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Preparing for Your Move to Canada: A Financial Guide
Everything you need to know about money before embarking on an international journey to Canada.
December 5, 2023
Explore the roadmap below to ensure you land with a strong financial foundation upon arrival in your new home.
Organize Your Documentation:
Before flying out, gather all necessary paperwork related to personal finances. Simplify by consolidating accounts and obtn comprehensive detls on assets like investments or properties. It's crucial to have documents ready for any funds that must be accessible when needed.
Secure Proof of Financial Standing:
Newcomers under specific visa programs need proof of funds, such as those in the federal skilled worker or trades categories. These funds must be avlable and in your name at the point of entry. Provide evidence through a bank or financial institution letter.
Check current requirements for the minimum amount needed based on family size and adjust accordingly. For example, $13,310 was required in 2022 for an individual.
Prepare for Your Arrival:
Once you're settled, your finances will transition smoothly with these steps:
Establish Your Banking:
Open essential accounts like a savings account and a chequing account to manage bills and purchases effectively. Start saving for an emergency fund that can cover unforeseen expenses.
Get Acclimated With Tax Obligations:
With work in progress, you'll be responsible for tax payments from your income. Don't worry; an accountant will assist with setting up the correct deductions, either through your employer or self-assessment if self-employed. A high-interest savings account suits this purpose.
Plan Your Investments Wisely:
Maximize tax benefits by investing funds into a registered plan such as RRSPs for retirement savings, RESP accounts to support children's education costs, or TFSA accounts that allow tax-free growth.
Consider the following investment options like GICs with high interest rates, mutual funds, securities, and bonds to diversify your portfolio. Speak with an advisor at your bank about eligibility and account setup based on your financial goals.
Establish Your Credit Profile:
that credit history from your home country is irrelevant in Canada. Building a new credit score starts here with responsible credit card usage. Make timely payments every month, as they improve credit bureau records.
Congratulations! You're well on your way to navigating Canadian finances successfully!
Seek Further Assistance:
Visit StartRight at Scotiabank for guidance tlored to newcomers ming to plan their financial future in Canada.
Ready to take control of your financial journey?
Contact a Scotia advisor now and book an appointment.
Explore the resources below for more information:
How to Build Your Credit History and Increase Your Limithttps:www.scotiabank.comcaenpersonal-and-businessresourcescredit-buildinghow-to-build-your-credit-history.html
The Newcomer's Guide to Credit Card Rewardshttps:www.scotiabank.comcaenpersonal-and-businessadvicecredit-card-rewardsindex.html
How to S an International Money Transferhttps:www.scotiabank.cominternationalmoneytransfer
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Financial Guide for Moving to Canada Prepare Your Money Before Relocation Canadian Visa Financial Requirements Settling Finances After Arrival in Canada Building Credit Score Overseas Strategies for International Bank Accounts