Top 10 Financial Steps you need to take before leaving

Financial Steps

1.    Settle your affairs

Pay your debts. Review your insurance policies. Cancel your monthly services and obtain the necessary proof. Sell your properties, or make solid arrangements on how to manage them from afar. In the stress of moving to another country, it is incredible how easily we can overlook certain details and leave behind loose ends. Never say “I’ll deal with it later,” because settling financial affairs from a distance often turns out costlier and more stressful.

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Top 10 Financial Steps you need to take upon arrival

Top 10 Financial Steps you need to take upon arrival

1. Get a Social Insurance Number

Obtaining a Social Insurance Number (SIN) is the first step you need to take in order to navigate the Canadian system. You will need this nine-digit number to open a bank account, apply for health insurance, get employed and access certain services. On the Service Canada website (http://www.servicecanada.gc.ca/) you can find instructions on how to apply for a SIN.

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Obtaining a Credit Card

Visa and Master Card

A credit card is an essential tool in a modern person’s financial decisions. Some people resent the idea of debt so much that they try to do without credit cards altogether, but this is not a financially sound approach. What you should know is that the Canadian system divides debt in two types: good debt and bad debt. A correct and sensible use of credit cards qualifies as good debt, meaning debt that will help you establish a good credit history in Canada.

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Safety Deposit Locker

Key with safety deposit lockerSafety deposit lockers are secured containers kept in a bank’s vault. They can have different sizes and renting costs.

If you plan to bring with you very expensive items such as gold, jewellery, gemstones, collectibles or anything you deem valuable enough to require extra protection, you have the option of renting a safety deposit locker in a Canadian bank. People often use them to store wills, bonds, property deeds, originals of important documents and even sensitive computer data, and film negatives.

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