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How bad access to credit keeps newcomers from getting ahead

– moneysense.ca

When newcomers arrive in Canada, many bring financial responsibility, professional experience, and aspirations for a better future. But despite these strengths, one key element often stands in their way: access to credit.

According to a 2025 TD survey, 92% of newcomers understood the importance of building credit before arriving in Canada. Yet 82% of those who applied for credit faced immediate barriers. For many, these challenges go beyond inconvenience. They directly affect immigrants’ ability to secure housing, buy a car, start a business, and simply build a life in Canada.

This isn’t just about money. It’s about inclusion. And if Canada sees immigration as important to its future, then removing systemic financial barriers must be part of the national conversation.

A cultural shift, and a credit wake-up call

Like many immigrants, I arrived in Canada financially stable. But the Canadian financial system didn’t recognize that.

I grew up in India and the Middle East with a simple rule: never buy what you can’t afford…

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