How to Start Building Credit in Canada
New to Canada or starting from zero? How Canada's credit system works: Equifax, TransUnion, secured cards, and the habits that move your score.
Money, credit, and financing in Canada
Money in Canada: Credit, Banking, and Small-Business Loans
Every guide on this page is genuinely about money in Canada: building a Canadian credit file from zero, opening a business bank account, and borrowing for a small business. Career and trades guides are left out. And because the order matters — borrow in the wrong sequence and you pay for it — the page begins with the money sequence: credit first, then the account, then the loan.
The money sequence: credit first, account second, loan last
Credit comes first: 660 is the line lenders care about
Canada's credit system runs on two bureaus, Equifax Canada and TransUnion Canada, scoring you from 300 to 900. There is no single magic number, but 660 is the line most lenders care about: Equifax Canada rates 660 to 724 as good, and below 660 you should expect higher rates or declined applications. New to Canada? Your foreign credit score does not transfer — both bureaus track only Canadian borrowing, so every newcomer starts from zero. Keep utilization under 30% of your limit: on a $5,000 card, stay below $1,500, even if you pay in full.
Source: Our building-credit guide
The business account costs less than its reputation
No law requires a sole proprietor to open a business bank account — but the moment clients pay your business name instead of your name, a personal account stops working: a cheque payable to your business generally cannot go into Jane Smith's personal account. Entry-level business chequing runs about $5 to $6 a month as of October 2026: BMO's Essential Business Account is $5/month with unlimited electronic transactions, and Scotiabank's Right Size account is $6/month pay-per-transaction. Bring photo ID and your business-name registration: the bank matches the name on the account to the name on the certificate.
Source: Our business bank account guide
The loan is the last step: the CSBFP makes banks say yes
The Canada Small Business Financing Program is the single most useful financing tool most founders never hear about. You borrow from a regular bank or credit union — up to $1.15 million total ($1 million in term loans plus a $150,000 line of credit) — and the federal government shares the lender's risk, which is why banks approve businesses they would otherwise consider too young. You do not apply to the government; you walk into a participating lender and ask for a CSBFP-registered loan. If you are 18 to 39, Futurpreneur Canada is the other door: up to $75,000 collateral-free, paired with two years of mentorship.
Source: Our small-business-loan guide
Free tools
No tools for this topic yet — the guides above cover the ground.
Guides about money
Everything below is about money, credit, and financing in Canada. Business, trades, and career guides are left out.
How to Open a Business Bank Account in Canada
What a sole proprietor actually needs: the documents banks ask for, when a business account is required, verified 2026 fees (BMO $5/mo, Scotia $6/mo), and how to open one online or in-branch.
Business Bank Account for Sole Proprietors in Canada
The sole-proprietor version: SIN vs business number, what the bank needs when you have no incorporation documents, the business-name registration that unlocks the account, and what it costs.
How to Open a Business Bank Account Online in Canada
Which Canadian banks and fintechs let you open a business account fully online in 2026, what to have ready, how the identity check works, and who still gets sent to a branch.
Best Business Bank Accounts for New Businesses in Canada Compared
2026 comparison of Canadian business bank accounts for sole proprietors: $0-fee options, online opening, monthly fees and e-Transfer allowances.
How to Open a Canadian Business Bank Account as a Non-Resident
The non-resident founder's path: which banks accept foreign owners, the documents that actually get approved, why the in-person visit still matters, the GST/HST rules that surprise newcomers, and how long to budget.
Business Trust Accounts in Canada
Who needs a business trust account in Canada — lawyers, real estate brokerages, property managers — the rules that govern them (LSO By-Law 9, RECO deposit insurance up to $200,000), and how CDIC insures trust money separately at $100,000 per beneficiary.
How to Get a Small Business Loan in Canada
The real routes to small-business financing in Canada: the CSBFP government-backed loan (up to $1.15M), Futurpreneur for founders under 40 (up to $75K), BDC, and what lenders actually check before approving you.
How to Look Up a GST/HST Number in Canada
How to check a supplier's GST/HST number with the CRA's free GST/HST Registry: what to enter, how to read the result, and why it matters for your input tax credits.