When you first come to Canada, there are a lot of exciting things to check off your list of “to dos,” like exploring your neighbourhood and finding your favourite coffee shop.
But there is a first step that you need to put on the top of your list, setting up your finances in Canada.
New citizens have to figure out the different financial, legal and tax systems to ensure they get off to a good start.
Parmpreet Jathol, a Scotiabank financial advisor, went through this learning experience firsthand herself. Jathol moved to Canada from India in 2018. She suggests that all newcomers should meet with a financial advisor to set up banking in Canada and to understand how the Canadian banking system works. Especially during these unprecedented times, an advisor can help ensure that you get your life in Canada started right.
Here is how you can work with Scotiabank to meet your financial goals in your new home.
Introduction to Scotiabank
Scotiabank is one of the top Canadian banks. We help our customers, their families and their communities achieve success through a broad range of advice, products and services.
Before you move, you can open a Scotiabank International Account online and use it to transfer up to $50,000 CAD into the account before moving. These funds help you show proof that you have enough money to cover living expenses. You can set up a new chequing account once you arrive to access these funds. We can also help fast track your study permit with the Scotiabank Student GIC Program.
Scotiabank’s services for newcomers help them establish their financial well-being before and after moving. The Scotiabank StartRight® program is designed to simplify banking for Canadian permanent residents, international students and foreign workers who have recently landed in Canada.
It offers benefits that can help set you up for success, including:
- No monthly account fees for one year for bank account offering unlimited transactions and e-transfers1
- Unlimited no-fee international money transfers2
- Free small safety deposit box for a year3
- Credit cards without any credit history4
- Specialized mortgage for newcomers to Canada
- Knowledgeable help from financial advisors