Six in 10 (60%) newcomers lack confidence in their financial knowledge, particularly about using credit, during their first year living in Canada, according to research by RBC Royal Bank. But confidence rises the longer new immigrants are in the country, up to 92% among newcomers who have lived in Canada between two and five years.
Establishing a new life in a new country can take up a lot of time and money, but planning can make the transition much smoother.
Experts offer the following tips to help make the first year of living in Canada more manageable:
• Put together a financial plan –Whether it's buying that first home, or putting your children through school, creating a financial plan as soon as possible will help you stay on track to achieve your goals. Sitting down with a financial professional to go through your immediate expenses can help to ensure easier settlement in Canada, while staying on the right financial track to build your new life.
• Make sure your money is working for you – Growing your money is important to building a strong future. There are many options available that let you save your money and generate returns to help to build your wealth
• Start building your credit history from day one – It is essential for newcomers to establish a Canadian credit history. This helps lenders assess you as a client and makes it easier to access credit for the purchase of a car or house down the road. One of the best ways to do this is to have a Canadian credit card and use it wisely.
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