Before you start

Passport and immigration document
Proof of a Canadian address, though some newcomer packages waive this initially
Social Insurance Number, for interest-bearing and registered accounts
An initial deposit for a secured credit card, in most cases

Step-by-step

1
Open a chequing account on a newcomer package
RBC, TD, Scotiabank, BMO, CIBC and ATB Financial all run newcomer offers that waive monthly fees for a period and accept applicants without Canadian credit history. Several can be started before you arrive.
In personWho: YouWeek 1
2
Consider ATB Financial, which exists only in Alberta
ATB is owned by the province and operates only here, with branches in small towns the national banks have left. For anyone staying in Alberta it is a genuine alternative to the Big Five and is frequently overlooked by newcomers working from a national list.
In personWho: You
3
Apply for a secured credit card immediately
You deposit a sum and receive a card with that limit. Used for small regular purchases and paid in full monthly, it builds a Canadian score from nothing. There is no faster legitimate route.
In personWho: YouWeek 1–2
4
Ask by name about newcomer credit cards without a deposit
Most banks will issue an unsecured card to a recent immigrant on the strength of the immigration document and employment, but staff often default to offering the secured version. Ask specifically.
In personWho: You
5
Open a TFSA and check when your room actually started
Contribution room accrues only from the year you became a Canadian resident, not from the scheme's inception. Over-contributing on the assumption of full historic room is penalised monthly.
OnlineWho: You
6
Use a specialist service for international transfers
Canadian banks charge substantial fees and poor spreads on cross-border transfers. Set one up before you need to move a deposit rather than after seeing the spread.
Mobile appWho: You

Documents you’ll need

Passport
Work permit or Confirmation of Permanent Residence
Social Insurance Number
Proof of Alberta address
Employment letter, sometimes requested for credit products

Things most newcomers don’t know

Your credit history genuinely does not transfer, and Calgary landlords now check it.

A decade ago a tight labour market and loose rental market meant credit checks here were perfunctory. The migration surge changed that, and applicants now compete on documentation as they long have in Toronto and Vancouver. Arriving with an excellent foreign record and being treated as a blank file is a real shock. The only remedy is time plus deliberate activity, started in month one.

Source: Financial Consumer Agency of Canada

ATB Financial is a provincially owned bank that only exists in Alberta.

It is not a credit union and not a Big Five branch — it is owned by the Government of Alberta, operates only within the province, and has branches in communities the national banks withdrew from. Newcomers working from an internationally written list of Canadian banks never encounter it. For anyone intending to stay in Alberta it is worth comparing alongside the national options.

Source: community-reported

Ask for the newcomer credit card by name — it is rarely volunteered.

Most major banks will issue an unsecured card to a recent immigrant on the strength of immigration documents and employment, without any Canadian score. It is a specific named product at each bank, and staff frequently default to the secured card. Asking directly can save a deposit and several months of score-building.

Source: community-reported

TFSA room starts the year you become resident, not the year the scheme did.

Canadians accumulate contribution room every year since 2009 and the cumulative figure is large. Newcomers accrue it only from the year of arrival. The over-contribution penalty is charged monthly on the excess and the CRA does find it. This is among the most common expensive mistakes newcomers make with Canadian financial products.

Source: Canada Revenue Agency

Common mistakes to avoid

Waiting months to start building credit and then needing it for a rental application.
Accepting a secured card without asking whether an unsecured newcomer card exists.
Never considering ATB because it was not on an internationally written list.
Over-contributing to a TFSA on the assumption of full historic room.
Letting the newcomer fee waiver lapse into a paid monthly plan unnoticed.

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.