Oil heating is inefficient and expensive to fuel, so it makes sense you would save money switching to electric. Before moving forward I would recommend consulting with an electrician or HVAC company to see if your electrical service can handle it.

Also I'm not an expert but I think most heat pump systems have backup resistive heaters for when it gets too cold

Is this for 1 air-sourced heat pump? Several mini-splits? Geothermal?

Modern heat pumps work down to -30C, at which point the furnace supplements with electric heat which is built into the unit.

My electricity costs dropped 50% over my builder-grade piece-of-shit electric furnace & AC unit -- and I even increased from a 2 ton to a 2.5 ton system. The initial cost was about $12k, and it will take 8 to 10 years to break even, less if the cost electricity keeps increasing the way it has over the last 10 years.

Also, you may not want A/C now, but you will shortly -- heat waves are getting more severe each year.

We had them when I lived in Montana, and we'd get down to -38C. They have a backup resistive heater built in. I'd supplement it with a little resistive heater, (mainly because I didn't realize there was a resistive heat mode, lol), but even at its coldest, the air source heatpump was fine. This was in the US, but it was about $130 USD/month during the coldest months for about 800 square feet, decent insulation, double paned glass, ground floor apartment. That bill was for everything- heating, electric water heater, computer, lights, oven, washer/dryer/dishwasher. Summer power bills were about $60 for everything, and that was with the heat pump running cold air. Montana doesn't even have the cheapest electricity. Suffice to say I was sad when my next apartment(s) did not have that, and I spent considerably more to heat and cool it, haha.

Aside from being remarkably less expensive due to their efficiency is the benefit that you don't have to worry about natural gas /oil refills, fuel fires, and carbon monoxide from furnace issues. And depending on where you source your electricity from, you might be decoupled from the whims of OPEC/local production issues in your area.

I'd say, before you spend anything on your furnace or heatpump, I'd check your insulation and windows. Those go a long way in saving you money, regardless of outcome.