One of your first priorities as new immigrant will be opening a Canadian banking account. Here's my experience and what I have learned from it.
Canada is officially in recession.
The economy shrank in the second quarter of 2015, making it the second quarterly contraction in a row. Gross domestic product in Canada fell at a 0.5% annualized rate in the quarter. In the first quarter the economy shrank by 0.8%.
The drop in oil prices that began more than a year ago has been hard on the net oil-exporting nation.
The Canadian dollar — aka the loonie — is at its lowest since 2004, trading at around $1.33 per US dollar on Monday.
By Deirdre Levinson » Your early days (or weeks and months) in Canada can be extremely trying from a financial perspective. It is even more so if your rainy day cash reserves are low and you either haven't found a job or are working for really low wages.
Obtain a credit card
We cannot stress enough the importance of having a credit card. North America as a whole is a credit card society and there is a huge emphasis on having a “good credit rating”. Need a bank loan? The bank will first check your credit rating. Seeking a mortgage to buy a home? Ditto on the credit rating.
By Archie D'Cruz.
Among the many major hurdles many new immigrants to Canada face when they first land is that banks very often will refuse to let them set up an account.
Transfer your funds
When you first enter Canada, immigration authorities will ask you how much money you are bringing with you or intend to transfer in at a later date.