(NC) – If you are new to Canada, you may find your shopping experience to be very different from what you are used to. Understand your rights and responsibilities to make informed decisions when buying goods or services. Continue reading
(NC) – As a newcomer to Canada, the first things you take care of are the basics, such as housing, employment, transportation, and so on. What you may not have considered, however, is what it means to be part of Canada’s tax system, and how to file your first return. Continue reading
Your family financial situation will be of top concern after you immigrate to Canada. You are going to have to juggle many expenses to start your new life in Canada. The cost of living in Canada can be quite high compared to earnings, so be prepared to budget and plan how much you earn versus how much you spend.
While getting a credit card and building your credit history is important for your future (i.e., applying for a mortgage), it’s important you don’t get caught up in the mistake of spending too much on credit than you can really afford.
Too much debt can impact your ability to buy a home and build a solid life in Canada.
Buying your first home
It is indeed a most exciting moment when you can finally buy your first home in Canada. You want to make sure you think every step through and plan for every expense, because there is so much more involved in this process than simply coming up with the money for a down payment.
One of the most important factors in your personal financial situation is how much you earn, versus how much you spend. It’s important not to spend more than you earn, but many Canadians get caught in too much debt, trying to “keep up with the Jones” — in other words, have everything you want, from cars to electronics, even if you can’t afford it.
Types of mortgages
Choosing the best option for your mortgage is an essential step when buying real estate in Canada. The type of mortgage you take on will affect your living standards until the mortgage term time.
Learning to navigate the Canadian tax system will make your life here a lot easier. Once you become employed, you will see that a good chunk of your earnings goes to taxes, maybe more than what you were used to in your native country. Continue reading