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When moving to Canada, there are steps that you can take in advance to ensure you have a smooth move, manage your costs, and comply with government guidelines. See what's required so that you're ready to go with minimal stress.
Written By
Corinna Frattini
Nov 2, 2021
•Financial First Steps
While there are many things to do, here are the top 10 financial steps to take before you leave for Canada. And when you take these steps, it will prepare you for better financial footing when you arrive in Canada.
Having a Canadian bank account before departure has many benefits. You can use the statement as proof of funds for the immigration officer at the Canadian airport, you don’t have to carry cash and worry about safety, and you have funds ready to use and don’t have to wait a week before a draft clears. Scotiabank is one of the few banks that allow you to open a bank account online when in your home country.
Pay your debts. Review your insurance policies. Cancel your monthly services and obtain the necessary proof. Sell your property or arrange to manage it from afar. In the stress of moving to another country, it is incredible how easily we overlook details and leave behind loose ends. Never say “I’ll deal with it later,” because settling financial affairs from a distance often turns out costlier and more stressful.
Before you leave, research the basic costs in the city where you plan to settle. While you won’t be able to estimate your monthly expenses down to every detail, it’s helpful if you know the following costs:
Ready to take control of your financial journey in Canada? Join our expert-led online webinar! Learn essential banking tips to build a strong financial foundation. Hear from David Frattini, Managing Partner at Prepare for Canada, and Neil Dhanani, Financial Advisor at Scotiabank, as they guide you through everything you need to know.
REGISTER FOR THE WEBINARBring important documents such as professional licenses, education transcripts, and educational credential evaluation results. If enrolling young children in school, bring their birth certificates, school records, and immunization records.
Other documents include travel and temporary health insurance, medical records, driving license, and marriage certificate.
Check out the Canada Border Services Agency (CBSA) website for restricted and prohibited goods. You want to avoid paying fines or extra taxes or having to dispose of certain goods.
Make a list of everything you need to buy to set up a home, down to forks and spoons. The things we take for granted at home cost money, every single one of them. The list may be long, but you should always have a realistic idea of your needs. This way, you will avoid getting carried away when you shop for your new life in Canada.
The Canadian government requires immigrants to show they have the minimum settlement funds to support themselves and their dependents for six months after arrival. However, it’s better to have more than the minimum.
When you arrive, you need to manage your savings carefully. If you can take on extra work and reduce unnecessary spending. These vital steps financial steps before you leave for Canada will minimize financial stress.
Take advantage of cheaper services while still in your home country. For example, in Canada, like in most advanced countries, dental services are notoriously expensive, as are many other medical or cosmetic procedures. Repairs and restorations of items such as artwork or other valuable possessions will, most likely, be more expensive in Canada.
If you don’t have any friends or family willing to offer temporary accommodation, research the cost of short-term rentals well in advance, and make reservations. Pick a cost-effective and convenient location that will allow you to move around easily while you search for a permanent home.
Know in advance how you will handle your money. Will you carry cash? Will you rely on credit? Many hotels in Canada do not accept cash and require a credit card, and rental buildings require payment by debit card or cheque.
It can be stressful carrying around too much cash, but you can easily lose track of spending solely relying on plastic. So make a point of checking your balance.
Moving to a new country will require a solid financial plan. And when you take these financial steps before you leave for Canada you’ll be better able to manage your finances.
WRITTEN BY
Corinna Frattini
Senior Editor, Prepare for Canada
Corinna Frattini is the Senior Editor and Content Director for Prepare for Canada. She contributes articles to help newcomers achieve their goals in key areas related to living, working, and settling in Canada. With an extensive background in human resources and leadership development, her articles focus on what Canadian employers seek and how newcomers can continue their careers in Canada.
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