Accounts, in the right order

What to open, when it becomes available and what disqualifies you.

Do these in order; the later ones depend on the earlier ones.

1Open a newcomer chequing and savings package for the household before or on arrival.
2Get a SIN for every family member who is eligible, and store the records together.
3Set up online access, a Canadian phone number and two-factor authentication.
4Move a first tranche of funds and keep the transfer paperwork for the tax file.
5Add a joint household account for rent, utilities and school payments.
6Set up cards for the adults, and prepaid or student accounts for the younger children.

Tax-Free Savings Account

Who: Each Canadian-resident adult with a SIN and available contribution room.
When: After Canadian tax residency begins.
Benefit: Eligible growth and withdrawals are generally tax-free. Shariah-screened investment options can be used where available.

Newcomers only start accumulating room once they become Canadian tax residents — there is no back-dated room.

Confirm each adult's own room with the tax agency before contributing.

First Home Savings Account

Who: Resident adults who meet the first-time-home-buyer definition.
When: After residency and eligibility are confirmed.
Benefit: A tax deduction on contributions and a qualifying tax-free withdrawal for a first Canadian home.

Living in a home owned by the account holder or their spouse outside Canada can disqualify them for the current and four prior calendar years.

Screen the parents and each adult child individually. First home in Canada does not mean first-time buyer here.

Registered Education Savings Plan

Who: A plan opened for a named beneficiary under the age limits.
When: Only worth opening where grant eligibility genuinely remains.
Benefit: Government education grants on contributions, plus tax-deferred growth for study costs.

Grant entitlement depends on age-based test dates that have already passed for the older children. A new contribution cannot repair an elapsed date.

Check each child's date of birth against the relevant test date before opening anything.

Registered Disability Savings Plan

Who: A person approved for the Disability Tax Credit.
When: Only after the credit is approved.
Benefit: Government grants and bonds alongside long-term tax-deferred growth.

Nothing here is available until disability tax credit approval is in place.

Review the criteria with the treating clinician before assuming eligibility.

Registered Retirement Savings Plan

Room is created by Canadian earned income, so a first-year newcomer usually has none.

Revisit once anyone in the family has Canadian employment or business income.