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Mortgage ButtonThinking ahead pays off. It’s a good idea to think about your big dreams right away, because the sooner you start planning and saving, the faster you can achieve them.

In the case of home ownership, you may not be able to afford to buy a home right away. However, you can start learning about the Canadian housing market and how to borrow to buy a home. Then you can save a bit of money each month towards a down payment on your first home.

For instance, a knowledgeable Scotia® advisor can not only help you open your first bank account in Canada,  but they can also advise you about home ownership and help you begin saving.

As you start out in Canada, your Scotia advisor can explain the importance of establishing a credit history. By using a credit card responsibly, you will begin to build a Canadian credit history, which can eventually help you qualify for a mortgage. This may take time, so it is a good idea to begin soon. In some cases, you may even qualify for special newcomer programs like the Scotiabank StartRight® Mortgage Program1, a hassle-free mortgage for newcomers to Canada, while you are still building your Canadian credit history.

If you are coming to Canada to give your children a better education, you can also start to make plans for this goal, even if your children are young. That’s because post-secondary education (college or university) is expensive in Canada and many families save for many years before their children are ready for higher education.

Like planning for a home, a Scotia advisor can explain ways to save for education costs. They can help you invest your existing funds wisely or help you start a savings plan, which will allow you to save a little bit each month over many years. They can also tell you about special programs, like the Scotia® RESP2 (Registered Education Savings Plan) which helps you save for a child’s post-secondary education through a tax-sheltered savings program offered by the Federal Government.

You will see that, even if you are newly arrived in Canada, and your goals may seem a long way away, there are experts to advise you and special programs to help bring your dreams closer to reality.

Helpful Links

•    Learn about the Scotiabank StartRight Program for Newcomers, and and the Scotiabank StartRight Mortgage Program:,,914,00.html

•    The Government of Canada housing agency, Canada Mortgage and Housing Corporation, provides helpful resources on renting or buying a home, including a guide for newcomers, plus tips and videos on topics from signing a lease to making a purchase offer:

•    The Government of Canada’s ‘Choosing a place to live and work’ website helps you discover the living costs in Canadian communities:

•    Learn more about various educational savings programs in Canada available through Scotiabank:,,75,00.html

•    The Government of Canada provides special programs and information to help save for a child’s post-secondary education:


1. The Scotiabank StartRight Mortgage Program, created for Canadian Landed Immigrants and Foreign Workers from 0-5 years in Canada. Applicable to residential mortgages only and subject to Scotiabank lending criteria for residential properties. CMHC/Genworth Financial Canada mortgage default insurance may be required for Loan to Value ratios (LVRs) greater than 50% to a maximum of 95%. Maximum LVRs available may be less than 95%.

2. The child you are saving for must be a Canadian resident and have a valid Social Insurance Number (SIN). Please see your Scotia advisor for further details.