Scotiabank offers Canadian newcomers tips to simplify the financial part of their move to Canada
TORONTO, Aug. 13, 2012 /CNW/ - It's not just longer days and high temperatures that peak during the Canadian summer, it's also when immigration numbers peak. July, August and September are the peak immigration months when permanent residents and foreign students1 go through the chaotic process of moving everything from home to family to finances to Canada. Scotiabank offers advice on how Canadian newcomers can make the financial part of their move both simpler and successful.
"Many newcomers arrive in Canada during the summer to give themselves time to adjust to their new country ahead of the upcoming school year," said Winnie Leong, Vice President of Multicultural Banking, Scotiabank. "As Canada's most international bank, we have a unique perspective on the contribution immigrants make to the cultural and economic fabric of Canada. We believe it's vital to help start them off on a solid financial path - and a key part of that process starts with a clear financial plan."
One way those planning to move to Canada can get a head start on their new lives is by starting a relationship with a bank before setting foot in Canada. The Scotiabank StartRight international account opening program offers individuals from Mexico, China and India the ability to apply for a bank account and credit card, and send money before leaving their home country.
"Moving anywhere - whether within a city, country or across the world - is an enormous undertaking," said Leong. "Having tips on how to navigate the financial transition can go a long way towards making the moving process smoother. Our StartRight program allows newcomers to have some peace of mind that when they arrive in Canada the foundation for their finances is in place."
Scotiabank offers its top five financial tips for newcomers to Canada:
- Find a financial advisor: Moving to a new country is a daunting process; the financial part doesn't have to be. A financial advisor can help with an introduction to Canadian banking and guide newcomers through the financial part of building a new life in Canada.
- Open a Canadian bank account: Opening a bank account is the most important first financial step in order to pay bills, transfer funds, and deposit cheques. Account statements can also be used as proof of address to obtain important Canadian documents. Find a financial package specifically for newcomers, like the Scotiabank StartRight Program.
- Identify financial priorities: Sit down and map out what the most important goals are for the first five years in Canada and beyond. Identifying what matters most over the short- and long-term will help in creating a financial plan to achieve those goals.
- Build a Canadian credit history: A good credit history is an important foundation when it comes to making large purchases, like a car or a house. One of the easiest ways to build credit history is to apply for a credit card at the same time as establishing an initial savings or investment account in Canada.
- Establish smart spending habits: Pay off credit card bills in full and on time and make sure not to exceed the credit limit. Good credit habits are a big part of achieving financial goals.
For more information on how to build a strong financial future in Canada, visit a Scotiabank branch or visit the Scotiabank StartRight website www.scotiabank.com/startright), which is available in a variety of languages, including Spanish, Punjabi as well as Traditional and Simplified Chinese.
About the Scotiabank StartRight Program for Newcomers
Launched in 2008, the Scotiabank StartRight Program for Newcomers was created for Canadian Landed Immigrants from 0-3 years in Canada, International Students and Foreign Workers. The Scotiabank StartRight Program for Newcomers provides the right advice and financial solutions to help newcomers plan their future in Canada. For more details on the Scotiabank StartRight Program, please visit www.scotiabank.com/startright.
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 80,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets of $660 billion (as at April 30, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
1. Sources: Citizenship and Immigration Canada (CIC), Research DataMart, 4th Quarter 2010 and CIC, Research DataMart, 1st Quarter 2011
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