TLDR
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Getting advice from trusted professionals and networks can help you gain your financial footing in Canada.
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Many banks offer programs designed specifically with newcomers, helping you build credit and save money.
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It’s important to balance your goal of sending money back home with your goal of building a secure financial future in Canada.
No matter what stage of life you’re in, talking about money is rarely easy. Students, newcomers, couples, retirees, parents and those starting over all face different money challenges, but there’s one thing that’s common – talking about them can make all the difference. Our new video series “The Drive” aims to make these real-life discussions more approachable, bringing everyday Canadians together to share in the conversation.
In this episode, Jesse Jones drives through Halifax, Nova Scotia with three passengers who share their experiences, challenges and best tips on how to settle in a new country.
Moving to a new country is a big step full of unknowns. You may need to learn a new language, new customs and a new banking system. While many newcomers come to Canada to build a brighter future, it’s common to face challenges and barriers along the way.
The good news is that help is out there for newcomers, and achieving financial success is possible. It all begins with the right information and open conversations about your goals and needs. Here are some tips to help you get started.
Seek advice from trusted sources
When you aren’t familiar with the banking system in a new country, getting advice can be invaluable. However, it’s important to choose your sources wisely. While friends and family who have immigrated before you may have well-meaning suggestions, their advice might not always suit your unique situation.
Fortunately, there are many resources available for newcomers to Canada that can help with your banking needs and beyond, including job opportunities and documentation requirements. From networking groups dedicated to immigrants to banking professionals who speak your language, it’s easy to find trusted individuals who will offer support.
Work with a bank offering a dedicated newcomer program
Many of Canada’s largest banks have programs tailored to newcomers. These programs can make it easier to settle financially and include features such as:
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Credit cards that don’t require a credit history in Canada – which can help you build a credit history here
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Banking accounts with low or no annual fees – often during your first year in Canada
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No-fee international money transfers – so you can send money home affordably
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Support in your preferred language, making it easier to communicate your needs
With immigrants making up 23% of Canada’s population, many bank employees are newcomers themselves and understand the challenges you’re facing. They can provide insights and advice to help you navigate the system with confidence.
Balance your own financial goals with family responsibilities
According to a recent study, 61 percent of newcomers to Canada sent money to their home country in 2023.1 If you plan to do the same, it’s important to balance these expectations with the reality of your new life in Canada. Here’s how:
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Create a budget that accounts for your income and expenses to determine how much you can send without risking your own financial security, allowing you to save for your own future here in Canada.
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Set clear expectations with family back home about how much you can realistically contribute. This article can help you prepare for these conversations
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Explore convenient options for sending money – international money transfers sent through online banking are easy and secure.
Invest for your future
If your goal is to build a secure future in Canada, saving and investing are key steps. Canada offers a variety of savings and investment options tailored to different goals, such as buying a home, starting a business or retiring comfortably.
There are many saving and investment options available in Canada – some are suited to a general purpose, while others are designed to help you reach specific goals, such as buying a home or retiring in comfort.
This article outlines savings options available to newcomers and provides some advice on how to balance your financial responsibilities.
Ask for help when you need it
Whether you have recently moved to Canada or have been here for a few years, connecting with a financial professional can make a big difference to your financial peace of mind. They can guide you on saving for the future, starting a business, sending a child to school or even managing daily expenses. This article outlines how a financial advisor can help newcomers to Canada.
An open conversation about your goals and concerns is a great starting point for taking your next steps with confidence.
Learn more on how to thrive as a newcomer to Canada
