Fifty-nine per cent of new Canadians say better access to credit would improve their living experience, finds TD
Survey finds 79% new Canadians who have applied for credit say it's challenging to build a credit history here
Although these challenges are widely reported across the new Canadian community, it does not appear they are due to lack of understanding around the need for credit. According to the survey, 68 per cent of new Canadians say they were familiar with credit scores before arriving and 92 per cent believed it would be important to build a credit history here.
When asked what types of credit new Canadians have applied for, the top three were credit cards (92 per cent), car loans (18 per cent) and mortgages (13 per cent) according to consumers surveyed.
"For newcomers beginning their lives in
Credit challenges raise concerns
Despite their understanding of the importance of credit scores, new Canadians have identified significant barriers to entry around developing a strong credit history.
The survey found 80 per cent of new Canadians had applied for credit since arriving and, among them, 82 per cent surveyed faced challenges during the application process. These challenges included a limited knowledge of credit card rewards programs (35 per cent), a lack of knowledge of the Canadian financial system (31 per cent) and only being able to qualify for a lower credit limit/loan amount, which was not sufficient for their needs (31 per cent).
These barriers can cause stress and unease, with two-thirds (66 per cent) surveyed who have applied for credit expressing they are concerned about their Canadian credit history.
The impacts of a new credit reality
One-in-five (22 per cent) new Canadians surveyed who applied for credit do not feel they have enough access to it to maintain a comfortable lifestyle.
Because of a lack of access to credit, new Canadians surveyed have identified:
- Increased financial stress or anxiety (29 per cent)
- Limited ability to take out loans (28 per cent)
- Higher interest rates (27 per cent)
- Difficulty securing housing (27 per cent)
- Inability to save or invest for future goals (24 per cent)
"Our survey revealed just how impactful credit challenges can be for Canadian newcomers. With many new Canadians experiencing stress and anxiety, loan access restrictions, or difficulty achieving their unique financial goals, the need for tailored solutions is evident," added Kara. "TD is here to help new Canadians with the financial advice and tools they need, no matter where they are in their journey."
Credit education and solutions
When asked what would help them build or improve their credit history in
To support Canadian newcomers on their financial journey, such as navigating the Canadian credit system, TD offers a range of tools, resources and access to expert advice including:
- Credit cards with credit limits up to
$15 ,000 with no credit history required: Available for eligible Canadian permanent residents, foreign workers and international students including those without a credit history (Canadian or foreign). -
Newcomer banking packages: Customized banking solutions to meet everyday banking needs, including credit cards, with up to
$1,930 in value for the New to Canada Package and up to$690 in value in the International Student Banking Package. -
Support throughout the newcomer journey: Access newcomer specific financial educational resources in over 10 languages, plus in-branch support at 1,100+ locations nationwide – with extended hours, weekend availability and service in 50+ languages.
- Conditions apply. Offers end
November 5, 2025 .
- Conditions apply. Offers end
About the
This survey was undertaken by The Harris Poll Canada. It ran from the 25th to 29th of
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