These Are the Moving2Canada Team’s Biggest Money Mistakes

To mark Financial Literacy Month, I asked members of the Moving2Canada team to share the biggest financial mistakes they made when they first arrived. Their honesty might save you time, stress, and money. 

Below are the lessons we wish we had known earlier. 

Cheap now, expensive later: the cost of buying “dupes” 

Rachel admitted that her first instinct in Canada was to save wherever possible… which led to a lot of “dupe” purchases. 

“One of my mistakes was buying cheaper ‘dupes’ to save money, but the quality didn’t hold up. I ended up buying the original item anyway, so I spent more in the long run.” 

This is a familiar trap for newcomers. When you’re adjusting to a new currency, new price points, and sometimes a rapidly shrinking savings buffer, it can feel responsible to opt for the cheapest option. But replacing a poorly made kettle, jacket, or pair of boots often costs more than buying something durable in the first place. 

What to do instead

Think of essential purchases as long-term investments. You don’t always need the premium option, but choosing the absolute cheapest alternative often creates hidden costs—especially for items that need to survive Canadian winters. 

“I didn’t negotiate my first salary”: the price of not knowing your worth 

Rebecca shared a mistake that many newcomers make for one simple reason: gratitude. 

“For my first job, I didn’t negotiate my salary as I was just happy to have a job. I should have done more research on wages.” 

Arriving in Canada often means rebuilding your career, and it’s easy to feel like you need to accept whatever offer comes your way. But salary transparency and negotiation culture vary widely between countries—and not advocating for yourself can lead to years of being underpaid. 

What to do instead

Research market salaries using tools like Glassdoor, PayScale, and provincial job banks. If you’re applying in a sector that relies heavily on newcomers—healthcare, construction, tech, hospitality—benchmark your role across several provinces.  

When you receive an offer, remember that negotiation isn’t rude. In Canada, it’s expected. And when it comes to negotiating your salary and overall compensation package, even a small increase compounds over time. 

Missing out on free money: not using the TFSA early enough 

Indira’s confession touches on one of the most common (and costly) misunderstandings newcomers face: Canada’s savings accounts. 

“I had no idea there were different types of accounts in Canada that give you tax benefits depending on what you’re saving for. I only just started using my TFSA after three years of living here!” 

The Tax-Free Savings Account (TFSA) is a powerful financial tool in Canada. Newcomers may begin accumulating contribution room as soon as they become tax residents, which means waiting several years to open and use one is essentially missing out on tax-free investment growth. 

What to do instead

Even if you’re not ready to invest right away, open a TFSA when you’re eligible and learn how it works. You can hold cash, invest slowly over time as you learn about and understand the risks, or use the account’s flexibility to save for short- or long-term goals. The tax advantages compound every single year. 

A near miss with credit: misunderstanding how credit works in Canada 

As for my mistake – luckily it was more of a near miss. But it was still a valuable lesson I’d love to pass on.  

I didn’t have a lot of experience with credit products before moving. When my bank sent me a credit card offer, I assumed it meant I’d be automatically approved.  

Luckily, I learned that banks often send promotional offers that look like approvals but are really just invitations to apply. For newcomers—who typically start with no Canadian credit score—early rejections can lower credit scores before they’ve even begun building them, so applying too early and/or too often can hurt your credit score. 

What to do instead

Start slowly. A secured credit card or credit product designed for newcomers, a phone plan, or a basic starter card with a low limit can help establish your payment history. Having a history of income coming into your account with your bank may help too.  

Once you’re in a position to get a credit card, avoid applying for multiple products at once, and educate yourself on how credit checks and credit scores work in Canada. Building credit takes time, and that’s completely normal. 

 Learn more about credit in Canada with these resources: 

• How to build your credit history in Canada
• 7 credit score myths you should ignore as a newcomer
• Reporting your rent payments to boost your credit score
• How credit monitoring in Canada can help newcomers

What these mistakes have in common 

Two patterns stand out to us from our mistakes: 

Information gaps cost money. Whether it’s not understanding the TFSA or not knowing that salary negotiation is normal, missing context can lead to long-term financial consequences. 

Small decisions add up. One credit card rejection, one lowball salary, or a few fragile “dupe” purchases can have long-term effects on your finances. 

Final takeaway: give yourself time—but also give yourself knowledge 

Luckily, my experience and the experiences of my teammates show that you don’t need to be perfect from day one to succeed in Canada. But being informed early can help you avoid unnecessary stress and unnecessary expenses. 

Every member of the Moving2Canada team who shared their story here is far more confident navigating Canada’s financial system. And now, thanks to a bit of collective humility, we all hope that our lessons can hopefully save you money too. 

As you build your new life in Canada, think of your financial literacy as part of your settlement toolkit. A little research today can prevent a lot of regret tomorrow. And if you ever feel overwhelmed, take comfort: even the team of people whose job is to help newcomers had to learn these money lessons the hard way. 

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