North America · Money guide
Canada is a popular choice for skilled workers and families worldwide through its Express Entry system. The money tasks centre on the mandatory 'settlement funds' you must prove for economic immigration, moving savings across the exchange rate, and the fact that foreign pensions generally cannot be transferred into Canadian plans.
Written by Matt Woodley · Reviewed against official sources · Last reviewed 15 June 2026. Figures are indicative — confirm visa and tax thresholds with the official source linked below.
Currency
CAD $
Rent (1-bed, city)
C$1,550–C$2,750/mo
Living costs (ex-rent)
C$1,100–C$1,550/mo
Transfer time
1-2 days
Toronto and Vancouver have high housing costs; the Prairies and Atlantic provinces are more affordable. Winters add heating costs. Wages are generally strong and healthcare is publicly funded after a short waiting period in most provinces.
Indicative monthly rent (1-bed, city centre)
C$1,550–C$2,750
Indicative monthly living costs (excl. rent)
C$1,100–C$1,550
Express Entry settlement funds: ~CAD 15,300 single / ~CAD 19,000 couple
Express Entry (Federal Skilled Worker / Canadian Experience routes) requires proof of settlement funds unless you have a valid job offer — around CAD 15,300 for a single applicant and CAD 19,000 for a couple in 2026, rising with family size. Funds must be unencumbered and evidenced with bank statements.
Official source: Immigration, Refugees and Citizenship Canada (IRCC)Newcomer banking packages from RBC, TD, Scotiabank and CIBC let you open an account, sometimes before arrival, and often waive fees for the first year. Canadian accounts use a transit/institution number; Interac e-Transfer is the standard for everyday domestic payments.
Canada uses the Canadian dollar (CAD), a commodity-linked currency that moves with oil prices and US economic data. Your exposure is your home currency against CAD; because you must evidence settlement funds in your own name, an unfavourable rate at the wrong moment can leave you below the required threshold.
Canada is not in SEPA, so transfers go via SWIFT or specialist delivery. You must show settlement funds in your own name, so transferring them efficiently — and at a good rate — affects whether you clear the threshold comfortably. A regulated specialist avoids the 2.5–4% bank margin. As with Australia, foreign pensions generally cannot be moved into Canadian registered plans, so most movers retain the pension at home and draw it down.
| Route | Typical cost |
|---|---|
| High-street bank | CAD 2,500–4,000 (2.5–4% margin + fees) |
| Regulated currency specialist | CAD 100–600 (0.1–0.6% margin) |
| Typical saving | CAD 2,400–3,400 |
Indicative: banks typically apply a 2.5–4% exchange-rate margin plus a transfer fee; regulated specialists typically apply 0.1–0.6% with no fee. Your actual cost depends on the provider, amount and timing.
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See regulated specialists, live rates and fees for sending money to Canada.
Canadian residents are taxed on worldwide income, federally and provincially. Canada does not tax the transfer of your own capital, but you should document the source of settlement funds. Canada's double-taxation treaties prevent the same pension or income being taxed twice — check the treaty with your home country. Note that some countries' state pensions paid into Canada are not index-linked, so confirm your home country's rules.
Evidence settlement funds
Hold and document CAD 15,300+ (single) in unencumbered funds for Express Entry, more for families.
Open a newcomer account
Use a major bank's newcomer package, sometimes available before you arrive.
Transfer funds at a good rate
Move savings via a regulated specialist by SWIFT to clear the threshold with margin to spare.
Decide on your pension
Foreign pensions rarely transfer to Canadian plans — plan to draw down from home; check index-linking rules.
Set up for tax
Understand worldwide-income taxation and keep records of your transferred capital's source.
Express Entry requires proof of settlement funds (unless you have a valid job offer) — about CAD 15,300 for a single applicant and CAD 19,000 for a couple in 2026, increasing with family size. The funds must be unencumbered and evidenced with bank statements. Budget separately for application fees, flights and initial living costs.
It depends on your home country. Some countries 'freeze' their state pension when it is paid to residents of Canada, meaning it does not receive the annual uprating that home residents get, while others index it. Check your home country's specific rule, as it can materially affect your retirement budget.
Use a regulated currency specialist sending via SWIFT, since Canada is not in SEPA. Specialists charge far less than banks' 2.5–4% margins, so more of your money clears the settlement-funds threshold. Because the funds must be in your own name and unencumbered, time the transfer so statements clearly show the balance.