Canada Program Registered Accounts | Financial Service | Learn More |
| National Bank of Canada Newcomers Package | Financial Service | Learn More |
What Newcomers Need to Know
- All programs require a valid Social Insurance Number (SIN) to open accounts
- You must be a Canadian resident or permanent resident to participate
- Each program has different annual contribution limits and tax implications
- Banks offer special newcomer packages with these registered accounts
- No Canadian credit history is required to open these accounts
- Investment options include GICs, mutual funds, stocks, and bonds
- Professional financial advice is available through most major banks
Our Top Recommendations
- Start with a TFSA if you're working and need flexible access to savings
- Open an RESP immediately if you have children to maximize education grants
- Consider an RRSP once you're earning stable income above $50,000/year
- Look for newcomer banking packages that bundle registered accounts
- Take advantage of first-year bonus interest rates and cash incentives
- Begin with conservative investments until you understand Canadian markets
Program Details
1. Scotiabank StartRight Program Registered Accounts
Category: Financial Service
The Scotiabank StartRight Program is specifically designed to help newcomers establish their financial foundation in Canada. This comprehensive banking solution offers specialized services and incentives for permanent residents, international students, and foreign workers who have recently arrived in Canada.
What newcomers need to know:
- Available exclusively for Canadian Permanent Residents who arrived 0-5 years ago
- Open to International Students and Foreign Workers
- Must be a newcomer to Canada to qualify for the program
- Documentation of immigration status required
- Program includes banking packages, savings accounts, and registered account options
Benefits for newcomers:
- Earn up to $700 when bundling eligible banking package, savings account, and registered account
- Access to specialized banking solutions for newcomers
- Tailored financial services for different immigration categories
- Automatic monthly account fee discounts on select accounts
- Comprehensive banking package designed for settling in Canada
How to apply:
- Visit official website to learn more
2. RBC Newcomer Advantage Registered Accounts
Category: Financial Service
RBC's Newcomer Advantage program provides comprehensive banking solutions specifically designed to help new immigrants establish their financial foundation in Canada. This program combines essential banking services with specialized registered accounts to help newcomers save, invest, and build their future in their new country.
What newcomers need to know:
- Must be a new immigrant to Canada to qualify for the Newcomer Advantage program
- Eligible for RBC No Limit Banking® Account or RBC VIP Banking® Account
- Can open Tax-Free Savings Accounts (TFSAs)
- Access to Registered Retirement Savings Accounts (RRSPs)
- Option to open Registered Education Savings Plans (RESPs)
Benefits for newcomers:
- Unlimited debit transactions
- Free Interac e-transfers
- Valuable savings with low monthly fees
- Access to banking products, advice, and settlement resources
- Multiple registered account options for different financial goals
How to apply:
- Visit official website to learn more
3. BMO NewStart Program Registered Accounts
Category: Financial Service
The BMO NewStart Program offers newcomers to Canada a comprehensive suite of no-fee banking products and services designed specifically for permanent residents, foreign workers, and international students. This digital-first program allows newcomers to start their banking journey even before arriving in Canada, making the transition smoother and more accessible.
What newcomers need to know:
- Available for permanent residents, foreign workers, and international students
- Can open accounts online before arriving in Canada
- Application process takes just minutes to complete
- Requires valid immigration documentation
- Available for newcomers from countries including India
Benefits for newcomers:
- No monthly Plan fees for two years
- No-fee international money transfers
- Transfer limits of up to $75,000 CAD
- Fast transfer processing (2-5 business days)
- Access to unsecured credit cards with limits up to $5,000 with no credit history
How to apply:
- Visit official website to learn more
4. CIBC Newcomer to Canada Program Registered Accounts
Category: Financial Service
CIBC offers a comprehensive banking program designed specifically for newcomers to Canada, providing essential financial products, advice, and resources to simplify the banking transition. The program stands out for its ability to help newcomers establish their financial foundation even before arriving in Canada.
What newcomers need to know:
- Must have received landed immigrant status within the past 5 years
- Available to permanent residents, foreign workers, and international students from eligible countries
- Can apply before arriving in Canada
- Immigration documents required for credit card applications
- Account must be first chequing account with CIBC for promotional offers
Benefits for newcomers:
- No monthly fee for 2 years on CIBC Smart™ Account for Newcomers
- $500 cash bonus when opening first CIBC Smart Account
- Credit card limits up to $15,000 without secured deposits
- Referral bonus of $75 for both referrer and newcomer
- Access to banking products, advice, and resources specific to newcomers
How to apply:
- Visit official website to learn more
5. National Bank of Canada Newcomers Package
Category: Financial Service
The National Bank of Canada offers a comprehensive banking package specifically designed to help newcomers establish their financial foundation in Canada. This program allows immigrants to start their banking relationship before or after arrival, providing essential financial services and support for up to three years.
What newcomers need to know:
- Must be a newcomer who arrived in Canada within the past 5 years or planning to arrive within 90 days
- Monthly fee of $15.95 applies starting from the fourth year
- Account can be opened from home country or upon arrival in Canada
- First order of cheques costs $67.10
- Package benefits are tied to maintaining the Newcomers bank account
Benefits for newcomers:
- No monthly fees for up to three years on chequing account
- Access to credit card to help build credit history
- Legal assistance service specifically for immigrants
- Financial advice for immigration and settlement matters
- Comprehensive support for education and housing-related financial decisions
How to apply:
- Visit official website to learn more
Final Words
Starting your financial journey in Canada through these government-registered savings programs can significantly impact your long-term financial success. As a newcomer, we recommend beginning with one program that best matches your immediate needs and gradually expanding your portfolio as you become more comfortable with the Canadian financial system. Remember to consult with financial advisors who specialize in newcomer services, as they can provide personalized guidance based on your specific situation and help you maximize available tax benefits and incentives.
Frequently Asked Questions: Government Savings Programs (RESP, RRSP, TFSA) for Newcomers in Canada
What are the best savings programs for newcomers in Canada?
The three main government savings programs available to newcomers are TFSA (Tax-Free Savings Account), RRSP (Registered Retirement Savings Plan), and RESP (Registered Education Savings Plan), each offering unique tax benefits and investment opportunities.
Which bank offers better RESP options for newcomers: CIBC or Scotiabank?
Both CIBC and Scotiabank offer competitive RESP programs with government matching of up to 20% through the Canada Education Savings Grant, but CIBC provides a wider range of investment options for account holders.
How do I open a TFSA as a newcomer to Canada?
To open a TFSA in Canada, newcomers must be 18 or older, have a valid Social Insurance Number (SIN), and be a resident of Canada for tax purposes.
What benefits does an RRSP offer newcomers in Canada?
RRSPs provide immediate tax deductions on contributions and tax-deferred growth on investments, making them especially valuable for newcomers in higher income tax brackets.
