We moved to Canada in 2019 to provide our daughter a special type of life—one nearer to our prolonged household and rooted within the stability my spouse had identified rising up in Ottawa. I used to be born in India, raised throughout the Center East, and educated within the U.Ok. Our monetary foundations got here from very completely different worlds, and people variations grew to become clear the second we arrived.
The place I got here from, you solely purchased what you can afford. Credit score existed, but it surely wasn’t a part of on a regular basis life. In Canada, constructing credit score is crucial to every little thing from renting an condominium to purchasing a house. I had by no means filed a tax return till we immigrated, and when our first Canada Little one Profit cheque arrived months later, I assumed it was a mistake.
In these early days, I used to be additionally making an attempt to navigate the Canadian banking system and construct a credit score historical past. I utilized for a bank card and was declined… regardless of having a beneficiant credit score restrict again house.
These have been simply a few of the early surprises. Like many newcomers to Canada, I made errors, tailored alongside the way in which, and discovered by doing. Should you’re new to the nation, listed below are eight widespread monetary missteps and a few sensible monetary suggestions for immigrants on how you can keep away from them.
1. Selecting a financial institution with out comparability purchasing
A number of days after arriving, I visited one of many main Canadian banks with my mother-in-law. The employees have been well mannered and walked me via their newcomer gives, however the expertise felt transactional. I used to be shocked to study I’d be paying month-to-month charges for fundamental banking—one thing that felt overseas to me, having come from nations the place banking was usually free and got here with added perks.
The department itself didn’t assist—the atmosphere felt sterile, and the branding didn’t instill a lot confidence. I ended up selecting a special Huge 5 financial institution that supplied a extra welcoming house and a smoother onboarding expertise for newcomers.
Trying again, I want I had explored extra than simply the normal choices. Canada has credit score unions, digital-first banks, and fintech platforms that always supply higher charges, decrease charges, and extra flexibility.
Tip: Don’t simply select the financial institution your good friend or relative recommends. Do your personal analysis. Use comparability instruments to search out the finest financial institution for newcomers to Canada primarily based in your precise wants.
