An immigrant’s guide to saving

Woman Placing Coins into Her Change PurseYou had to show proof of substantial savings in order to immigrate to Canada, so you already know how to save. Don’t stop now! Saving now that you’re in Canada is even more important.

Of course, it may take some time to find a good job, so you will be dipping into those hard-earned savings to get by for a while, but the minute you start earning income again, remember to pay yourself a little first! Put a little bit away for your family and future, either in a simple savings account or through other forms of investment.

Retirement

Three piggy banks with retirement savings messageSaving for your golden years (a.k.a. your retirement) is an important aspect of building up your savings. Most employment in Canada does not come with retirement pension packages. There are exceptions, such as certain government or union jobs, but most Canadians are on their own when it comes to retirement savings.

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RRSP, TFSA, and Other Forms of Investing

Saving for retirement is one of those financial moves that many people postpone for much too long. Whether for lack of information or sheer neglect, failing to plan for old age is a mistake many live to regret. The Canada Pension Plan (CPP) covers only a fraction of your income as a worker, so you will need to take extra steps to ensure you have a comfortable retirement.

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