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 and CIBC 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. Compare what happens when the promotional period ends.
In personWho: YouWeek 1
2
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 every month, it builds a Canadian score from nothing. There is no faster legitimate route.
In personWho: YouWeek 1–2
3
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
4
Consider Alterna or a local credit union alongside the banks
Ottawa has a strong credit union presence and they frequently offer better rates and lower fees than the Big Five for straightforward banking. They are also more willing to look at a thin credit file individually rather than by algorithm.
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 Ontario address
Employment letter, sometimes requested for credit products

Things most newcomers don’t know

Your credit history genuinely does not transfer, and it gates more than borrowing.

Ontario landlords routinely run credit checks, mobile carriers require one or a deposit, and no lender will consider a foreign record. Arriving with an excellent record elsewhere and being treated as a blank file is a real shock. The only remedy is time plus deliberate activity, which is why starting a secured card in month one matters far more than it seems to at the time.

Source: Financial Consumer Agency of Canada

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 instead. Asking directly can save a deposit and several months of score-building.

Source: community-reported

A credit union will look at a thin file with human judgement where a bank uses a model.

Ottawa has an unusually strong credit union sector, and their underwriting for small credit products is more willing to consider an employment letter and a foreign record than an automated bank decision is. For a newcomer being declined by algorithm at the Big Five, walking into a credit union with documentation is a genuinely different conversation and is rarely suggested.

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 trying a credit union after an automated bank decline.
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.