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, because that is where the ongoing cost sits.
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. This is the standard route and there is no faster legitimate alternative.
In personWho: YouWeek 1–2
3
Ask specifically about newcomer credit cards without a security deposit
Several banks issue an unsecured card to newcomers within the first years of arrival on the strength of the immigration document rather than a score. These are not always offered unless you ask by name.
In personWho: You
4
Open a TFSA and understand when your room started
Tax-Free Savings Account contribution room accrues only from the year you become a Canadian resident, not from the scheme's start. Over-contributing because you assumed the full historic room is a common and penalised mistake.
OnlineWho: You
5
Set up direct deposit for payroll and pre-authorised debits for bills
Canadian payroll and utilities run on direct deposit and pre-authorised debit, and paying on time is what actually builds the score. A single missed utility payment referred to collections does disproportionate damage early on.
OnlineWho: You
6
Use a specialist service for international transfers
Canadian banks charge substantial fees and poor spreads on cross-border transfers. Wise and comparable services cost a fraction. Set one up before you need to move a deposit or a house sale.
Mobile appWho: You

Documents you’ll need

Passport
Work permit or Confirmation of Permanent Residence
Social Insurance Number
Proof of Canadian 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.

Landlords in Vancouver's tight rental market routinely run credit checks, mobile carriers require a check or a deposit for a postpaid plan, and insurers in some provinces consider it. Arriving with an excellent record elsewhere and discovering you are treated as an eighteen-year-old is a genuine shock. The only remedy is time plus deliberate activity, which is why starting in month one matters so much 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 credit card to a recent immigrant on the strength of their immigration documents and employment, without any Canadian score. It is a specific product with a specific name at each bank, and branch staff frequently default to offering a secured card instead. Asking directly can save you a deposit and several months.

Source: community-reported

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

Canadians accumulate room every year since 2009, and the total is large. Newcomers accumulate it only from the year they become residents. The over-contribution penalty is charged monthly on the excess, and the CRA finds it. This is one of the most common expensive mistakes newcomers make with Canadian financial products, precisely because the advice available online is written for people who have always lived here.

Source: Canada Revenue Agency

Watch the day the newcomer fee waiver ends.

The packages that make Canadian banking look cheap generally waive the monthly chequing fee for twelve months. Afterwards a monthly fee applies unless a minimum balance is maintained, and it is charged quietly. Diarise the end date when you open the account and either move to a no-fee digital bank or meet the balance requirement deliberately.

Source: community-reported

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 is available.
Over-contributing to a TFSA on the assumption you have the full historic room.
Letting the newcomer fee waiver lapse into a paid monthly plan unnoticed.
Moving large sums through a bank rather than a specialist transfer service.

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