Credit Access for New Canadians: Barriers & Opportunities
Canada’s population growth is being fueled by immigration—but newcomers face unique challenges when it comes to credit.
The Challenge: Establishing Credit History
A TD survey in August 2025 found:
- 79% of new Canadians experienced difficulty building credit.
- Many struggled with access to credit cards, auto loans, or mortgages.
Source: TD News Release, August 2025
Why It Matters
Without a strong credit file, new Canadians:
- Face higher borrowing costs.
- Struggle to rent apartments.
- Are excluded from mainstream financial opportunities.
Possible Solutions
- Secured credit cards – a stepping stone for newcomers.
- Cosigner support – family or employer-backed lending.
- Rent & bill reporting – turning everyday payments into credit history.
- Community banking programs – immigrant-focused financial services.
Opportunities for Lenders & Platforms
New Canadians represent one of the fastest-growing borrower groups in the country.
Credit providers who adapt products for this audience can build long-term loyalty and strong portfolios.
Conclusion
Better credit access isn’t just a social good—it’s an economic growth driver.
Solving the barriers faced by new Canadians will be a win for consumers, lenders, and the broader Canadian economy.