Canadian bank TD Canada Trust gives advice on setting up your finances after moving to the country.
In the first year after arriving in Canada, almost nine in ten newcomers agree that it is a top priority to establish a good financial standing. The problem is, 45 percent of new Canadians don’t know where to start. TD Canada Trust, a Canadian bank, created an infographic Money Talk for Newcomers to educate Expats on establishing their financial footing.
TD Canada Trust recommends that newcomers create a financial plan after moving, but re-evaluate it as income, lifestyle, and goals change. Through a 2016 online survey of 502 adults who had moved to Canada in the last 5 years, TD Canada Trust established the top three goals of new Canadians. The goals were saving for a down payment, buying or leasing a car, and saving for their child’s education.
The way to reach these financial goals is to establish a positive credit score in Canada. A good Canadian credit score is often required for buying a house or renting an apartment, financing a car, or even buying a cell phone plan.
RELATED: How credit scores work in Canada VS. the United States
“Eighty-four per cent of new Canadians wish they had a better understanding of how to build their credit rating,” said Shirley Malloy, Associate Vice President, Everyday Banking, TD Canada Trust. “The reality is that there’s no quick fix when it comes to building credit. Over time, practicing sound financial habits like paying your bills on time and in full will naturally result in an improved credit rating.”
In order to start your finances off right in Canada, Malloy shared her top banking basics tips:
- Don’t skip banking 101
- Learn the building blocks
- Cut the jargon
- Practice makes perfect
For more information on establishing your financial life, view the infographic Money Talk for Newcomers
International AutoSource’s Expat car program can help you finance, lease, or purchase a new car at affordable rates without having a Canadian credit history. Speak to a product specialist today about your Expat vehicle options in Canada.
Source: TD Canada Trust