Banking and Finance in Canada

Understanding Canada's 'Big Five' banks, credit scores, and financial regulations.

The Big Five

Canada's banking sector is highly consolidated and heavily regulated, leading to stability but less competition.

The Major Players

The market is dominated by RBC, TD, Scotiabank, BMO, and CIBC.

Credit Scores

Your credit history from your home country does not transfer to Canada. Newcomers must build credit from scratch, typically by acquiring a secured credit card or a newcomer-specific banking package offered by the Big Five.