When you arrive in Canada, you start with zero local credit history — even if you had a flawless record back in Iran. This page walks through opening a newcomer account, getting a first secured card, building Equifax/TransUnion history, renting safely, and qualifying for a mortgage. Every link goes to an official Canadian source.
RBC Newcomer banking · TD New to Canada · Scotiabank StartRight
RBC, TD, and Scotiabank all run "newcomer" packages: free chequing for 12 months, instant debit card, and in many cases an unsecured credit card with no Canadian credit required. You typically need a passport, CoPR or PR card, and a Canadian address. Branches in North Vancouver, Coquitlam, and North Toronto often have Farsi-speaking staff.
If a bank declines you for a regular card, a secured credit card is the standard fix. You deposit $500–$2,000 as collateral, that becomes your limit, and after 6–12 months of on-time payments your credit score is established. Capital One Guaranteed Mastercard and Home Trust Secured Visa are the most common entry points.
Equifax Canada · TransUnion Canada · FCAC — Credit reports
Canada has two credit bureaus: Equifax and TransUnion. A score of 660–724 is good, 760+ excellent. Pay everything on time, keep card balances under 30% of the limit, and let the account age — those three habits drive most of your score. You're entitled to a free report from each bureau every year.
CMHC — Buying a home step by step
CMHC publishes the official seven-step roadmap: assess affordability, get pre-approved, hire a realtor, find the home, make an offer, get an inspection, then close. Minimum down payment is 5% on the first $500,000, with higher tiers above that. This is the canonical reference Canadian banks themselves point first-time buyers to.
CMHC — Mortgage loan insurance
A down payment under 20% legally requires mortgage default insurance from CMHC, Sagen, or Canada Guaranty. The premium (2.8%–4.0% depending on loan-to-value) is added to your mortgage principal. It protects the lender, not you — but it's the mechanism that lets newcomers buy with as little as 5% down.
CRA — First Home Savings Account
The FHSA is a registered account designed for first-time home buyers: contribute up to $8,000/year ($40,000 lifetime), deduct it from your taxable income like an RRSP, and withdraw tax-free toward your first home like a TFSA. It replaced the older First-Time Home Buyer Incentive in 2024 and is the strongest tool for newcomer savers.
CMHC — Renting a home · Ontario LTB · BC Residential Tenancy
Tenancy law is provincial. Key universal points: deposits are capped (usually one month), evictions require legal notice, and most provinces cap annual rent increases (e.g. Ontario set 2.5% for 2024). Never pay cash without a receipt, and never sign a lease before reading the standard provincial form.
FCAC — Order your credit report
A credit report has four sections: personal info, tradelines (active accounts), inquiries, and public/negative records. Tradelines are what really matter — verify every one is correct, current, and yours. Both bureaus must investigate disputes free of charge, usually within 30 days.
A TFSA shelters investment growth from tax forever (2026 contribution room is around $7,000). An RRSP gives you an immediate tax deduction and defers tax until retirement. Newcomers get TFSA room the year they become tax-resident, but RRSP room only builds after you file a Canadian tax return with employment income.
CAFC — Canadian Anti-Fraud Centre
The two big newcomer scams: fake rental ads (using real home photos and demanding e-transfer before viewing) and "guaranteed approval" mortgage brokers who charge upfront fees. No legitimate landlord or licensed broker collects a deposit before an in-person viewing or signed agreement. Report fraud to the Canadian Anti-Fraud Centre.
For mortgage pre-approval, complex newcomer banking, or cross-border tax planning with a Farsi-speaking advisor, browse our directory.
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Information current for 2026