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Financial Planning is crucial for freshers in Canada! Find out how?

Canada is acknowledged for its excellent affordable life and is recognized as a happy country. It has an amazing healthcare system, tremendous natural resources, outstanding education system, peaceful environment, growing economy, and friendly people. All these qualities make Canada the sought for immigration destination. Well, most of the good things are for free in Canada, still making a transition from home country to Canada needs a lot of planning, especially from a financial perspective. 

Now that you have received an invitation from the Canadian Government to settle in Canada, it’s time for you to plan your finances, as taking a transition from one country to another is quite taxing. It would help if you catered to travel expenses while searching for accommodation or job, hotel stay, food, etc. The visa and associated fees also need money. The other unavoidable expenses may include nursery or schools for the kids, money for food and sightseeing, car hire, a mobile phone, and internet coverage. 

So, before you make a move to Canada, the best thing for you to do is to take out a pen and a paper and note down all the expenses that you will have to incur during the initial phase of your settlement in Canada. 

Mandatory steps for fresh immigrants to manage finances well in Canada 

  • Opening a bank account

Though opening a bank account for freshers in Canada is tough, particularly when someone is not lawfully admitted into a Canadian college or institute, or if an employer does not legally hire someone in the country. Whatever is the mode of someone’s transition to Canada, like student visa, permanent residency, work permit, or business visa, one must explore Scotiabank StartRight Progam1. 

The documents required to apply include Permanent Resident Card, Passport, Citizenship and Immigration Canada Form, and more. 

  • Establish a good credit score

A good credit score is helpful for approval of loans and in making significant purchases like Home. The credit score is also estimated in Canada through apartment rental agreements. The wisest way to develop credit for newcomers is by opening a credit card account with bank help. 

For more details on financial planning before landing in Canada, consult Options Abroad, offering multiple immigration solutions under one roof.