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.

Managing your finances after immigrating

Piggy bank with savings chart on black boardYour 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.

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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Personal Finance

canadian two dollar coins

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.

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