New Canadians Finance 101

New Canadians Finance TipsFriday, August 10, 2012

Looking to catch up on your Money Wise news? This week’s featured content was all about newcomers to Canada – and the unique financial challenges they face.

Canada is a land built by immigrants, and continues to welcome an additional 250,000 people a year. While calling a new country home is costly enough – moving is never cheap – newcomers face a whole new slew of economic challenges once they reach Canadian soil.

Whether you’re looking to recreate your credit, establish a retirement fund, or are navigating the ins and outs of Canada’s financial system, we’ve got a guide to help you create financial security.

No Credit History? Credit Card Options For New Immigrants

What if, after years of responsible money management your financial history disappeared, rendering you unable to even apply for a credit card? It’s a reality for thousands of new immigrants to Canada – even those from countries with close economic ties to ours.

Despite limited options, we have a few ways for newcomers to securely build their credit rating in Canada.

Read Allan’s Blog | Credit Card Options For New Immigrants

Financial Literacy Resources For New Canadians

Learning new languages, cultures and customs is daunting enough for new Canadians – and they can add navigating a new banking system to that list of challenges.

Fortunately, several Canadian banks have realized that there’s an information gap, and have created educational and perk programs to help ease the economic strain for newcomers.

Read Diane’s Blog | Financial Literacy Resources For New Canadians

Understand Retirement In Canada With Pension Planning

For many newcomers to Canada, the initial years are mostly spent trying to establish a new life – one that includes a new job, a new home and new friends. Not only is retirement often shuffled to the back burner amidst efforts to settle, but the requirements for retiring in Canada may differ from from an immigrant’s country of origin.

Read Melanie’s Blog | Understand Retirement in Canada With Pension Planning

And In The News This Week…

Mortgage Rates: How Low Can They Go?

Despite July’s recent record low levels for five year fixed mortgage rates, it’s not anticipated that this vertigo-inducing movement will continue into August. Read on for the expert take from the Mortgage Rate Outlook Panel on the factors affecting short term Fixed and Variable rates.

Read Kelvin’s Blog | Mortgage Rates: How Low Can They Go?

EU Economy Crisis: A Never-Ending Story

In the latest development in the EU financial crisis, ECB President Mario Draghi has promised new intervention tactics to boost the lagging economy – but anything proposed won’t take hold until September. As global markets continue to sink, EU residents are wondering – what measures would actually cause change and get Europe’s economy back on track?
Read Rubina’s Blog | EU Economy Crisis: A Never-Ending Story

What Is The Forex?

In this edition of Online Trading for Newbies, we’re exploring the international waters of the Forex. How does this currency market operate – and how does trading on it differ from dealing in traditional equities?

Read Penelope’s Blog | What Is The Forex?

ING Direct Canada May Be Up For Sale

ING Direct, Canada’s number one online bank, may be up for sale – a surprising turn of events following news that its Dutch parent company, ING Groep NV may be strapped for funds. What are the implications for mortgage brokers and customers alike?

Read Penelope’s Blog | ING Direct Canada May Be Up For Sale

You Answered!

This week, we posed the question:

What is the biggest financial challenge facing newcomers to Canada?

59.6% of poll takers say getting a financial product – credit card, loan or mortgage – without a credit history is the biggest challenge.

33.3% say adjusting to Canada’s retirement culture – and squaring enough away – is a major milestone.

Just 7% say accessing financial literacy programs and awareness is tricky – looks like Canada’s a wealth of information!

Related Topics

Personal Finance / Personal Finance News

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