Banking in Canada as a Newcomer: Your First 90 Days

Moving to Canada means starting your financial life over. Your credit history from home usually doesn’t come with you. Here’s a practical order for your first three months.

1. Open a bank account (week 1)

Under federal rules, banks must open a basic account for you if you have acceptable ID, even if you don’t have a job, money to deposit or a credit history. You’ll usually need:

• your passport, plus your immigration document (PR card or confirmation, study or work permit)
• your Canadian address (a temporary one is often accepted)
• your Social Insurance Number (SIN) if you have one. Banks ask for it on accounts that earn interest, for tax reporting, but you don’t need a SIN to open an account.

Most big banks have newcomer packages: fee-free chequing for the first year, a credit card with no Canadian history and sometimes a safety deposit box. Compare what happens after the first year, when regular monthly fees can start.

Online banks often have no monthly fees at all, but some need a SIN or Canadian credit check to sign up.

2. Get your first credit card (month 1)

Your credit file in Canada starts empty. Two easy ways in:

• The newcomer card from your bank. It often comes with a low limit and no credit check.
• A secured credit card, if you’re not offered a newcomer card.

Use it for one small regular bill and pay it in full automatically. See how to build credit.

3. Learn the local tools (month 1–2)

• Interac e-Transfer sends money to anyone by email or phone number. It’s how most people pay rent, split bills and pay back friends.
• Debit (Interac) works almost everywhere, including small shops.
• Sending money home: compare the exchange rate, not just the fee. Banks often add a margin to the rate. Dedicated transfer services are usually cheaper.

4. Open a TFSA (month 2–3)

You build TFSA room from the year you become a resident and are 18 or older. Even a small TFSA savings account earns tax-free interest. See TFSA vs RRSP vs FHSA.