financesIt may be very important for newcomers to Canada to manage their finances well. Understanding how banking and finance works in Canada will be a big advantage to potential new Canadian permanent residents. Many new Canadian permanent residents have difficulty accessing credit, which is very often needed to buy a car or a home.

Here are a few tips to help make a successful transition to Canada:

  • Find a workshop in your home country that is designed to prepare you for life in Canada. Often, the Canadian consulate offers these types of workshops, especially for helping you to find work. You will receive resources and advice to help you start to prepare for the Canadian labour market before you arrive in Canada.
  • Take advantage of settlement services. Most major cities in Canada have settlement service agencies available to assist you. Before you leave your home country, consider making an appointment with the settlement services agency in the city where you will live in Canada so that you can visit soon after your arrival. This agency will give you important information about community and government services.
  • Choose the right Canadian bank for you, but also make sure to choose the right bank account. Talk with a representative at the bank to discuss what types and what quantity of transactions you expect to make each month so that you can save money on banking service fees.
  • Start to build a credit history. When applying for credit in Canada (to have a loan for a car or a mortgage for a house), your credit history is important in determining your eligibility and the rate of interest you will pay. Often, the credit history you have in your home country is not accessible to the banks in Canada. Some banks in Canada offer programs specifically designed to get a new Canadian permanent resident starting without a previous credit history.
  • Create a budget and be aware of your spending. It may take a little while for newcomers to find a job in Canada, so sticking to a budget is also important for a successful transition to life in Canada.