Key takeaways
• Moving to a new country and learning about a whole new financial system and tax system can be daunting, but newcomers don't need to go at it alone.
• Non-profit organizations and financial institutions can provide advice and support to help newcomers navigate through banking basics, income taxes, fraud prevention, budgeting and more.
• A credit history is necessary for essentials, like securing a lease on a home and/or a car and getting a cellphone. Newcomers can start building their credit score right away by getting a Canadian credit card, even a starter or secured one.
One of the first things Roseline Ifeanyichukwu-Ezekwe did when she moved to Calgary from Nigeria in 2024 was try to buy a new cellphone.
She walked into her local mobile provider’s store, chose one with a monthly plan, and went to check out.
The process was going as planned until the salesclerk ran a credit check, and informed Ifeanyichukwu-Ezekwe that she wasn’t eligible.
The issue? She didn't have any credit history in Canada.
It was a huge blow to the mom, who at the time was interviewing for jobs and needed a local phone number to communicate with prospective employers.
Ifeanyichukwu-Ezekwe later learned through The Immigrant Education Society (TIES), a non-profit organization in Calgary, of the importance of having a credit card in Canada.
TIES explained to Ifeanyichukwu-Ezekwe how to use a credit card correctly — making timely payments and avoiding late charges — so she could develop a credit score that could help her not only get a phone but also lease a car or rent an apartment.
“I wish I would have known about this credit card issue before,” she said. “I would have applied for one immediately when I arrived.”
Improving financial skills and knowledge for newcomers to Canada
To support new Canadians, TD recently donated $1 million to 14 non-profit organizations, including TIES. Each organization is working to make a tangible impact on newcomer settlement, financial education, and social integration.
Ifeanyichukwu-Ezekwe first visited TIES to attend a free tax clinic. Like many other new immigrants, she found the taxation system in Canada confusing and was unaware of all the government benefits.
TIES helped her apply for a GST rebate but also taught her about other financial skills — spotting fraud, creating a budget, and setting up a savings account.
That savings account means a lot to Ifeanyichukwu-Ezekwe.
“Before joining the program, I felt uncertain about financial matters. But after attending sessions and receiving one-on-one counselling, I feel empowered [and] confident to make smart financial decisions and save wisely," she said.
According to a recent TD survey, 55% of newcomers polled said they have struggled to manage their finances since arriving in Canada. A key barrier for many of them is navigating Canada's financial system, which the survey revealed is a common challenge for all demographics, regardless of their age, income, country of origin, or general financial literacy level.
The survey also showed that 38% of new immigrants have little to no understanding of the Canadian banking system and how to manage their money compared to 25% of the general Canadian population. Out of the newcomers polled, more than 80% said they have faced challenges applying for credit.
“Financial literacy is one of the key criteria to helping newcomers successfully build a new life in Canada. TD is proud to support organizations like TIES that are helping to break down barriers and empower newcomers to start building their financial future,” said Sandy Janjua, District Vice President, Calgary North East, Canadian Personal Banking, at TD.
Bank accounts for new immigrants
Support from TD for the programs to help newcomers overcome these challenges is a "gamechanger," said Noha El Tanahi, Manager, Settlement and Financial Literacy, at TIES.
She said the funding TIES received allowed the organization to hire an additional financial counsellor to provide newcomers with one-on-one support for their financial questions.
The funding also allowed the non-profit to host more community events, including one encouraging participants to sign up for a Registered Education Savings Plan (RESP) and others promoting financial literacy. Nearly 70% of the clients TIES supported came from an underserved population or didn’t have a bank account, she said.
El Tanahi speaks from lived experience. When she arrived in Canada from Egypt more than 20 years ago, she said she made “every mistake in the book.”
“I remember feeling completely blind to the system when I arrived. I accepted every credit card offered, didn't know to keep medical receipts for taxes, and most painfully, I didn't know the Disability Tax Credit existed for my two children for 10 years," she said.
"It took me a decade to learn what we now teach in weeks."
Learning to file taxes, spot fraud, and save money
Through her work, El Tanahi said she sees newcomers make progress every day.
“We had one newcomer who lived here for five years without filing taxes because they didn't know they had to. We helped them file back-taxes and unlock the Canada Child Benefit they were missing,” she said.
TIES also works with the "unbanked" — clients who remain hesitant about the banking system overall. They get guidance on opening their first Canadian bank accounts, which gives them a safe place to store their money.
They also work with moderate-income families who feel they can't save.
“By simply looking at habits — like making coffee at home instead of buying it — we show them how to save $50 a month. That small win often provides the confidence they need to set even bigger goals,” El Tanahi said.
Last year, TIES said it helped 907 families significantly improve their financial skills. One of those families is the Ibrahims.
'Everything is different here'
Syed Samiruddin Ibrahim and his wife Khudsia Arshi relocated to Calgary from India via Saudi Arabia with their four children in 2024.
While the family is well travelled and extensively researched living in Canada before arriving, they still found the move overwhelming.
“Everything is different here,” said Ibrahim, noting there is no income taxation in Saudia Arabia.
Through a TIES clinic that brings government agencies to clients, the couple was able to meet directly with a Canada Revenue Agency (CRA) official. They got personalized answers to their questions, grew their tax knowledge, and received guidance on benefits like the GST/HST credit and the Canada Child Benefit. They also learned more about the RESP.
But like Ifeanyichukwu-Ezekwe, the biggest obstacle for the Ibrahims was developing a credit history.
“Back in India, we did not like to use the credit card very much,” said Ibrahim.
“But TIES explained the importance to us of developing a credit history, and how it helps in buying a home or car. Basically, it gave us confidence.”
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