Newcomers in Canada often face financial challenges upon their initial arrival. A language barrier can also worsen this situation. This is because a language barrier can affect an immigrant’s Canadian job search.
Canadian Visa Expert notes that new immigrants should try to build their financial literacy. With this step, newcomers can avoid financial hardship upon entry into Canada. In other words, access to fundamental information will enable new immigrants to settle in Canada more easily.
Helpful Tips that Allow Canadian Newcomers to Thrive Financially
One of the ways that enable newcomers to transition to Canadian life more easily is the knowledge of their needs.
Since budgeting helps people plan and see their reality, newcomers can discover the truth of their financial situation. This statement was according to Noemi Garcia, a program manager at North York Community House.
Canadian Visa Expert added that knowing one’s needs offers diverse benefits. These include knowledge of how to maximize savings while making careful financial decisions.
Knowing your income as an immigrant also plays a crucial role in helping you thrive financially in Canada. With this, you will learn how taxes affect your income. In other words, you will know how your pre-tax income (gross income) varies from your after-tax income (net income).
Some Other Factors to Help Newcomers in Canada Thrive Financially
One of the main concerns newcomers in Canada face is difficulty understanding the country’s banking system. Steps like knowledge about budgeting and how taxes work in Canada are highly beneficial. Canadian Visa Expert stated that these steps would help newcomers settle in the country with less stress.