If you are on your way to immigrate to Canada, then you must already know where exactly you will be settling down and where you want to work in Canada. As a newcomer, it is very important to establish your finances in Canada to help you immigrate successfully.
Here Are Some Tips for Setting Up Your Finances As a Newcomer in Canada
Open a Bank Account:
The first step is to open a bank account in Canada. Based on whether you are in Canada as a permanent resident, foreign worker, or international student, the process may differ. However, as a permanent resident, you can always apply for the Scotiabank StartRight Program1.
This program allows newcomers to open a bank account that charges no monthly account fee and provides unlimited no-fee international money transfers for the first year. You will be required to provide your passport and Permanent Resident Card to open your account.
Build Your Credit Score:
It does not matter if you have a great credit score in your home country as Canada has its own credit system. Establishing a good credit score in Canada will allow you to take loans to buy a house or for other purposes.
Your credit score may even be checked for rental agreements, employment opportunities, and better rates on utilities such as phone and internet.
The best way to easily build a credit score in Canada is to open a credit card account. You can open up a secured credit card account backed by your collateral.
You can also access unsecured credit cards to start building your credit history and score instantly. Unsecured credit cards can be used as debit cards as long as you pay off your debt at the end of each month. This is an easy way to build a good credit score in the first few months. Having a good credit score allows you to buy a vehicle, get a loan, purchase a house, etc.
What Do International Students Need to Know About Setting Up Their Finances in Canada?
Canada offers a diverse learning environment, better job opportunities, and a secure future for thousands of international students that come here every year. Many international students plan to stay here for the long term by eventually applying for permanent residence. They need to manage their finances if they plan on staying here long-term.
Most international students prefer opening a free student checking account. International students enrolled as full-time students in a post-secondary program can also access the Student Banking Advantage Plan. It was voted the Best Student Bank Account by MoneySense in 2020. International students may also apply for unsecured credit cards to enjoy certain benefits on shopping and keeping easy track of their credit scores.
