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Starting your life in Canada? One of the most important financial steps you’ll take is building your credit history. A strong credit history in Canada opens doors; it helps you rent a home, get a phone plan, apply for a loan, or even qualify for a mortgage. In this guide, we’ll walk you through how to build a credit score in Canada, even if you’re starting from zero. Whether you’re wondering how to build your credit score in Canada for the first time or looking to improve it, this step-by-step approach will help you succeed.
To build credit in Canada, start with a secured credit card, pay your bills on time, keep your credit use low, and use rent reporting services. Most newcomers can build a strong credit history within 6–12 months of responsible credit use.
In Canada, your credit score is a three-digit number that represents how reliably you repay money. The score ranges from 300 to 900, with lenders viewing higher scores as less risk. Your credit report reveals your history of credit use and repayment, which influences your credit rating.
According to Borrowell (2023), “It typically takes 6–12 months of responsible credit use to build a strong enough credit history to qualify for most loans.” That’s why it’s important to start building credit in Canada as early as possible.
When you arrive in Canada, you may face a challenge: you need credit to get a car loan, rent an apartment, or apply for a mortgage, but you can’t access credit without a history.
Lenders use your credit history (from Equifax or TransUnion) to decide if you’re a responsible borrower. This record includes:
Without this history, newcomers may be unable to get loans or face high interest rates unless they have a co-signer or collateral. Don’t worry, you can start building credit right away.
Join us for an eye-opening session on how to build your financial future in Canada with confidence. This free webinar is hosted in partnership with Scotiabank, a trusted leader in newcomer banking. Together, we’ll guide you through how the Canadian banking system works and share free tools and strategies to help you plan, save, and invest wisely as a newcomer.
REGISTER FOR THE WEBINARHere are practical steps to begin building your credit score in Canada as a newcomer:
Your credit history is like a financial resume. It shows lenders whether you repay debts reliably. Your history begins once you open a credit account in Canada, usually a credit card or a loan.
You arrive with a blank slate, so the habits you form early are vital. Even without plans to buy a home right away, building credit is smart.
Building a credit history in Canada doesn’t happen overnight.
Many banks in Canada offer special newcomer packages that include credit-building tools. Some even pre-approve you for a secured credit card. Over time, responsible use can lead to unsecured cards with better terms. You can read more about how to get a credit card in Canada and avoid common mistakes.
Your credit score (between 300 and 900) is a summary of your credit history. Here’s why it matters:
🔍 Lenders use it to decide if you qualify for a loan or mortgage
🏠 Landlords often require it before renting a home
💼 Employers (especially in finance) may check it during the hiring process.
| CREDIT SCORE RANGE | RATING |
|---|---|
| 760+ | Excellent |
| 725 – 759 | Very good |
| 660 – 724 | Good |
| 560 – 659 | Fair (may qualify for loans) |
| 300 – 559 | Poor (needs improvement) |
Example: On a $1,000 card, don’t spend more than $300.
Ideally, pay in full, but at least the minimum to avoid penalties.
Interest starts immediately, often at a higher rate.
Source: Government of Canada, Financial Consumer Agency, 2024“The average interest rate on Canadian credit cards is around 20%, and even higher on cash advances.”
Too many accounts = higher risk in the eyes of lenders.
Missed payments hurt your score and stay on your report for years.
Use free tools like Borrowell or your bank’s credit monitoring service.
Renting your first home in Canada as a newcomer can be a challenge, especially if you don’t yet have a credit history. This is a common barrier: over 80% of Canadian landlords conduct credit checks as part of their tenant screening process. That means your credit score, and what’s in your credit report, can influence whether you get approved for a rental. Landlords often run credit checks, but there are ways around it:
💰 Show proof of savings to demonstrate rent affordability
📄 Provide employment letters or pay stubs to prove income
👥 Use references from employers or past landlords
👨👩👧 Get a co-signer with Canadian credit history (if possible).
Building credit takes time; expect 6+ months for it to appear on your report. Until then, focus on responsible financial behavior.
Cancel or transfer utilities when you move
Missed final bills can go to collections and hurt your score.
Read the fine print on contracts
Know the policy and any penalties for canceling internet, gym, and phone plans.
Avoid defaulting, communicate with creditors
If you lose your job or face hardship, contact lenders to arrange a payment plan.
Only borrow what you can afford
Living within your means is the best long-term credit strategy.
Your credit report includes:
Collection items stay for 6 years, legal judgments for 10 years, so protect your report early.
Building credit in Canada may seem overwhelming at first, but every payment and responsible decision counts. Whether you’re using a secured credit card, signing up for rent reporting, or simply paying your bills on time, each step helps you move forward.
The key is to start early and keep your long-term goals in mind. Now you have the tools to build credit and your credit score in Canada the right way! Stay informed, be patient, and you’ll build a strong credit history that supports your future in Canada.
A. You can start building credit within within 6 – 12 months of using a credit card responsibly.
A. Yes! Rent reporting, utility bills, and even some mobile phone plans can help if reported to credit bureaus.
A: Generally, no. Canadian credit history starts fresh when you arrive.
A. Your credit history is your record of borrowing and repayment activity, while your credit score is a numeric summary of that history.
With Valentine’s Day on February 14th, we turn our heads to the usual gifts like flowers, chocolate, jewellry, and pricey restaurant dinners. But, have you thought about the gift of financial well-being and the freedom that comes with it? As a newcomer couple to Canada, wisely managing your finances together can be the greatest Valentine’s Day gift! Discover how these Valentine’s Day ideas can grow your money.
Knowing each other’s views about money and spending is vital to building a bright financial future. As a newcomer couple, discussing your joint finances and views on money is important. An open discussion about saving and spending money will ensure you focus on joint financial goals and priorities. Investing in each other, beyond traditional Valentine’s Day gifts, can strengthen your bond.
Celebrating your love on Valentine’s Day is a great reason to spend your cash, but stick to your budget. Avoid the pressure to overspend.
Before you start shopping, set your Valentine’s Day budget and add the cost of travel, gifts, decorations, and other expenses. Avoiding the trap of overspending on impulse purchases.
If your partner is open, dine at a restaurant a few days before or after Valentine’s Day. Some restaurants and florists boost prices to take advantage of Valentine’s Day demand.
You can stay within your Valentine’s Day budget using credit card rewards or cash-back offers. This can save you money if you redeem your points for travel, merchandise, gift cards, or other offers. But, avoid the lure of spending beyond your Valentine’s Day budget to earn rewards or points.
Some cards offer higher earnings for groceries, dining, or travel. You may get valuable sign-up bonuses when you meet initial spending thresholds.
Reward credit cards are a great way to earn points or cash back on everyday purchases. However, many cards charge annual fees that can be expensive. Without careful planning, even Valentine’s Day gifts could lead to higher annual percentage rates (APRs) making them less attractive if you carry a balance.
When deciding which rewards card is for you, consider how much you spend, what rewards you prefer, and annual fees.
While discussing your joint finances may not sound romantic, it goes a long way in reducing conflict. Financial stress is a leading factor contributing to divorce and separation in Canada. However, you’ll build a strong foundation when you discuss money and how to merge it. Make money talk a regular part of your relationship.
Consider building a framework to discuss money monthly or quarterly to review your goals, saving strategies, and progress. Or, explore budget planners to create a custom budget.
Discussing your short-term financial goals may include tackling credit card debt before setting aside savings. Valentine’s Day is one of the biggest commercial holidays in Canada. And, if your loved one’s favourite gift is more expensive this year, it’s easy to overspend using your credit card. But, focusing on your short-term savings goals may be smarter.
You may want to open a joint savings account for special events like Valentine’s Day, anniversaries, birthdays, and trips. Small contributions add up over time.
A solid savings plan can help you achieve your financial goals faster, whether saving for a wedding, your first home, or your child’s education. A thoughtful Valentine’s Day gift idea may be a special homecooked meal and movie night without racking up your credit card bill.
Join us for an insightful webinar designed to help you navigate the various routes to owning a home in Canada. Whether you’re looking to buy your first home through a traditional mortgage, exploring co-ownership opportunities, or interested in rent-to-own solutions, this webinar will provide the information and tools you need to make informed decisions.
REGISTER FOR THE WEBINARSaving money for an emergency fund to cover unexpected expenses or situations, like an urgent car repair or job loss is smart. An emergency fund to cover three to six months of household expenses can provide the safety net and peace of mind you need.
As a couple, a joint emergency fund can give each one access to cash. Using a high-yield savings account offers higher interest rates than traditional savings accounts. Your joint fund should be easy to access, but it’s best to use it for real emergencies.
Before you use your fund, assess if it’s an emergency. Perhaps the expense is something you can put aside and save for in the future.
It can take months or years to reach your desired emergency fund goal. But, contributing a small amount regularly will make a big difference. Or, skip the expensive Valentine’s Day dinner and roses and deposit the money you save into your joint emergency fund!
Make each day Valentine’s Day by saying “I love you”. No amount of heart-shaped boxes of chocolates or roses will match that! Or, if you have crafting skills, you can make a gift for your loved one! Do-it-yourself (DIY) Valentine’s Day gifts are a great idea!
You can make just about anything when it comes to DIY gifts. Be creative with your Valentine’s Day ideas. Think about what your loved one will appreciate. A DIY gift is more personal and romantic than a store-bought gift. What’s even better? DIY Valentine’s gifts are easier on your wallet.
For the hopeless romantics, consider compiling a photo book from your favourite memories. You can write romantic captions or add quotes from poems or books.
However you celebrate the day, thinking of long-term financial goals and staying within your budget, can be the greatest Valentine’s Day gift idea!
For newcomers and international students arriving in Canada, the current rate of inflation affects how much you pay for housing, groceries, transportation, and other expenses. Staying informed about inflation changes can help you budget and manage your finances. Stay up-to-date with recent changes so you can manage the cost of living in Canada.
The most recent Statistics Canada data (June 2024) shows the annual inflation rate fell from 2.9 percent in May to 2.7 percent in June. This rate drop is welcome news for immigrants who have recently arrived or will soon arrive.
Lower gasoline prices were the driving force behind the rate drop.
What is contributing to the current rate of inflation?
Durable goods (cars, home appliances, consumer electronics, furniture, sports gear, toys, etc.) fell by 1.8 percent, which also helped lower the rate.
More good news for newcomers is that cell phone services were down 12.8 percent in June compared with 19.4 percent in May. Canada has some of the highest mobile phone rates in the world.
Clothing and footwear prices also edged lower in June. Service prices rose 4.8 percent annually in June, compared with a 4.6 increase in May.
| COST OR SERVICE | CHANGE |
|---|---|
| Durable Goods (furniture, appliances) | Down 1.8% year over year |
| Used vehicles | Down -4.5% amid improved inventory levels compared with a year ago |
| Travel tours | Down 11.1 compared to a year ago |
| Recreation/Leisure | Down 0.5% in June after a 0.4% gain in May |
| Cell phone services | Down 12.8% in June compared to May 2024 |
| Gas prices | Rose just 0.4% in June compared to 5.6% in May |
| Price for fresh fruit | Down -5.2% in June compared with May (-2.8%) |
Newcomers can monitor inflation in Canada to help budget for costs.
Housing inflation is a concern for immigrants
While rent growth has slowed in recent months in Canada’s largest cities, Toronto and Vancouver, some popular rental markets, such as Alberta, continue to have rental price growth. Rent prices in Canada rose 9 percent in June compared to June 2023.
So, will the drop be enough to convince the Bank of Canada (BOC) to cut its key overnight lending rate gain?
The BOC lowered interest rates from 5 percent to 4.75 percent in June 2024. That cut was the first in four years, and the first time the rate fell below five percent since July 2023.
The Bank will meet on July 24 to discuss whether current economic conditions warrant further cuts.
Derek Holt, Vice President and Head of Capital Markets Economics for Scotiabank believes that “the BOC is still likely to cut” in July, which would be good news for immigrants.
The BOC has set a target of two percent inflation. Inflation hit a high of 8.1 percent in June 2022, just as the Canadian economy was recovering from the pandemic. The BOC hiked interest rates 10 times between March 2022 and the summer of 2023 to control inflation.
The BOC believes that making it more expensive for Canadians to borrow money forces consumers and businesses to spend less, thus lowering prices and slowing the economy.
The most recent employment report for June revealed that the Canadian economy lost 1,400 jobs. The unemployment rate increased to 6.4 percent, meaning 1.4 million people were unemployed in June, an increase of 42,000 from May.
According to the latest report from the IRCC, monthly immigration to Canada rose by 22 percent in April. It increased again by 9.3 percent in May, with 46,550 newcomers that month,
That puts the total number of new permanent residents arriving in the first five months of 2024 at 210,865.
The details of the report are consistent with the backdrop of consumers becoming increasingly cautious with discretionary spending.
Benjamin Reitzes, BMO economist
Inflation is a major concern for immigrants and international students who have arrived in Canada or are arriving soon. The cost of living in Canada affects many basic items and services essential to newcomers’ daily lives.
A June 2024 Abacus Data poll showed that the cost of living is the number one issue for Canadians.
The Black Friday sale in Canada is a bargain shopper’s delight! It marks the official date for retailers to launch some of their best sales of the holiday season. If you’ve recently arrived in Canada, you may be curious about all the hype surrounding Black Friday. You can expect to find great deals with discounts that range from 20 – 60% off the original price. This shopping event is called Black Friday because it used to mark the day when retailers started to make a profit and move their books from red (losses) to black (profit).
Black Friday also used to be a one-day sale event. But in recent years it has turned into a lengthier period that is book-ended by Cyber Monday. During the Cyber Monday shopping event, you can expect to get the best online sales and discounts.
The holiday season is the busiest time of the year for retailers in Canada. Black Friday sales are usually when people begin their holiday shopping.
During the holiday season, it’s easy to get caught up in the excitement and emotion of the season. The sounds of holiday music, the pretty store windows, and the allure of flashy red sale signs can encourage all of us to overspend. So, it’s important to follow money-saving tips to avoid cutting into your essential spending needs. And when you carefully manage your spending, you’ll avoid the blues that hit when your credit card bills arrive in January.
In 2023, Black Friday sales occur on Friday, November 24. However, many retailers start launching early sales. So, you may want to watch out for these sales to avoid stock issues.
Cyber Monday takes place on Monday, November 27, 2023. For this event, online retailers promote one-day deals to get people excited. However, as you can see Black Friday sales start before the event, Cyber Monday sales can extend for the rest of the week.
To get the best of the Black Friday sales in Canada, you have to be wise about your shopping approach. These tips can help you get the best deals and manage your spending. And, with inflationary pressures facing many Canadians, it’s important to avoid overspending.
It’s a great feeling to show your family and friends that you love them with thoughtful gifts. But, creating a holiday budget and tracking your spending is important to help you save money. When you budget, it’s easier to keep your spending under control. While giving gifts during the holiday season feels good, it’s important to remember how much you need to spend on other essentials such as rent and utility bills.
To avoid overspending and impulse buying, decide how much you can reasonably spend without racking up your credit. When you set an upper limit on how much you can spend, it will be easier to avoid caving in and impulse buying. You’ll appreciate this discipline in January when your credit card bill arrives!
Retailers often attract shoppers with loss leaders. This is a pricing strategy where retailers sell popular items at a loss to attract customers. While shopping, customers are likely to buy other items and increase sales of other items that are more profitable for the retailer. So, be prepared to show spending discipline. That discounted TV is only a great deal if you avoid spending hundreds of dollars on extra purchases that you may not need.
When buying big-ticket items, retailers may pressure you to buy an extended warranty. Find out what the warranty period is on the product, and whether or not your credit card company provides purchase protection. Extended warranties will increase your costs.
Don’t forget to track your spending. Without tracking, you’ll quickly overspend your budget. To track your spending, consider using online budgeting tools, or create a simple spreadsheet. Your shopping budget will help you avoid overspending on Black Friday or Cyber Monday sales events.
While you’re shopping at your favourite store you may be enticed to sign up for a retail credit card. Because in many cases, the retailer will offer you an additional discount just for signing up. However, retail credit cards usually come with higher interest rates. For example, a typical credit card can have an interest rate of 19.99%. However, a retail credit card interest rate can be as high as 30%. And with inflation remaining at an all-time high in Canada, credit card purchases can get very costly.
So unless you pay off your store credit card in full each month, you will pay more in credit card interest than your savings on those Black Friday sale purchases.
If you’re a newcomer, it’s important to build a good credit history, especially if you want to make a major purchase such as buying a home or a car in the future. However, according to CreditCardsCanada.ca, store credit cards carry less weight than standard credit cards on your credit score.
Join us for an insightful webinar designed to help you navigate the various routes to owning a home in Canada. Whether you’re looking to buy your first home through a traditional mortgage, exploring co-ownership opportunities, or interested in rent-to-own solutions, this webinar will provide the information and tools you need to make informed decisions.
REGISTER FOR THE WEBINARDo some comparison shopping before you hit the stores and pull out your wallet. Ask yourself if you can buy the same product at a lower price elsewhere. Not only will buying at a lower price save you money, but many retailers also offer the lowest price match.
Most Canadian retailers have price-matching policies. For example, if you find a lower price for the same product, retailers may:
Make sure to keep your receipts to take advantage of price-matching offers after your purchase. It’s worth the effort to shop around for the lowest price. However, retailers often have rules attached to their price match policy. For example, the product:
Also, a price match may not apply to limited-time or quantity promotions. So be sure to ask the store about their price-match policy, or read the fine print on their store receipt.
Another way to stretch your budget and save money is to use websites and apps to track prices leading up to Black Friday sales in Canada. That way you can see if the sale price is as great as it seems. Websites such as Google Shopping, PriceBat.ca (electronics), and Shopbot.ca allow you to compare retail prices all in one place.
Many retailers also have their shopping apps that allow you to shop online for deals.
Credit card reward and store loyalty programs are very popular in Canada. So, if you have rewards from your credit card provider or favourite store, the holidays may be a great time to use them. And if you’re a member of a store loyalty program you may even get Black Friday shopping alerts with access to coupons or other promotions such as free shipping. Some loyalty programs may offer extra deals on Black Friday.
While you can find Black Friday sales in Canada before November 24th, retailers announce their biggest deals usually around 12:01 am on Black Friday morning. Many brick-and-mortar stores will seal boxes and keep inventory in back rooms until November 24th to avoid disappointing shoppers if they are low on stock. This same approach applies to announcements for online deals on November 24th.
When you follow these Black Friday sales tips, you’ll stay on budget, and most importantly, reduce the stress that comes with holiday spending.nage your finances in Canada!
If you’re a newcomer thinking about buying a new car in Canada, the auto market offers a wide range of vehicles to meet different financial situations, lifestyles, and driving habits. If you’re in Canada from a country with a smaller auto market and fewer choices, this can be daunting as you begin your search. Buying a new car is often the second most expensive purchase after buying a home. So it’s worth it to do some research to determine what kind of vehicle will suit your needs.
But before you buy a new car, it’s a good idea to consider if you even need a new car. Most large cities like Vancouver, Toronto, Calgary, and Edmonton have extensive public transit systems. Public transit allows you to move about cost-effectively and conveniently. Or you can even consider buying a used car. However, if you still want to buy a new car here are some important things to do and think about.
Talk to people who own the make and model of the car that you are interested in buying. That way you can get first-hand knowledge about their experience. Their insights about reliability, repair costs, and gas mileage can be helpful information that can save you money. Also, don’t be invested in brand loyalty too heavily as the quality gap between domestic and import brands has narrowed in recent years.
You can also research Canadian automotive websites that are full of reviews and road tests for all types of vehicles. Specific factors to research include:
Be sure to evaluate how the car you want to buy compares to the competition’s price.
Before buying a new car it’s worth knowing how you can get the best price for your new vehicle. Here it’s important to the difference between the suggested retail price (SRP) and the dealer invoice price.
The MRSP is also commonly known as the list price or “window sticker” price. This is the price point that new car dealers work from. In many cases, you can negotiate a lower cost. However, if the car is in high demand, it may sell for more.
This is the actual price the dealer pays the manufacturer for the vehicle. And there is usually some variance. The price margin is important as it tells the new car buyer how much profit the car dealer can make on the sale of the car and help you negotiate a lower price.
Car dealers commonly offer special promotions, factory/dealer rebates, and other incentives to increase car sales. Find out when manufacturers and dealers offer these programs before buying a car as you could make big savings.
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There are different Canadian automotive websites that show what manufacturers and dealers are offering incentives and for what models. Also, some good times to look for and buy a new car include:
Car dealers will offer other incentives to new car buyers such as no interest payments, low financing rates, attractive leasing rates, and cash rebates.
Before you buy a car, it’s important to take a test drive. The car dealership will allow you to take a half-hour test ride on urban and highway roads so you can get an idea of how the vehicle drives and feels. If a spouse will drive the car, ensure they come along for the ride to use the controls, explore the features and evaluate the vehicle. . You can also bring the family to test out the back seat room!
Another helpful way to take a test drive is to rent the make and model you’re considering buying. That way, you can drive the car for a longer period of time to experience the car and its benefits. Or, you may discover that the vehicle doesn’t meet your needs. Either way, a test drive is an important first step to take before buying a car.
When buying a car, you have two types of financial agreements to consider: buy or lease a vehicle.
Whether you choose to lease or buy a car, you’ll have a monthly, weekly, or bi-weekly car payment for a few years, unless you pay cash. Typically, most car-buyers put down a deposit on a car and get a loan from a bank to buy it. In which case, you’ll also have to pay interest on the loan.
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The other option is to lease a car. When you lease, you don’t own the car. You are essentially renting it for a specific period. At the end of the lease term, you will have the option to return the vehicle, trade it in for a newer model, or buy it out.
With a lease, instead of borrowing the full purchase price of the car, you are only borrowing the amount the car will depreciate over the term of the lease. For example with a three-year lease, and taking into account regular wear and tear (known as the “residual value”), then you only have to finance the difference between the purchase price and the residual value. This is the basic reason lease payments are lower than loan payments.
Both leasing or buying a car has pros and cons. When you buy a car, you own the car at the end of the payment period – you own the car fully and it has some residual value and equity. The cons are that payments are more expensive than leasing and once the vehicle is out of its warranty period you are responsible for maintenance and repair costs.
When you lease a car, you have lower car payments and better cash flow. And since car leases are generally between two and three years, the vehicle you buy is almost always going to be covered by warranties. Once the lease is up, you can either walk away or upgrade to a newer model. However, unless you negotiate to buy the car at the end of its lease you will never really own the vehicle and will not build equity.
Deciding to lease or buy a car in Canada can be a difficult decision. Basically, you have to decide what option makes sense given your financial situation, individual, or family lifestyle. Here are some things to know about leasing:
Carefully evaluating your driving habits and your car needs will help you to make the decision the lease or buy a car.
You have a few ways you can pay for your vehicle when you buy a car in Canada:
Cash: You pay the full amount upfront to the dealership or private seller.
Financing from the car dealer: Financing and payment options are readily available from auto dealers through their financing company. However, you may face challenges getting approval if you don’t have an established credit history.
Bank loans or line of credit: You can apply for financial aid through your bank or credit union. Most banks have programs in place to help newcomers get a car loan with little or no credit.
Do the math to figure out which option makes the most financial sense.
If the test drive goes well and you’re ready to buy a car, ensure you use all the information you researched to work out a fair price. The price should take into account any factory and dealer rebates, discounts, and incentives. It is a good idea to have this information in a report to use as a negotiating tool when dealing with a salesperson. This can be the most difficult stage of buying a car since car dealers want to get the suggested retail price. So, at a minimum, you should know what price the dealer paid the factory for the car and what rebates are available to them.
Your solid research can help you to negotiate the best price and save you hundreds or thousands of dollars on the new car price. The art of the deal is to allow the dealer to make some profit, but not all at your expense.
During the buying stage, the cost of the car can go much higher when the salesperson tries to sell dealer-installed extras such as:
In most cases, these are high-margin profit items for the dealer that reduce any cost-savings you negotiate. These are added profits that only come out of your wallet. And most of these extras aren’t necessary. If there are options that you want to purchase, it will drive up the price of your car. So, try to negotiate the price on the options as well. Or, you can also add options at a later date from other places outside of the dealership at a reduced price.
Remember as the buyer with money to spend you have the upper hand. Dealerships don’t want to lose a sale and will try their best to win and keep your future business. So keep these tips in mind when negotiating price:
There are certain steps you will need to take and documents you will need before you can drive off the lot with your new car. Don’t expect to arrive and buy a car on the first day you are in the country. It will take a little bit of time to get things in order first. If you have recently arrived in Canada, here’s some additional information to know and things you need before buying a car.
Depending on your country of origin, you may be able to exchange your driver’s licence for one in your new province. If you can’t transfer your licence, you may be able to get some driving experience credit. Bring your current driver’s licence to a local licencing office to start the process of getting a Canadian driver’s licence.
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You cannot get car insurance without first getting your Canadian driver’s licence. Once this is in place, you can compare car insurance quotes and find coverage for your vehicle. If you are buying a car from an auto dealership, they can help you get your insurance documents in order. Using an insurance broker is also a good option. Brokers can help you explore your insurance options and find affordable premiums.
To finalize the purchase of your vehicle, you will need to register your car with the provincial government where you reside. Check out this post for links to Provincial Ministries of Transportation. You will need your drivers’ licence, insurance, and bill of sale to complete this process. Again, if you are buying from a dealership, they will take care of the registration process for you.
These tips and information are important things to consider if you are thinking of buying a car in Canada. A new car is a large investment and these tips can help you to make a wise financial decision.
For more information about your financial first steps in Canada, visit our banking in Canada resource page. Get the essential information you need to manage your finances in Canada!