Canada NRI Guide 2026: Banking, CRA Tax, PR Path & Sending Money to India
What Indian expats in Canada need to know about banking (SIN, TD, RBC), filing CRA taxes while keeping Indian income, FHSA for first-home buyers, and sending CAD to India cheaply.
First Priority: Your Social Insurance Number (SIN)
Your SIN is a 9-digit number from Service Canada — without it, you cannot legally work or access most government services. Apply at a Service Canada centre (bring passport and work/study permit) on your first working week. You'll receive it on the spot or within a few days. Protect it carefully — it's the key to your Canadian financial identity.
Opening a Canadian Bank Account
Canada's "Big Five" (TD, RBC, Scotiabank, BMO, CIBC) all have newcomer packages that waive fees for the first year and don't require a credit history. TD and Scotiabank have strong Indian community outreach. Bring your passport, SIN letter, proof of address (employer letter works initially), and immigration documents. For the first few months, use a secured credit card to start building your credit score.
CRA Tax Filing: World Income for Residents
Once you're a Canadian tax resident (generally after 183 days in a calendar year or when you establish significant residential ties), you must report your worldwide income to the Canada Revenue Agency (CRA) via a T1 return, due 30 April each year. This includes Indian rental income, NRO/NRE interest, dividends, and capital gains. Use the Canada–India tax treaty to avoid double taxation — taxes paid in India generate a Foreign Tax Credit in Canada.
Canada–India Tax Treaty
The treaty covers dividends (Article 10 — 25% withholding, reducible for companies), interest (Article 11 — 15%), and pensions. For most NRIs, the treaty's most useful provision is the Foreign Tax Credit mechanism: Indian TDS paid on NRO interest (typically 30%) offsets your Canadian tax on the same income. File Form 67 on the Indian IT portal before submitting ITR.
FHSA: A Gift for First-Time Home Buyers
The First Home Savings Account (FHSA), introduced in 2023, allows first-time home buyers to contribute up to C$8,000/year (lifetime limit C$40,000). Contributions are tax-deductible (like an RRSP), and withdrawals for a qualifying home purchase are tax-free (like a TFSA). Indian newcomers can open an FHSA as soon as they become Canadian residents — even before buying a home.
Sending CAD→INR
| Provider | Fee on C$1,000 | Speed |
|---|---|---|
| Wise | ~C$5 | Same day |
| Remitly | C$2.99 Express | Minutes |
| TransferGo | C$1.99 | Next day |
| Bank wire | C$25–45 | 2–3 days |
PR Path: Express Entry
Most Indian IT professionals target PR via the Federal Skilled Worker stream under Express Entry. The Comprehensive Ranking System (CRS) score depends on age, education, language (IELTS/CELPIP), and Canadian work experience. Provincial Nominee Programs (PNPs) — especially Ontario and British Columbia tech streams — offer additional pathways with lower CRS thresholds.
Indian Community Hubs
The largest Indian communities are in Mississauga, Brampton (Greater Toronto Area) and Surrey/Delta (Metro Vancouver). Mississauga has a large Gujarati and South Indian community; Surrey is predominantly Punjabi. These areas have Indian grocery stores, temples, and cultural associations that ease the transition.
Track your Indian passport, OCI, and PR card expiry dates in one place with the Document Tracker on NRI Tools.