Before you start

Passport and immigration document
A Canadian address
Social Insurance Number, for interest-bearing and registered accounts
A deposit, if you end up with a secured credit card

Step-by-step

1
Pre-open the account from abroad if your bank allows it
Several major banks accept newcomer applications before arrival, letting you move funds ahead of the move and walk into a branch with the account already created. Doing it before you land removes a week of friction at the point you have least slack.
OnlineWho: You
2
Open on a newcomer package rather than a standard account
Newcomer programmes waive monthly fees for a promotional period, usually a year, and accept applicants with no Canadian credit file. Ask for it by name — a standard account is what you get if you do not.
In personWho: YouWeek 1
3
Get a quote from a Saskatchewan credit union as well as the banks
Saskatchewan has one of the strongest credit union sectors in the country, with branches in neighbourhoods where the national banks have closed theirs. They frequently quote better on day-to-day fees, small mortgages and personal lending, and are more willing to look at an unusual file in person. They are less useful if you travel constantly. Twenty minutes for a second quote is well spent.
In personWho: You
4
Know the deposit rule and its instalment
A Saskatchewan landlord may require a security deposit of up to one calendar month's rent — but only 50% of it at the point the tenancy agreement is entered into, with the remainder payable within two months of you taking possession. Most landlords ask for the lot up front and most tenants pay it. Knowing that half of it is not yet due is worth a month's breathing space when you have just paid for a move.
In personWho: You
5
Apply for a credit card in the same appointment
Newcomer cards are approved on immigration status and income rather than a Canadian score. If declined, ask for a secured card where a refundable deposit backs the limit — but ask about the unsecured newcomer card first, because branch staff often default to the secured one.
In personWho: YouWeek 1
6
Open the Crown corporation accounts in the same week
SaskPower for electricity, SaskEnergy for natural gas and, in most cases, the City for water — plus SGI when you switch the plates. A new account with no Canadian credit file usually wants a deposit or a credit check, so build that into the moving budget rather than discovering it on the day the heating is due to go on.
OnlineWho: YouWeek 1
7
Open a TFSA and check when your contribution room actually began
Room accrues only from the year you became a Canadian resident, not from the scheme's launch in 2009. Over-contributing on the assumption of full historic room is penalised monthly and the Canada Revenue Agency does find it.
OnlineWho: You

Documents you’ll need

Passport
PR card, Confirmation of Permanent Residence, or work permit
Social Insurance Number
Proof of a Canadian address
Employment letter, for credit products and for rental applications

Things most newcomers don’t know

Half the security deposit is not due until two months after you move in.

Saskatchewan caps the security deposit at one calendar month's rent, and separately limits what may be collected at signing to 50% of it, with the balance payable within two months of the tenant taking possession. Landlords routinely ask for the whole amount up front and tenants routinely pay, because nobody has read the rule. Knowing it converts half a month's rent into two months of breathing space at exactly the point a move has drained the account.

Source: Government of Saskatchewan — security deposits

An employment letter is what stands in for the credit file you do not have.

You cannot manufacture Canadian credit history in your first month, but you can arrive at a viewing with a letter confirming role, salary and start date, plus references and identification. Landlords are managing risk and want something concrete to weigh. Have the packet printed before your first viewing rather than after your third rejection.

Source: community-reported, consistently corroborated

Ask for the unsecured newcomer credit card before accepting a secured one.

Several major banks issue unsecured cards to recent immigrants on the strength of an immigration document and an employment letter, with no Canadian score required. Branch staff often reach for the secured product, which locks up a deposit unnecessarily and takes longer to turn into a usable score. One direct question is worth several months of history.

Source: Financial Consumer Agency of Canada — banking for newcomers

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

Canadians accumulate room every year since 2009 and the cumulative figure is large and endlessly quoted online. Newcomers accrue it only from the year of arrival, and the over-contribution penalty is charged monthly on the excess. It is one of the most common expensive newcomer mistakes in Canada precisely because online advice is written for people who have always lived here.

Source: Canada Revenue Agency

Common mistakes to avoid

Paying the whole security deposit at signing when only half of it is due then.
Arriving at a viewing with no credit file and no employment letter.
Opening a standard account instead of asking for the newcomer package by name.
Accepting a secured card without asking whether you qualify for an unsecured newcomer card.
Forgetting the Crown corporation utility deposits in the moving budget.
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.