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Are you considering migrating to Canada? Here’s how to get your financial affairs in order

If one is ready to adopt the maple leaf as their national emblem, they may already know where they want to live or even have a job offer from a company. There are several stages to take in order to make your goal of emigrating to Canada a reality, but the first one should be to establish the financial situation.

The article here shall help take the stress off of setting up the money as a newcomer to Canada.

Open a bank account as a newcomer

If one is not officially enrolled in a Canadian school or employed in the country, it might be difficult to create a new bank account.

They can apply for the Scotiabank StartRight® Program whether they are a permanent resident, a foreign worker, or an international student. Qualified clients can enjoy no monthly account fees for the first year, unlimited no-fee International money transfers, and more through this program created just for newcomers. They will need to bring two kinds of forms to apply, such as:

  • Passport
  • Permanent Resident Card
  • Citizenship and Immigration Canada Form (IMM 1000, IMM 1442, IMM 5688 or IMM 5292)

How to improve the credit score?

Even if the candidate’s credit score is excellent, Canada has its own credit system. It is necessary to have an established credit score in order to get authorized for loans and to purchase a property. 

Credit ratings may be examined in Canada for apartment rentals agreements, before starting a new job, and even to receive cheaper prices on utilities like phone and internet. Opening a credit card account with the bank is one of the simplest methods to establish credit as a newcomer. Individuals with no credit history are frequently encouraged to apply for a secured credit card, which is a line of credit guaranteed by the user’s own collateral, such as money.

Scotiabank provides newcomers with a number of unsecured credit cards, allowing them to immediately begin establishing their credit history and score without having to worry about secured card regulations.

It is suggested to use it as a debit card, and if the candidate pays off their debt on time each cycle, it can help them improve their credit score in the first few months. They can opt to utilize other credit cards with higher advantages or use them sparingly after their credit history is established enough to purchase a vehicle, loan, or home.

How to manage finances as a student in Canada?

Studying in Canada offers them to obtain a high-quality education at a reasonable cost, make international connections in a varied learning environment, work during and after their studies, and increase their prospects of being eligible for permanent residency in Canada. 

Incoming students may manage their tuition and everyday cash with a free student checking account if they plan on getting a Canadian certification. Full-time students participating in a post-secondary program in Canada can apply for the Student Banking Advantage Plan, which was named MoneySense’s Best Student Bank Account for 2020.

Read about the rising concerns about Indian students who are unable to travel to Canada before the commencement of the new semester by clicking the link below:

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