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 BC credit union as well
British Columbia has one of the strongest credit union sectors in the country and the Island ones have deep local branch networks. They frequently beat the national banks on everyday fees, small mortgages and personal lending, and they are often more willing to look at a newcomer file as a human rather than as a score.
In personWho: You
4
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 staff often default to the secured one.
In personWho: YouWeek 1
5
Use the card small and clear it in full every month
Put a recurring charge on it and pay the balance in full. Low utilisation plus perfect payment history is what builds the score; carrying a balance builds nothing but interest.
Mobile appWho: You6–12 months to a usable score
6
If you are buying, price the transfer taxes before the mortgage
British Columbia charges property transfer tax on a purchase, with exemptions for some first-time and newly built purchases, and levies an additional transfer tax on foreign purchasers in specified areas that include the capital region. Then there is the annual Speculation and Vacancy Tax declaration on top. Model all of it before you fall in love with a listing.
OnlineWho: You

Documents you’ll need

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

Things most newcomers don’t know

The credit unions here are a genuine competitor, not a consolation prize.

British Columbia's credit union sector is proportionally one of the largest in Canada and the Island ones have full branch networks, competitive mortgages and staff who make lending decisions locally. Newcomers arrive with a mental list of five bank names and never consider them. For a first mortgage with an unusual income history — a common newcomer situation — a local underwriter who can look at the whole file is worth a great deal.

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 the online advice is written for people who have always lived here.

Source: Canada Revenue Agency

Buying here carries an annual obligation, not just a purchase cost.

Once you own residential property in the capital region you must file a Speculation and Vacancy Tax declaration every single year by 31 March, whether or not anything has changed and whether or not you live in it. It is not triggered by a sale or an event; the declaration is the mechanism. It is the sort of annual admin that people who bank entirely by direct debit are least equipped to remember.

Source: BC — speculation and vacancy tax

Common mistakes to avoid

Arriving at a competitive viewing with no credit file and no employment letter.
Opening a standard account instead of asking for the newcomer package by name.
Never getting a quote from a BC credit union.
Carrying a balance in the belief that it builds credit faster — it does not.
Over-contributing to a TFSA on the assumption of full historic room.
Budgeting a purchase without the property transfer tax, the foreign-purchaser tax if it applies, and the annual speculation tax declaration.

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