Financial Tips for Newcomers

Financial Tips for Newcomers in Canada

Canada Mortgage and Financial Group (CMFG) understands the challenges of settling into a new home, culture and country. New immigrants coming into Canada are usually faced with several challenges, especially financial obstacles and understanding the system.  Most immigrants worry about their financial stability, savings and plans for retirement. However, we are here to offer comprehensive advice and guidance for your financial future. Whether it be private investment, residential or commercial mortgage, contact us to determine the options that are best for you in Canada.

To get started, here are a few financial tips to help you settle into your new country.

Do your research

We understand that immigrants come from a diverse number of countries. Some come from countries with safety nets and some from countries with minimal welfare programs. As immigrants you must educate yourself on the financial options available to you. Professionals who have more assets at their disposal must do research on how to best to put those funds to use. There many options including tax free savings accounts (TFSA) and registered retirement savings plans (RRSP).

Build your credit history

The single most important factor any new immigrant should know arriving in Canada is to build a credit history. In Canada, there are national credit bureaus that track your credit history.  Based on your experience and past management with credit, they calculate your credit score (also known as beacon score) within a range of 300 and 900. Improving your credit score is the best financial move you can make to secure your borrowing ability for the future. With a good credit score, you will be able to secure optimum mortgage and loan rates, as well as quality for certain restrictive lending programs unavailable to lower scoring applicants. CMFG will be able to guide you in areas and help you build the best score possible to secure future strength.

Start a financial plan

When moving to a new country, the idea of investing for the future is usually not a priority. However, it is very necessary to familiarize yourself with various investment options and complex tax system in Canada. Speaking to a professional who can help plan out your future according to your needs is a necessity. Find a professional who can assist you in understanding major areas of financial planning; investments, retirement, tax, insurance, estate and financial management. CMFG can offer you expert advice, create a plan for you and help you implement every aspect.

Are you new to Canada? W would be happy to answer any of your questions! Please feel free to email us at marketing@cmfg.ca