So you just got your first job and your first paycheck has finally arrived. Congratulations! But you’re probably wondering what all the deductions and acronyms on your paycheck stub mean. What do they stand for? Where’s the money going? Read More
Achēv is proud to present this insightful blog post in collaboration with National Bank. Together, we are dedicated to empowering newcomers in Canada, ensuring they have the support needed to reach their full potential.
Whether you’re a newcomer to Canada or a student trying to build their credit, it’s important to understand the differences between debit cards and credit cards, two essential products in the Canadian banking system. Here’s an overview with the help of an expert. Read More
Achēv is proud to present this insightful blog post in collaboration with National Bank. Together, we are dedicated to empowering newcomers in Canada, ensuring they have the support needed to reach their full potential.
Embarking on a new life in Canada as an immigrant or newcomer is a significant milestone, and navigating the financial landscape is an essential aspect of this journey. Managing finances effectively is crucial for a smooth transition and long-term success in your new home. In this blog post, we’ll explore practical tips and strategies tailored to newcomers in Canada on how to manage finances wisely and build a strong financial foundation.
Familiarize yourself with the Canadian financial system, including banking practices, currency, and common financial terms. Research various financial institutions, compare services and choose a bank that aligns with your needs. Understanding the basics will help you make informed decisions and confidently navigate the Canadian financial landscape.
Opening a Canadian bank account is a crucial first step in managing your finances. Choose a bank that offers newcomer packages and low or no-fee accounts. Having a local bank account facilitates day-to-day transactions, enables you to receive your salary, and makes it easier to access essential services like mobile banking and electronic fund transfers.
Develop a comprehensive budget to track your income and expenses. List your monthly income sources, including salary, benefits, or any other financial support. Then, outline your regular expenses such as rent, utilities, groceries, and transportation. Creating a budget will help you understand your spending habits, identify areas for potential savings, and ensure that you live within your means.
Canada offers various government assistance programs to support newcomers. Research and understand programs like the Canada Child Benefit, GST/HST Credit, and provincial healthcare coverage. These programs can provide financial assistance based on your circumstances, helping you manage your finances more effectively.
Establishing a good credit history is essential in Canada. Apply for a credit card with a low limit and use it responsibly. Pay your bills on time, keep your credit card balances low, and monitor your credit report regularly. A positive credit history is crucial for future financial endeavors, such as renting a home or obtaining a mortgage.
Housing is a significant expense, and newcomers should explore various housing options to find what suits their budget and preferences. Consider renting initially to gain a better understanding of the local housing market. Be aware of additional costs like utilities, insurance, and property taxes when budgeting for accommodation.
Establish an emergency fund to cover unexpected expenses, such as medical bills or car repairs. Aim to save a portion of your income regularly and gradually build a financial safety net. Additionally, set financial goals for the short and long term, whether it’s buying a home, pursuing further education, or starting a business. Saving consistently will empower you to achieve these goals over time.
Take advantage of financial education resources available in Canada. Attend workshops, webinars, or seminars offered by Achēv, local community organizations or financial institutions. Understanding the Canadian financial landscape, including taxes, investment options, and retirement planning, will empower you to make informed decisions and secure your financial future.
Managing finances as a newcomer to Canada is a crucial aspect of building a successful life in your new home. By understanding the financial system, establishing a Canadian bank account, creating a budget, exploring government assistance programs, building credit responsibly, exploring housing options, saving for emergencies and goals, and seeking financial education, newcomers can lay a solid foundation for their financial well-being.
Canada is a country known for its warmth—both in its people and its winter festivities. As a newcomer, you can transform your first holiday season in Canada into a magical experience by embracing the warmth of its diverse communities. From attending multicultural festivities to trying your hand at winter sports, there’s a wealth of adventures waiting for you.
As a newcomer, you can enrich your Canadian experience by fully embracing the cultural diversity that defines this country. Take the time to explore and appreciate the various holiday celebrations that unfold around you. Attend community events and multicultural festivals to witness the beauty of traditions from different corners of the world. Engaging with these festivities not only broadens your cultural horizons but also allows you to connect with locals who are eager to share their heritage.
Canada’s winter wonderland offers a unique playground for newcomers. Embrace the snowy landscapes and dive into winter sports and activities. Don’t shy away from trying ice skating, skiing, or building your first snowman. Canadians are friendly and welcoming, and you’ll likely find locals more than willing to share their love for winter pursuits. Use this season as an opportunity to bond with fellow newcomers and Canadians alike over shared winter adventures.
Your first holiday season in Canada wouldn’t be complete without exploring the festive markets and events that light up cities across the country. Venture into these lively spaces to experience the sights, sounds, and tastes of the season. Engage with vendors, learn about local crafts, and indulge in seasonal treats. As a newcomer, these markets are not only a gateway to Canadian holiday traditions but also a chance to make new friends who share your excitement for the festivities.
To truly feel at home during the holidays, immerse yourself in Canadian holiday customs. Whether it’s joining in the lighting of the Christmas tree or participating in workplace celebrations, understanding and embracing these traditions will help you integrate seamlessly into the community. Take note of specific customs in your workplace and community, and don’t hesitate to ask questions. Your genuine interest in Canadian traditions will likely be met with warmth and a willingness to share.
If your holiday plans involve travel within Canada, you, as a newcomer, can navigate winter travel with confidence by planning ahead. Familiarize yourself with local transportation options, check weather forecasts, and ensure you have the proper winter gear. Connect with locals for travel advice and insights into the best routes, making your journey smoother and more enjoyable.
Your unique cultural background is a valuable addition to the Canadian mosaic. As a newcomer, you can enrich the holiday season by infusing your own traditions into the festivities. Host a gathering showcasing dishes from your home country, share stories about your own customs, and invite others to join in your celebrations. By creating a blend of traditions, you contribute to the rich cultural fabric that makes Canada a welcoming and inclusive home for newcomers.
In summary, your first holiday season in Canada is a canvas waiting to be painted with the colours of multicultural celebrations, winter wonders, and shared traditions. Embrace the opportunities around you, create connections, and make this festive season a memorable chapter in your Canadian journey. Happy holidays!
As a newcomer to Canada, you’re dealing with an ever-growing list of things to do, from finding a place to live to navigating grocery stores. One of the items on this list might say “finances” with a cloud of question marks around it. Which bank should you choose for your first account? How many credit cards do you need? What type of account is best for you and your family? Money is often a taboo subject, but to build a solid future in a new country, you need solid answers. In this article, we’re addressing the top three myths about personal finances among newcomers.
Many newcomers tend to think that you should only start saving money and investing after certain aspects of life in a new country have been established. Whatever those aspects are, saving for your future can feel like a far-off dream during those first few years. However, the best time to start investing and saving money is now. A little goes a long way, and your future self – as well as your family – will be grateful for the savings you’ll slowly and steadily accumulate.
If you find yourself thinking “I’m struggling to make my ends meet. Monthly bills and payments eat up all my budget – there is nothing left to save and invest,” give yourself some grace. You’re doing your best, so pat yourself on the back. Secondly – and if you could only take one thing from this article, it’s this: saving is not about money, it’s about forming a habit. Get into the habit of saving 10 dollars every week or 20 every month, whatever works for you. You can use automated banking features to transfer money from a chequing account into a savings account or simply set up reminders on your phone. But once you start putting money away, there is no going back, and very soon you’ll be ready to look at investment options in Canada.
When you search “banks in Canada,” the top five banks jump at you from every page. It is very tempting to pick one of them as the main bank for your household because size is often associated with a feeling of security. And depending on the country you come from, security might be the factor you care most about. But don’t stop there.
You are free to have accounts at as many banks as you want, but it is considered best practice to have a primary bank plus one or two additional accounts with different financial institutions that match your personal needs and wants. For example, you can use your primary bank for day-to-day transactions, such as depositing your pay cheque, paying bills and using credit cards, but it might make sense for you to open a savings account with a bank that offers stronger interest rates and more favourable terms and conditions. Check out Motive Financial to see one of the best returns available for a traditional savings account.
If English is not your first language, you might not feel extremely comfortable talking about finances. It can be challenging to understand how various accounts, offers, and investment products compare to each other even if you are a born-and-raised Canadian. Plus, your saving and investing strategy should be based on your current situation and personal goals, and since there is no one-size-fits-all formula, you should talk to an advisor who can help you create a plan that works for you.
Remember that regardless of the bank you choose, you can take initiative by following these tips:
One last but very important thing: fraud schemes and scams are not a myth. Be very cautious when sharing your personal information online or over the phone. Make sure you know who you’re talking to, and if your gut is telling you that something is off, it probably is. Read more about how to protect yourself and the most recent scams here.
To sum everything up, there is no better time to start investing than now. Remember to do your own research when choosing primary and secondary banks, and don’t forget to ask as many questions as you need to feel comfortable and in control of your financial situation
Starting a new school year is an exciting time for many children, but it can also bring stress and anxiety. This can be particularly true for newcomer children transitioning to learning in a Canadian school, as they have unique concerns such as making friends in a new place and learning a new culture. Here are eight useful tips for helping ease your newcomer child’s transition into a Canadian school and set them up for a positive experience.
Children respond quite well to routines. Having a routine can help reduce anxiety and stress as your child knows what to expect each day. Do some research in advance to get a sense of your child’s school routine. When is lunch? When do classes transition? Helping your student understand this ahead of time can be useful. Additionally, develop a morning routine at home that mirrors what your child will do once school starts. This can help ease the transition.
An essential aspect of your child’s academic success is their nighttime routine. In fact, many people are surprised at the importance of getting enough sleep. It can help students focus, lower their stress, and become prepared for academic success. Children under 12 typically need at least nine hours each night, while those 13 to 18 tend to need at least eight hours.
This tip may not always be possible and will likely vary depending on your child’s school. However, many schools will happily arrange for you to do a tour prior to the first day of classes. For newcomer children, this can help them feel more comfortable in their environment. They will understand the school’s layout, including where to find bathrooms, offices, and classrooms. Your child may also be able to meet teachers or administration.
An important part of transitioning to a new school is feeling connected to the new environment. Encouraging your child to join extracurricular activities is a great way to help facilitate this. School clubs and sports provide your child with the opportunity to pursue an interest while also helping them grow a larger social circle. Schools in Canada offer many activities, such as sports, theatre, choir, book clubs, and more.
Once your child has started school, be sure to make time to actively chat with them about the school experience. Ask them how their day went, what classes they enjoyed, what they learned, and other things. Finding time to do this is a great way to provide an additional outlet for your child to process the experience of transitioning to a new school. It can also encourage your child to bring any concerns to you.
One of the great things about Canadian schools is that many are quite diverse. This means your child will be interacting with peers from many different places, including other newcomer children to Canada. Help your child understand the importance of being open to people with different backgrounds, religions, and traditions. This can include chatting about stereotyping, discrimination, and other things.
While your child’s school has their best interests at heart, parents will sometimes need to advocate for their children. If your child has any special needs or concerns, feel free to discuss these with their teacher or administration. You want to be sure that your child is set up for success. Sometimes, this means chatting with their teacher to resolve any concerns or needs your student has.
Transitioning to a new school as a newcomer to Canada presents many challenges for newcomer children. These eight tips can help ensure your child’s success.
Take advantage of our practical guide to help with both your finances and daily life in Canada. Download the guide
Are you wondering if you need a line of credit? If so, do you know what the different types are? Their limits, their advantages? A line of credit is a credit solution that can be used to cover unexpected expenses, pay bills or finish a project quickly. Here’s what you need to know about lines of credit and how they work. Read more
Achēv is proud to present this insightful blog post in collaboration with National Bank. Together, we are dedicated to empowering newcomers in Canada, ensuring they have the support needed to reach their full potential.
As a newcomer to Canada, you’re embarking on an exciting journey filled with new experiences and adventures. Summer is the perfect time to explore your new surroundings and immerse yourself in the beauty and culture of Canada. In this guide to summer vacation for newcomers, we’ll introduce you to a variety of activities and attractions that you can enjoy during the summer months, helping you make the most of your summer vacation in your new home.
Canada is home to some of the most breathtaking national parks in the world, offering stunning landscapes, wildlife sightings, and outdoor adventures. From Banff and Jasper in Alberta to Gros Morne in Newfoundland, each national park has its own unique beauty waiting to be explored. Take a hike, go camping, or enjoy a leisurely stroll through nature as you discover the wonders of Canada’s wilderness.
On your summer vacation, make time to visit iconic Canadian landmarks and attractions that showcase the country’s rich history and culture. Explore the majestic Niagara Falls, wander through the historic streets of Old Quebec City, or marvel at the stunning architecture of Parliament Hill in Ottawa. These landmarks offer a glimpse into Canada’s past and present, allowing you to learn more about your new home.
Take advantage of Canada’s outdoor playground by participating in various outdoor activities and recreational pursuits. Go kayaking on a pristine lake, try fishing in a scenic river, or embark on a thrilling zip-lining adventure through the forest. Whether you’re a nature lover or have an adventurous spirit, Canada offers endless opportunities for outdoor fun and excitement.
Summer in Canada is synonymous with festivals and events celebrating everything from music and culture to food and art. Attend a music festival featuring local and international artists, sample delicious cuisine at a food festival, or browse unique artwork at an outdoor art show. These events provide a vibrant glimpse into Canada’s diverse and dynamic cultural scene.
While Canada may not be known for its tropical beaches, it boasts an abundance of stunning shorelines and coastal destinations worth exploring. Spend a day soaking up the sun on the sandy shores of Vancouver’s English Bay, take a refreshing dip in the crystal-clear waters of Ontario’s Georgian Bay, or enjoy a leisurely beach picnic overlooking the Atlantic Ocean in Nova Scotia.
Canada is home to diverse wildlife, from majestic moose and grizzly bears to playful seals and colorful birds. Take a wildlife tour or embark on a wildlife viewing excursion to spot these fascinating creatures in their natural habitats. Whether you’re exploring the Canadian Rockies’ rugged terrain or the Canadian Arctic’s pristine wilderness, keep your eyes peeled for memorable wildlife encounters.
Canada’s multicultural landscape is celebrated through various cultural festivals and events held throughout the summer. Experience the vibrant colors and traditions of Caribbean Carnival in Toronto, immerse yourself in the sights and sounds of Montreal’s International Jazz Festival, or sample authentic cuisine at Vancouver’s Chinese New Year celebrations. These festivals offer a glimpse into the rich tapestry of cultures that make up Canada’s identity.
Finally, consider connecting with community organizations and settlement agencies, like Achēv, that offer summer programs and activities specifically designed for newcomers. These organizations may host picnics, workshops, and cultural events that provide opportunities to meet fellow newcomers, make new friends, and learn more about your new home.
In conclusion, summer in Canada offers many opportunities for newcomers to explore, discover, and connect with their new surroundings. Whether you’re hiking through a national park, attending a cultural festival, or simply relaxing on the beach, there’s something for everyone to enjoy during the summer months in Canada. Embrace the spirit of adventure and make the most of your summer vacation as you embark on this exciting chapter of your life in your new home.
How do you successfully start a business in Canada? Where do you start? What kind of challenges can you expect? And how do you ensure that you’ll achieve your goals? Starting or bringing over a business is less complex in Canada than it is in other countries. Here’s an overview. Read more
Achēv is proud to present this insightful blog post in collaboration with National Bank. Together, we are dedicated to empowering newcomers in Canada, ensuring they have the support needed to reach their full potential.
