Moving to Canada – Five Financial Tips

By Lennie Lu on July 25, 2017
five financial tips for newcomer

1) Preparation before you arrive.
Before you arrive in Canada, look for workshops in your home country run by the Canadian consulate that offers advice and resources and helps new immigrants integrate into the Canadian Society.
Also check out the free government services provided in the area where you will be settling, and find out if you are eligible for government benefits. Visit Immigration, Refugees and Citizenship Canada for a complete list of community and government services.

2) Choose the right financial institution.
Choosing where to bank is a significant decision that will influence the management of your money and time. Your primary choice here in Canada is between a bank and a credit union. They essentially offer the same services and products but have different ways of operation.
Speak with your financial institution and learn more on choosing the right type of account based on your financial needs to help save money on service fees.

3) Build your credit history from scratch.
Your credit history from another country is not transferable and can not carry to Canada, so you will need to build your credit history from scratch. Most banks now offer credit solutions to help newcomers to get started without a prior credit history.

4) Consult a professional.
Financial planning can be challenging for average Canadians, and even more complicated for Canadian expatriates. When tasked with managing Canadian investments, pensions, real estate and taxes, how to balance these same considerations?
The answer can be defined by a finance professional after you move to Canada, they will provide customized details and advice. The best way to find a qualified professional such as a tax accountant in your area is to search the Internal Revenue Service’s directory.

5) Send money wisely.
Sending money back home often comes with high fees and time-consuming. A better way to send money from Canada is by using VoPay.
Here’s how VoPay compares to some of the biggest service providers in Canada for sending CAD to USD/GBP/EUR:

CAD USD Comparison

CAD GBP Comparison

CAD EUR Comparison

Approximate competitors’ rates were collected on March 16th, 2017

Sign up for your free VoPay account or try the widget to see how much you could save.