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How long will it take to clear my bank draft?

Cheques drawn on a financial institution’s branch located outside of Canada or the United States, maximum hold period of 30 business days (29 business days after the day of deposit). For these purposes, the term “business day” refers to regular weekdays only and...

How do I show proof of funds?

Unless you are currently authorized to work in Canada and have a valid job offer from an employer in Canada, or you have been invited to apply under the Canadian Experience Class, you must show that you have enough money to support yourself and your family after you...

Will my current credit rating apply in Canada?

If you’re still in your home country and planning to immigrate to Canada, it’s worth looking at developing a relationship with a global bank. Scotiabank, for example, has banking packages aimed at those looking to move to Canada. Once you arrive in Canada, try to get...

How do I get a credit card in Canada?

As a new immigrant, there are some basic steps you can take to begin the process of building your credit history. First, and most obviously, you need to open a savings and chequing account at your local bank or credit union. This shows that you have money and are...

I’ve been living in Toronto now for several years (I’m originally from Argentina) and I’ve been trying to build my credit, but I keep having problems. I have a couple of credit cards but I’m getting turned down when I apply for loans or other credit. What am I doing wrong?

The most obvious thing in building credit is paying all your bills on time –— this includes not just credit card bills, but phone and cable bills. But even if you pay your bills on time, this doesn’t guarantee that you are building good credit. For instance, if you...
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