Take care of your finances when you migrate to Canada

Though Canada is one of the best places to live in, many of those who migrate to Canada dreaming a better life, initially find it difficult to establish themselves financially. Most of them have to struggle for years to build up credit, get a decent job and become financially secure. Listed below are the important things that you must do when you migrate to Canada in order to have a bright financial future.

What must you do to be financially stable when you migrate to Canada?

Getting started:

After you migrate to Canada, there are a number of things that you can do in order to save as much money as possible and take the first steps to establish yourself in the new country. One of the first things that you must do is to apply for a Social Insurance Number(SIN). This is necessary to secure a job and gain access to benefits from the government. If you have children, you can apply for Canada Child Benefit after you migrate to Canada. Under the scheme, the government will provide a tax-free monthly payment to parents who care for children under the age of 18. You can also apply for a provincial health card. If there a waiting period for the healthcare to start coverage, you can buy a private medical insurance cover for that period.

Manage your money:

It is ideal to set up a Canadian bank account before you migrate to Canada. You can also inquire if the bank offers a fee waiver for immigrants in the first year. You can ask for better exchange rates if you are transferring a huge amount of money from your home country while you migrate to Canada. If the amount is not that big, you can purchase currency at best rates from currency exchange company websites. You must remember that under Canadian law, you have to pay taxes for your worldwide income or on all capital gains. You can seek the help of a Canadian accountant specialized in immigration to help minimize the tax you have to pay to the Canada Revenue Agency.

Cut down on your expenses:

Most of those who migrate to Canada reach the country with limited financial resources. So, it is advisable that they spend their money with caution while they establish themselves in the new place. Do not splurge your money on entertainment and other luxuries till you have attained financial security. In the initial years after you migrate to Canada, it is better to invest the money in real estate or skills training that will be rewarding in the future. Also, try to have good credit ratings, so that you can secure bank loans to buy a house or a car.

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