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What every immigrant should know when coming to Canada

Posted on: October 24, 2024

CPAs can help newcomers understand the intricacies of our financial and tax system to reduce the risk of costly mistakes.

Learning to navigate the financial system in a new country is far from easy. Of course, some aspects are consistent regardless of where you are—for example, it’s always a good idea to create a budget to balance income and expenses, and to set aside an emergency fund for unexpected events. 

However, becoming a tax resident of Canada comes with specific challenges relating to taxes on foreign income, managing your credit report, and understanding the various tax credits and deductions available.

CPA Canada already offers a wide range of free resources and tools to help newcomers. We also asked CPAs Sandra Urizar and Martin Caron, both experts in international mobility, to identify some of the most important things to consider. 

Read more.