Banking & Health Coverage

Opening a bank account

Do this in your first week. Canada's major banks (RBC, TD, Scotiabank, BMO, CIBC, and others) all offer newcomer/student banking packages — often with no monthly fees for a set period and sometimes a welcome bonus. To open an account you typically need:

• Passport
• Study permit or acceptance letter
• A Canadian address (a temporary one, like a hostel or short-term rental, usually works to get started)

Get both a chequing account (day-to-day spending, debit card, e-transfers) and consider a savings account for anything you're setting aside.

Getting a SIN

Your Social Insurance Number is required before you can be paid for any job — apply at a Service Canada office as early as possible (see our Jobs & Work Permits guide).

Building credit history

Canada uses your credit score for almost everything long-term — apartment applications, phone plans, car loans, even some jobs check it. As a newcomer, you start with no history, which isn't the same as bad credit but can still cause hurdles.

How to start:

1. Get a secured credit card (backed by a deposit) or a newcomer credit card most banks offer without deposit requirements
2. Use it for small regular purchases (like groceries or a phone bill)
3. Pay the full balance every month — carrying a balance hurts more than it helps, and interest rates on credit cards are high
4. After 6-12 months of consistent, on-time payments, you can typically qualify for a regular (unsecured) credit card with a higher limit

Health insurance: the part that catches people off guard

This is genuinely one of the most province-dependent topics on this whole site:

• Some provinces (like British Columbia and Quebec, under certain conditions) allow international students to enroll in the provincial health plan, sometimes after a waiting period of up to 3 months.
• Other provinces expect international students to carry private/school-provided health insurance for some or all of their studies, sometimes bundled automatically into your tuition fees as a mandatory health plan.
• Waiting periods matter: if your province has one, you need private travel/health insurance to cover that gap — don't arrive with zero coverage even for a few weeks.

Action items:

1. Check your specific province's rules for international students the moment you're accepted — don't assume based on a friend studying elsewhere.
2. Check whether your school automatically enrolls and bills you for a student health plan (many do) — understand what it covers (dental and vision are often separate/optional add-ons).
3. Keep your health card and insurance documents somewhere easy to find — walk-in clinics and pharmacies will ask for them.

Everyday money tips

• Interac e-Transfer is the standard way Canadians send each other money (splitting rent, paying a friend back) — set this up through your bank's app.
• Tap payment (debit/credit) is accepted almost everywhere; carrying much cash is rarely necessary.
• Tipping is customary at restaurants and for services (typically in the 15-20% range) — it's not optional the way it might be elsewhere.
• Watch for foreign transaction fees on non-Canadian cards — a Canadian debit/credit card avoids this for local purchases.