Moving to Canada is a significant financial transition. It is extremely common for newcomer families to arrive carrying a combination of immigration loans, international student debt, and early Canadian credit card balances all at once. Juggling multiple debts without a clear plan often leads to paying far more interest than necessary. This calculator gives your family a precise, personalized payoff roadmap so you can eliminate debt faster and redirect that money toward building your Canadian future.
Section 1 — Debt Entry Panel
Enter your current debts below. We have provided three common examples to show you how this works. You can overwrite them with your own details or remove them entirely.
Section 2 — Repayment Strategy Settings
How to choose: Comparing a high-interest credit card to a zero-interest immigration loan illustrates the difference. The avalanche method attacks the credit card first, saving you the most money overall. The snowball method attacks the smallest balance first, giving you an immediate psychological win to stay motivated on the journey.
Section 3 — Prioritized Payoff Plan
November 2028
Worth knowing: IRCC Immigration Loans
We noticed you included an Immigration Loan. Before you do anything else, remember:
- IRCC immigration loans under the Immigration Loans Program (ILP) are interest-free.
- Repayment typically begins one year after arrival in Canada with flexible installment terms.
- The ILP no longer covers medical examination fees. These are instead accessed through the Interim Federal Health Program (IFHP). Search “IFHP Canada” for eligibility details.
- If your family experiences repayment difficulty, contact IRCC Collection Services directly to request a deferral before missing a payment.
Search “IRCC Immigration Loans repayment” on canada.ca to confirm current terms.
Your Prioritized Payoff Order
| Priority | Debt Name | Type | Balance | Interest Rate | Min. Payment | Target Payment (Month 1) | Payoff Date |
|---|
| Month / Year | Payment Applied To | Payment Amount | Remaining Balance on Debt | Total Remaining Debt |
|---|
Accelerate Your Payoff with Canadian Government Benefits
Three key federal benefit payments can be strategically directed toward debt repayment as lump sum contributions to accelerate your debt-free date:
- Canada Groceries and Essentials Benefit (CGEB) — formerly known as the GST/HST Credit, this quarterly tax-free payment was renamed and increased by 25% starting July 2026 and is paid every quarter for five years to eligible low- and modest-income households. Families who were receiving the GST/HST Credit automatically continue under the new CGEB name with the same eligibility rules. Directing even one quarterly deposit toward the highest-interest debt can meaningfully reduce total interest paid.
- Canada Child Benefit (CCB) — a monthly tax-free payment for eligible families raising children under 18. As of July 2026, the maximum benefit is approximately $679.75 per month per child under six, and $573.58 per month per child aged six to 17, for families with an adjusted family net income (your total household income after specific tax deductions) below $38,237. Both parents must file their tax returns every year to keep payments coming, even if their income is zero.
- Canada Workers Benefit (CWB) — a refundable federal tax credit (money returned to you even if you owe no tax) for low- and modest-income working Canadians. Eligible single workers can receive up to approximately $1,633 per year and eligible families up to approximately $2,813 per year. Up to 50% is paid in advance installments with the remainder reconciled at tax time. Newcomers on work permits who meet residency and income criteria may qualify.
Specific dollar amounts are indexed annually and individual entitlements vary based on income, family size, and province of residence. Search “CRA My Benefits” at canada.ca or use the CRA official Child and Family Benefits Calculator to check your current entitlement amounts. Do not rely on figures hardcoded in any calculator, as these change every July.
You Are Not Alone in This
Carrying debt as a newcomer does not reflect failure; it reflects the real cost of building a new life in Canada. Immigration loans, student debt, and early credit card balances are a normal part of the settlement journey for hundreds of thousands of families.
If you need professional guidance, these free or low-cost Canadian resources are available (search these organizations directly):
- Credit Counselling Society — search “Credit Counselling Society Canada” (nomoredebts.org)
- Financial Consumer Agency of Canada — search “FCAC debt management tools canada.ca”
- Ontario credit counselling services — search “Ontario free credit counselling”
- Prosper Canada — search “Prosper Canada financial empowerment newcomers”
Every extra dollar your family puts toward debt this month brings you one step closer to financial freedom.