How to manage your finances as a new immigrant to Canada
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Personal finance contributor Christopher Liew shares his advice for new immigrants to Canada -- from figuring out where to bank to learning about retirement plans.
How to manage your finances as a new immigrant to Canada
Are you new to Canada? There’s a whole lot to take in. I know how much work it is, as my parents went through the same journey back in the 1980s.
In addition to learning cultural nuances or a new language, uprooting and moving to a new country also means that you’ll have to make new financial decisions.
Whether you’re figuring out where to bank, how to account for taxes, starting to invest, or learning about retirement plans, understanding the basics of how to manage your finance in Canada will help set you up for success.
Below, I’ll offer some helpful and practical tips to get you started.
The first thing you’ll need to do as a new immigrant is set up a bank account with a Canadian bank. You’ll be able to open a chequing account, which allows you to use your debit card for daily spending, and a savings account, which lets you set money aside for savings.
There are many banks to choose from, but the “Big Five” are:
