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Once you arrive in Canada, you have a decision to make: should I get a “survival job” to earn money or look for a job in my profession? A survival job is not the best first job you can get. But, since they are easy to obtain, survival jobs can be a helpful way of earning money to pay the bills. However, once you get a survival job, do not give up on your job search. The choice you make will greatly affect how you live in Canada for the next few years. This article will help you decide which path to choose when you arrive in Canada.
We spoke to Linda Ryan, Provincial Manager (Apprenticeship Services) with BCCA. When it comes to survival jobs, Linda Ryan shares her advice:
“My advice is to fasten your proverbial seat belt, hunker down and budget to be out of work for up to six months. Then before you opt for that survival job (a job that pays the bills but doesn’t relate to your career dreams and/or existing education, qualifications and industry experience) take a deep breath and consider all your options and the associated positive and negative consequences of each. Only when you have given yourself the gift of considering all impacts of a decision, should you take action.
Linda Ryan, Provincial Manager (Apprenticeship Services), BCCA
A survival job can pay the bills. But, it doesn’t relate to your career dreams or professional background. Often, it’s a low-paying job that requires little to no skills. These jobs are easy to obtain and earn just enough to pay the bills. Generally, survival jobs earn you under $20 per hour.
Survival jobs usually have long, tiring shifts with only one or two days off each week. These jobs also offer very few benefits from the employer such as medical or dental benefits. It’s good to ask the employer if they do provide any benefits.
Some examples of survival jobs include:
Since a survival job requires little skill, it doesn’t have to be related to your profession. The employer will provide training for the skills you may need for a survival job.
Getting a survival job is not always the best option after you arrive in Canada. Survival jobs can leave you little time and energy to continue your job search. At the same time, survival jobs often give you a feeling of self-satisfaction or ease. This is because they don’t require much thinking and the tasks are generally easy. When both of these factors are combined, newcomers often give up on their job search after a few years of doing survival jobs. The longer you keep a survival job, the harder it will become for you to find a job in your profession.
Another disadvantage of survival jobs in the long term is experience. It may not sound logical, but a long-term survival job can hurt your Canadian experience. Earning money with a survival job for a short time is good for building Canadian experience. However, employers may be hesitant to hire you if you have only had a survival job for the past few years. Any experience you might have had in your profession will count as older work experience and they may not consider it.
“As a skilled newcomer to Canada often the biggest shock to your career trajectory is realizing that it takes time to secure work in your field of expertise.”
Linda Ryan, Provincial Manager (Apprenticeship Services), BCCA
Then, of course, there is the matter of income. Survival jobs earn you an annual income of around $30,000 to $50,000. Depending on where you live in Canada, this income probably won’t be enough to save for a down payment and buy a house.
In Toronto or Vancouver, this salary will barely pay the rent. Overall, a survival job allows you to earn income to help you get by until you find a job in your field. It is not meant as a permanent job, and you should not think it’s your permanent job.
Many survival jobs are in the service sector such as restaurants or tourist attractions. As Ryan explained, based on the experience of her clients: “survival jobs pay lower and create a negative cycle of ‘no time and no energy’. This is because you work longer hours to earn enough money. Or, you can’t take time off to attend interviews for your dream job. As a result, you have little energy to go home after a shift and invest in your career, pastimes, or family. This negative cycle leaves newcomers asking “why did I come to Canada?”
Another client of Ryan’s stated, “survival jobs can be more of a hindrance than a help for your career because they cannibalize the energy you have for networking, job hunting, professional development, and interviewing.”
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REGISTER FOR THE WEBINARSince they are easier to obtain than regular jobs, survival jobs are usually the first job newcomers get in Canada. Canada is an expensive country that is hard to live in for a long time without earning stable money. A survival job will earn you enough money to get by and maybe acquire some savings if you spend carefully.
Looking at the disadvantages of survival jobs, it is obvious that they may hurt your chances of getting a job in your profession. However, survival jobs are important in some situations.
When you arrive in Canada it’s wise to have up to six months of savings while you conduct your job search. If you don’t have enough savings to last a few months, it will be hard to continue your job search without earning additional money. In this scenario, get a survival job as soon as you arrive in Canada to earn money.
If you have enough savings to last a few months, you should look for a job in your profession without any distractions. If you still cannot find a preferred job after that time, and your savings are running out, it’s time to find a survival job. As the name suggests, survival jobs are there just so you can pay the bills, nothing more.
The answer to that question varies depending on your situation. Not everyone is in the same financial situation when they arrive in Canada. Whether or not you should get a survival job depends on your savings and the job outlook for your profession. If possible, try to find a job related to your field. This way, when you apply for jobs in your profession, you will already have some Canadian experience.
If you do have savings, plan how long you can live on your savings. In that time, do everything to search for your preferred job. This can include:
If you still can’t find a good job at the end of this time, it’s time for a survival job to earn money.
It’s vital to research how your profession works in Canada before you arrive. Many newcomers come to Canada thinking they will find a job in their profession easily. This isn’t always the case. Getting a job in Canada is easy if you conduct your job search the right way. This is why it is vital to research your profession before you arrive and start networking with people in your profession.
Most people will probably look for the highest-paying survival job they can find. This may not be the best approach. It is always best to find a survival job related to your profession. If you have a specific organization or company you want to work for, try to get a job there. For example, if you’re a teacher, you could try to get a job as a lunch supervisor or an assistant teacher. That way, when you apply for a teaching job, you will already have some Canadian experience that can help you land the job.
If you cannot find a job directly related to your profession, you can look for survival jobs that share some of the same skills with your profession. A good example would be teachers who could tutor part-time or even full-time to show future employers you can teach to Canadian standards. When you use this approach to search for survival jobs, your chances of landing a good job are greater.
Finding a survival job in Canada is easy if you know where to look. These are resources and techniques for finding a survival job in Canada:
Networking is the number one way of getting any job in Canada. Simply put, networking is building relationships that will help you with your career. Effective networking happens by building two-way relationships. You show value and prove you have the required skills and experience to do the job.
Your network can include your friends, relatives, and people you meet during your job search. Just showing your resumé to the HR department of the organization will not be enough. Words are more effective and convincing than any cover letter or resumé. Tell people about your skills and capabilities. When people hear about a job opening, make sure they remember you. They may recommend you for the job if you leave a good impression.
Another great way to find jobs is through employment agencies. Companies hire these agencies to find capable and experienced workers. It’s a good idea to look up some of the best employment agencies in your area and approach them. According to the Association of Canadian Search, Employment & Staffing Services, employment agencies hire over two million workers yearly!
Online job boards are the most common way to find jobs. Websites such as Indeed and LinkedIn are great online job boards. LinkedIn can also be used for networking. Employers use online job boards to advertise available jobs. If you see a job that interests you, you can apply directly to the employer through the job board.
In summary, a survival job is not the best first job you can get. However, since they are easy to obtain, survival jobs can be helpful to earn money to pay the bills. But, once you get a survival job, do not give up on your job search. Ryan offers this final advice:
“As a newcomer looking for your first role in Canada, remember that the sooner you make it look like you have ‘Canadian experience’ (i.e. through career-relevant credentials, memberships of local professional associations, building your network, taking more junior roles that will lead to your dream job), the sooner you’ll be considered equal to Canadian educated and experienced job candidates. This will allow you to get your foot in the career door faster! And once you’re in, your career will build momentum to be back on track!
*The BCCA-Integrating Newcomers program is a free, pre-arrival, Canada-wide service, focused on helping high-skilled newcomers explore and build successful construction careers. Services include one-on-one career guidance, tailored resume, cover letter, LinkedIn advice, and an in-depth skills and education assessment to help newcomers focus on the best career, credentials and connections activities. The Integrating Newcomers team not only has multi-industry experience but are also immigrants who have built successful careers in Canada.
A lesson many newcomers learn when they arrive in Canada is that you need credit to pay for large expenses, buy a car, or purchase a home. However, it’s difficult to borrow without a credit history in Canada. Canadian lenders typically check each applicant’s credit files at one of the main credit reporting agencies (Equifax Canada and TransUnion). This file is like a financial report card that tracks how much you borrow and how quickly you pay it back, to calculate your credit rating and credit score.
Without a credit history, newcomers may need a loan co-signer with a Canadian credit rating, and considerable assets as collateral, or they must demonstrate a history of stable income in Canada to receive a loan. Fortunately, you can start to build your credit record and history shortly after you arrive in Canada.
The financial decisions you make when you arrive in Canada have a huge impact on your credit history and score. The concept of credit can sometimes lead to a debate about how it can help, or hurt you when you are building your credit rating. On one hand, credit can be a fantastic tool to help you:
On the other hand, if poorly managed, credit can haunt you for many years, and make you miss out on financial opportunities. Creditors can run a credit check on you to assess if you are a low-risk or high-risk borrower. They will also decide to grant or deny you a loan or charge you a higher interest rate.
Your credit history shows lenders that you are responsible when repaying your financial obligations. Whether that is your monthly rent, utility bills, loans, etc. If you come from a country with credit bureaus, you know how important your credit history is. Maintaining a good credit history in Canada is also important. We’ll share tips to help you build and maintain a healthy credit report. With a strong credit history, you can save money and have more financial freedom.
So what is your credit score when you come to Canada? Nothing. Think of it as a blank slate. Your financial habits will dictate the direction of your credit rating up or down.
Your credit history or credit rating starts the first time you get a credit card or loan in your name from a Canadian bank. You can begin by applying for and using a credit card responsibly.
Even if you don’t have immediate plans to buy a house or vehicle, it’s good to establish a credit history, since banks may give special consideration to recent newcomers.
Newcomers may be eligible for a ‘secured’ credit card. A secured credit card is different than a regular credit card because it requires a security deposit equal to the amount of the credit limit. Think of it as a stepping stone to getting an unsecured credit card. Such special offers may be more difficult to obtain later, especially if your income does not grow as fast as you had hoped. A credit card is also useful for larger purchases and as a secondary piece of identification.
Your credit score is important for several reasons:
2. Landlords will conduct a credit check before renting their property to you.
3. Some employers will conduct a credit check before they make a job offer. This is common in some roles at banks and other financial institutions such as insurance companies.
Your credit score can fall between the range of 300 – 900. Generally, and depending on the credit score model that your financial institute is using a good score is greater than 680. As a benchmark, to get a mortgage to buy a house in Canada, you need a credit score between 600 – 700. If your credit score is lower than 600, you will want to take steps to increase your credit score.
Once you receive a credit card, use it wisely to establish a credit score so that lenders will have confidence in your ability to repay loans.
Your credit score can fall between 300 – 900 points. You require a minimum of 650 points to qualify for a loan. It’s difficult to get a loan or receive new credit with a low score. However, if you have a low credit score, you can improve your score by carefully managing your credit use.
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REGISTER FOR THE WEBINARIf possible, avoid using more than 30% of your credit limit (balance-to-limit ratio). For example, if you have a credit limit of $1,000, you should try not to spend more than $300 and pay the bill in full by the due date.
Your credit score may decline if your balance-to-limit ratio exceeds 30% because it indicates to creditors that you are a higher-risk borrower.
It’s best to start with only one until you are financially comfortable enough to afford more. Avoid opening many credit accounts. Many credit card accounts can signal financial distress to lenders, especially if they all carry a balance on them.
Your credit history is one of the things landlords want to see before giving out their home to you. Your credit history will tell the landlord how reliably you pay debt. A good score and credit report in Canada will show the landlord you are reliable and will likely pay your rent on time. This is important to landlords as it guides their decision about who to rent their home or avoid.
While this arrangement is great for landlords, it can be problematic for newcomers looking to rent a home. If you are a newcomer to Canada, you likely will not have a credit history. It takes a minimum of six months to build a credit history. Because of this, it can often be hard to convince a landlord that you will be a reliable tenant. However, there are some tips that you can follow to rent a home without a credit history.
The first thing you can do is show proof to your future landlord that you have a good amount of savings in your bank account. This will tell the landlord that you have enough money to pay the rent and will pay it on time.
If you don’t have large savings, your top priority is to secure a source of income. Once you have done that, you can show proof of income to your landlord. This will also satisfy landlords because it means that you have enough stable income to pay the rent each month.
In the meantime, pay any bills you have on time to show lenders that you are financially responsible. Over time, you will build a strong credit report in Canada that can open doors to your financial goals.
Get a credit card or two, and use them, but use them sensibly. Pay off your balance monthly and avoid exceeding your limit to show potential lenders you are reliable.
Paying in full each month will reduce the amount of interest you pay. And with the average credit card interest rate at approximately 20%, any balance on your credit card can be expensive. But, if you don’t pay the balance in full each month, pay attention to how much you pay in interest.
If you can’t pay the full balance on your credit card, at least pay the minimum balance and make regular payments, to pay debts as quickly as possible. But, avoid missing payments. Missing payments can damage your credit score and make it difficult to get a future loan such as a car loan, or mortgage.
Using your credit card for cash advances is even more expensive. Typically, the interest rate is higher and you pay interest from the date of the cash advance. There is no grace period like there is for a regular credit card purchase.
On top of paying your monthly bills and loan installments on time, be careful when you sign up for services such as cable, telephone, internet, gym memberships, and other monthly subscriptions. Check the cancellation fees and deadlines when you sign up for services. Otherwise, these fees can be high.
Ask questions about your contract if there is anything that you do not clearly understand.
Remember to cancel or transfer your services and utilities when you move to a new address. Sometimes final bills end up in collections out of sheer neglect, and from collections, they land on your credit report for the next six years. This will negatively affect your credit report in Canada. Keep track of changes and record the date, the names of the agents you speak to, and your case number. Keep any receipts to prove that you cancelled the service.
Don’t be complacent with your payments if you hit a rough patch such as a job loss. Call your creditors and negotiate monthly payments. They will likely be willing to help you because sending outstanding accounts to collections will cost them money. Cancel or suspend services you can do without, rather than have the bills rack up.
It’s wise to live within your financial means. As the saying goes, “It’s not how much you earn, it’s how much you spend.”
Most banks including Scotiabank offer account holders this facility. Alternatively, use free services like Borrowell to monitor your credit. If you notice outstanding payments you have paid off on your report you should inform the reporting agency in writing so that this may be removed.
Credit reporting agencies such as Equifax and TransUnion record your credit history. Your credit report in Canada will contain information on your:
Collections items stay on your credit report for six years, and legal items stay for ten years. So it’s essential to practice good financial habits that don’t jeopardize your credit rating. Your credit history speaks volumes to lenders about what kind of risks they take when they agree to lend you money. It takes a long time to build a credit history. Yet, it’s easy to sabotage and takes even longer to rebuild.
So, can you live without credit? Yes. But, should you try to do without it? No. Because without credit, it will be difficult to improve your living standards, at the very least, not as quickly as you would like. And, when it comes to making major purchases such as buying your first home, a strong credit report in Canada is essential. When you manage how you use credit, you’ll remain in good financial standing and be able to secure credit to achieve your important dreams.
The Black Friday sale in Canada is a bargain shopper’s delight! It marks the official date for retailers to launch some of their best sales of the holiday season. If you’ve recently arrived in Canada, you may be curious about all the hype surrounding Black Friday. You can expect to find great deals with discounts that range from 20 – 60% off the original price. This shopping event is called Black Friday because it used to mark the day when retailers started to make a profit and move their books from red (losses) to black (profit).
Black Friday also used to be a one-day sale event. But in recent years it has turned into a lengthier period that is book-ended by Cyber Monday. During the Cyber Monday shopping event, you can expect to get the best online sales and discounts.
The holiday season is the busiest time of the year for retailers in Canada. Black Friday sales are usually when people begin their holiday shopping.
During the holiday season, it’s easy to get caught up in the excitement and emotion of the season. The sounds of holiday music, the pretty store windows, and the allure of flashy red sale signs can encourage all of us to overspend. So, it’s important to follow money-saving tips to avoid cutting into your essential spending needs. And when you carefully manage your spending, you’ll avoid the blues that hit when your credit card bills arrive in January.
In 2023, Black Friday sales occur on Friday, November 24. However, many retailers start launching early sales. So, you may want to watch out for these sales to avoid stock issues.
Cyber Monday takes place on Monday, November 27, 2023. For this event, online retailers promote one-day deals to get people excited. However, as you can see Black Friday sales start before the event, Cyber Monday sales can extend for the rest of the week.
To get the best of the Black Friday sales in Canada, you have to be wise about your shopping approach. These tips can help you get the best deals and manage your spending. And, with inflationary pressures facing many Canadians, it’s important to avoid overspending.
It’s a great feeling to show your family and friends that you love them with thoughtful gifts. But, creating a holiday budget and tracking your spending is important to help you save money. When you budget, it’s easier to keep your spending under control. While giving gifts during the holiday season feels good, it’s important to remember how much you need to spend on other essentials such as rent and utility bills.
To avoid overspending and impulse buying, decide how much you can reasonably spend without racking up your credit. When you set an upper limit on how much you can spend, it will be easier to avoid caving in and impulse buying. You’ll appreciate this discipline in January when your credit card bill arrives!
Retailers often attract shoppers with loss leaders. This is a pricing strategy where retailers sell popular items at a loss to attract customers. While shopping, customers are likely to buy other items and increase sales of other items that are more profitable for the retailer. So, be prepared to show spending discipline. That discounted TV is only a great deal if you avoid spending hundreds of dollars on extra purchases that you may not need.
When buying big-ticket items, retailers may pressure you to buy an extended warranty. Find out what the warranty period is on the product, and whether or not your credit card company provides purchase protection. Extended warranties will increase your costs.
Don’t forget to track your spending. Without tracking, you’ll quickly overspend your budget. To track your spending, consider using online budgeting tools, or create a simple spreadsheet. Your shopping budget will help you avoid overspending on Black Friday or Cyber Monday sales events.
While you’re shopping at your favourite store you may be enticed to sign up for a retail credit card. Because in many cases, the retailer will offer you an additional discount just for signing up. However, retail credit cards usually come with higher interest rates. For example, a typical credit card can have an interest rate of 19.99%. However, a retail credit card interest rate can be as high as 30%. And with inflation remaining at an all-time high in Canada, credit card purchases can get very costly.
So unless you pay off your store credit card in full each month, you will pay more in credit card interest than your savings on those Black Friday sale purchases.
If you’re a newcomer, it’s important to build a good credit history, especially if you want to make a major purchase such as buying a home or a car in the future. However, according to CreditCardsCanada.ca, store credit cards carry less weight than standard credit cards on your credit score.
Don’t miss this on-demand webinar designed for newcomers! Learn need-to-know insights on buying your first home in Canada with experts David Frattini & Rouska Bodourova. Understand home-buying costs, best mortgage rates, and how Scotiabank’s StartRight® Program can help. Register now and start your journey today!
REGISTER FOR THE WEBINARDo some comparison shopping before you hit the stores and pull out your wallet. Ask yourself if you can buy the same product at a lower price elsewhere. Not only will buying at a lower price save you money, but many retailers also offer the lowest price match.
Most Canadian retailers have price-matching policies. For example, if you find a lower price for the same product, retailers may:
Make sure to keep your receipts to take advantage of price-matching offers after your purchase. It’s worth the effort to shop around for the lowest price. However, retailers often have rules attached to their price match policy. For example, the product:
Also, a price match may not apply to limited-time or quantity promotions. So be sure to ask the store about their price-match policy, or read the fine print on their store receipt.
Another way to stretch your budget and save money is to use websites and apps to track prices leading up to Black Friday sales in Canada. That way you can see if the sale price is as great as it seems. Websites such as Google Shopping, PriceBat.ca (electronics), and Shopbot.ca allow you to compare retail prices all in one place.
Many retailers also have their shopping apps that allow you to shop online for deals.
Credit card reward and store loyalty programs are very popular in Canada. So, if you have rewards from your credit card provider or favourite store, the holidays may be a great time to use them. And if you’re a member of a store loyalty program you may even get Black Friday shopping alerts with access to coupons or other promotions such as free shipping. Some loyalty programs may offer extra deals on Black Friday.
While you can find Black Friday sales in Canada before November 24th, retailers announce their biggest deals usually around 12:01 am on Black Friday morning. Many brick-and-mortar stores will seal boxes and keep inventory in back rooms until November 24th to avoid disappointing shoppers if they are low on stock. This same approach applies to announcements for online deals on November 24th.
When you follow these Black Friday sales tips, you’ll stay on budget, and most importantly, reduce the stress that comes with holiday spending.nage your finances in Canada!
Whether you have recently immigrated to Canada, or you’re an international student these money management tips will help you build a foundation for financial success. From opening a bank account to filing your first income tax return, discover why these money tips for newcomers are important. Learn how you can carefully manage your money, especially during your first few months in Canada!
Obtaining a Social Insurance Number (SIN) is one of the first money management steps to take when you arrive in Canada. A SIN is vital because it allows you to work in Canada. Your SIN also gives you access to government programs and financial benefits that serve to put money back in your pocket. Ideally, you should apply for your SIN within your first week of arriving in Canada.
Your SIN is confidential and you need to carefully protect it to avoid things like identity theft and financial fraud.
Opening a bank account at a local bank will allow you to manage your finances better and avoid significant transfer fees from your accounts back home. Pick a bank close to your home or work for convenience, and, it is a good idea to set up online banking as well.
You can open chequing and savings accounts immediately and walk away with a debit card.
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Types of Bank Accounts to Save for Your Future
Credit is an essential part of your financial success in Canada. You will need a good credit history to get a loan or a mortgage, and sometimes to rent a home or obtain a job. With a good credit history, you may be able to obtain lower interest rates on loans for large purchases such as buying a car, or your first home in Canada. Lower interest rates can save you thousands of dollars over the term of the loan.
Getting a credit card in Canada requires either a previous credit history or a deposit that will protect the lender in case you fail to pay your bill. This is also known as a secured credit card. A credit card may also come with incentives such as travel rewards, cash back on purchases, air miles, or a welcome bonus for newcomers. However, you’ll still have to practice good money management habits with a credit card. Things like charging more than 30% of your credit limit can damage your credit score and work against you financially.
You can apply for provincial health insurance for yourself and your family as soon as you arrive. Application forms are available at immigrant settlement agencies, doctor’s offices, hospitals, and pharmacies. In some provinces such as British Columbia, Quebec, and New Brunswick, you may have to wait up to three months before you can access the provincial health insurance plan. During the waiting period, you may want to purchase private health insurance to protect yourself from unexpected medical expenses. Learn more about insurance for newcomers in Canada.
If you live in Canada for even a short portion of the current tax year, it’s vital to file an income tax return. Doing so will allow you to access benefits that put money back in your pocket. For example, you may be eligible for the Canada Child Benefit, the Goods and Service Tax (GST) benefit, and many other benefits. If you need help filing your first income tax return, settlement agencies can help you get started.
A vital money management tip, especially during your first few months in Canada, is to assess your monthly expenses and spend wisely. Until you find a full-time job, your finances will be unstable. While exploring your new city, take a tour of the nearby supermarkets to get an idea of prices for basic items. Also, be sure to locate discount supermarkets for cost savings that can help you manage your money.
Compare different cell phone and internet provider plans and special offers. And, be sure you understand any contract requirements before you sign it. Ask the provider to explain unclear details and do not feel pressure to sign the contract until you are ready.
There are several free online budget trackers, such as this money finder calculator to help with money management.
No doubt, you researched living costs before you arrived in Canada. But, when in Canada, you’ll know the actual costs of rent, utilities, insurance, and other expenses. A budget that tracks your income and expenses will identify where you are spending your money and give you greater financial control. Your rent is likely to be the largest portion of your monthly budget.
While it is tempting to start your new life with shiny new items, it is not always financially smart. Visit free websites such as Kijiji.ca or Facebook Marketplace for free or low-cost items. Immigrant settlement organizations can direct you to places where you can access furniture donations. In large buildings, renters who move out often place ads to sell their furniture at affordable prices.
Checking out garage sales and yard sales is a national pastime in Canada! This cost-saving money tip can save you money on household items and other goods. Also, library cards are free and allow you to borrow books and save on entertainment. Everywhere you look, you’ll find opportunities to manage your money and reduce costs, you just need to take advantage of them.
Get into the habit of shopping wisely! Use coupons, avoid customer traps such as extended warranties, apply for customer loyalty cards at major stores, and resist the lure of special offers on items you don’t need. Explore neighbourhood produce and butcher shops because sometimes they offer lower prices.
Often, newcomers experience a state of excitement similar to that of tourists on holiday. While it is fine to enjoy your first weeks in Canada, the reality is that you are not on holiday, so avoid spending like you are. A new start in Canada is a great chance to develop good money management habits and get rid of bad ones. Whether it’s sticking to a budget, or paying your bills on time, now’s the time to start fresh and manage your money wisely.
These financial tips will help you manage your money, lower stress, and build a strong financial foundation in Canada.
It feels great to get to get your first job offer in Canada, especially if you have been job searching for a while. And, it’s helpful to gain Canadian work experience! However, it’s important to make thoughtful decisions when facing a job offer that may not be a fit. You may want to refuse a job offer for several reasons. For example, the job may not align with your long-term goals or the organizational culture doesn’t align with your values. Navigating the job market can be challenging, but when you understand when and how to refuse a job offer in Canada, you’ll make smart career decisions. Keep reading to gain insights on how to politely decline a job offer. When you refuse a job the right way, you’ll maintain professional relationships, and leave the door open for future opportunities!
Accepting a job offer in Canada is exciting and it allows you to start a new chapter in your professional life. However, it’s equally important to recognize that not all job offers will be a perfect fit for you. Making the right decision and knowing when to refuse a job offer can save you from potential disappointment and ensure that your career remains on the right track. Or, you may need a survival job, especially in the first few months after you arrive in Canada. Only you can decide the best approach for your unique needs.
When you receive a job offer, you need to assess whether the role aligns with your long-term goals and aspirations. Signs that indicate you may want to refuse the job offer include:
By recognizing these signs to refuse a job offer, you can make an informed decision that will benefit your career in the long run.
Before you decline a job offer, consider these factors that may influence your decision. Ask yourself if the offer aligns with your career goals, values, and personal circumstances. Evaluate the company’s reputation, financial stability, and growth potential. Additionally, consider the location, work-life balance, and potential for skill development. By carefully weighing these factors, you can make an informed decision that supports your professional growth and satisfaction.
Consider if the job matches your skillset. If you think the job may be too challenging, you might want to think twice before you accept the job offer. If the role is too challenging, it may cause undue stress. However, if the company wants to hire you, they must be confident in your ability and qualifications for the role. So, take a second look at yourself to see if you are up for the challenge. You may surprise yourself!
If you are overqualified for the role, then you may be dissatisfied with the role and you may want to leave after a shortperiode. Only you will know how to best handle this situation and a job that is too easy is better than a job that leaves you frazzled at the end of the day.
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Before outright refusing a job offer, carefully review the job terms in the offer letter. Perhaps your job title doesn’t match your experience. Or, you would higher pay. You may be able to negotiate your salary or other aspects of the job offer such as benefits, or work hours. If the company is open to negotiating the terms, it may be possible to find a compromise that meets your needs. Additionally, it’s worth considering if other positions within the company may be a better fit for your skills and career goals. By exploring these alternatives, you can potentially turn a less-than-ideal offer into an opportunity that aligns more closely with your career goals.
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Tactfully declining a job offer is essential to maintain professional relationships and leave the door open for future opportunities. Start by expressing your gratitude for the offer and the time and effort invested in the interview process. Be honest about your reasons for declining and focus on the factors that do not align with your long-term goals or values.
Keep the conversation positive and professional. By politely declining a job offer, you’ll demonstrate a professional image and leave the door open for future possibilities. Use professional language and maintain a respectful tone throughout the conversation.
Keep in mind that the job market is a small world, and maintaining positive relationships can benefit you in the future. Leave the employer with a lasting positive impression! If appropriate, offer to stay in touch and express your interest in future opportunities.
If you find yourself unsure about whether to refuse a job, seeking professional advice can provide valuable insights. Reach out to mentors, career coaches, or industry professionals who can offer guidance based on their experience and expertise. Many settlement agencies in Canada offer job search services. Settlement counsellors can help you assess the offer and provide objective perspectives to help you make an informed decision. By seeking advice, you can gain clarity and confidence about your decision.
Navigating the Canadian job market can be challenging. When you understand when and how to refuse a job offer, you’ll make the right decisions so you can successfully achieve your career goals. It’s vital to assess signs that indicate you may want to decline the job offer. Consider the factors that may influence your decision, and handle the process with professionalism and effective communication. Seek professional advice when needed, and make it a priority to make the best decision for a fulfilling career journey in Canada.
With rising rental costs, finding affordable housing in Canada can be challenging. For newcomers, this can be a frustrating obstacle to overcome, especially in your first few weeks and months in a new country. In this article, we outline practical solutions to help you stay within your affordability range. With patience and persistence, you will discover options that can help you save money for accommodation in Canada without compromising comfort and quality.
Facing a declining supply of rental housing, especially in major cities like Toronto and Vancouver, costs for rental accommodation are rising at unprecedented rates. According to recent rental statistics from Rentals.ca, average asking rents reached a record high of $2,117 in August 2023. This makes it difficult to find and budget for high rental costs. However, there are still affordable housing options available across the country.
Affordability is based on the proportion of your income that you pay for housing. An affordable home will require a smaller proportion of income, while an unaffordable one is larger, for example, greater than 30% of your before-tax household income.
Affordable housing is a broad term that includes housing that the private, public, and non-profit sectors provide. It also includes all forms of housing such as rental, ownership, and temporary and permanent housing.
According to Aled ab lorwerth, Deputy Chief Economist, Canada Mortgage and Housing Corporation, Canada needs to dramatically increase the supply of housing to restore affordability by 2030.
In the meantime, the Canadian government is making efforts to address the issue of affordable housing. They have implemented various programs and initiatives to help individuals and families find affordable accommodation.
Renting is a popular option for individuals and families seeking affordable housing in Canada. In fact, Statistics Canada reveals that about one-third of Canadian households rent their residence. Keeping in mind that rental prices vary depending on the type of housing, location, size, and condition of the property, here are some tips to find affordable rental options:
Consider searching for rental properties in areas that are undergoing revitalization. These areas may offer lower rent prices compared to more established neighbourhoods.
Incentives, especially like utilities included in your monthly rent can lower your housing costs by a large amount.
These are examples of rental listings in cities across Canada that cover utilities such as heat, water, and electricity (using the “Utilities” filter.)
Another option to consider is sharing a rental property with others. This can often lead to lower rent prices compared to traditional rental properties. And, for newcomers, home-sharing can be a great way to ease financial pressures, expand your social network, and add to your quality of life!
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Affordability in major cities where the vacancy rates fall below 2 percent, like Toronto, and Vancouver, can be out of reach for many individuals. And, for newcomers trying to achieve financial stability in Canada, securing affordable housing is even more important. However, there are still options if you want to live in these cities without breaking the bank.
One option to consider is micro-apartments or micro-condos. These smaller living spaces are becoming increasingly popular in major cities as a way to provide affordable housing options. While they may have a smaller footprint, they often come with amenities and innovative design features to maximize space.
Another option to explore is purpose-built rental buildings. These buildings are specifically designed for rental purposes and often offer more affordable rent prices compared to privately owned properties. Professional property management companies usually manage purpose-built rental buildings ensuring quality and affordability.
Finding affordable housing can be a challenging and time-consuming process. However, with the right strategies and resources, you can increase your chances of securing an affordable home. Here are some tips to help you in your search:
Facing a shortage of affordable housing, it’s important to start your search well in advance. Give yourself plenty of time to explore different neighbourhoods and visit properties. Another challenge you may face is that you’re likely competing with many others in the market for affordable housing. In this case, choice properties may be off the market quickly.
In cities with tight rental markets with low vacancy rates, you will be competing with many others in the market for affordable housing. In this case, you need to ‘sell yourself’ as the best possible candidate for the landlord to select.
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There are several rental websites and online platforms to help you search for rental properties that meet your affordability price range. And, you can filter your search by price range for greater search ease.
Reach out to friends, family, and colleagues who may be able to recommend affordable housing options. People in your network may know of future vacancies that are within your budget and are not yet listed on rental websites.
Flexibility is key when searching for affordable housing. Consider compromising on certain amenities or locations to find a more affordable option. Keep an open mind and be willing to explore different possibilities, including basement apartments.
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If you’re feeling overwhelmed or unsure about the process, consider seeking assistance from professionals such as real estate agents who can guide and support you throughout your search.
Smaller cities that surround major cities may offer more affordable housing and provide easy access to amenities and public transit. For example, you can explore smaller cities within the Greater Toronto Area (GTA) such as:
With the rise of remote work and flexible schedules, living outside the city center is becoming a viable option for many individuals and families.
While the challenges of finding affordable housing in Canada may seem daunting, solutions and options are available. Remember, finding affordable housing requires persistence and patience. Don’t be discouraged if it takes time to find the perfect fit. By using the available resources, you can increase your chances of finding suitable housing that is within your budget.
The Canada Job Bank is a vital tool to research your profession or trade in Canada. This Government of Canada resource allows you to search for jobs in your field and apply for them online. Canada Job Bank is a great tool for newcomers before and after arrival. Researching your profession before you arrive will help you understand job requirements so you can continue your career. Canada Job Bank will help you do just that. It provides detailed information for each career in Canada to help you develop your job search approach.
Canada Job Bank can provide insightful information about your career in Canada based on your:
With this in mind, let’s discover how to use Canada Job Bank and kickstart your dream career in Canada!
Moving to a new country is a major life decision. While it can be a thrilling and exciting experience, you may also feel uncertain. You may be thinking:
These are important questions to consider before you move to Canada. The answer to these questions for your field will help make your transition into Canada’s workforce easier. By researching, you can determine how and where to continue your career successfully.
Because the labour market in Canada varies, you need to know how your job skills align with the labour market needs. For example, locating in the Atlantic region of Canada when you have experience in the oil and gas sector wouldn’t be wise. Instead, you would want to consider Alberta where there is a strong oil and gas sector. Ideally, you want to identify the provinces and cities with a demand for your profession, skills, and experience.
Fortunately, the Canada Job Bank can provide the information you need to make important career decisions.
The Job Bank is a useful tool to conduct research related to your profession or trade in Canada and apply for jobs for which you are qualified. This portal provides vital labour market information that allows you to:
Canada Job Bank is a free resource the Government of Canada manages in partnership with provinces and territories. You’ll discover that both the website and mobile app are simple to use, convenient, and provide information that you can trust. Canada Job Bank can help you find jobs in your field and plan your career using its thorough research tool. As someone looking to continue their professional journey in Canada, Canada Job Bank is the perfect place to start.
The trend analysis section of the Canada job bank is filled with useful information about job prospects all across Canada. You can also find a 10-year analysis for your occupation. So if you’re researching the Canadian job market, this is a helpful resource to learn about your occupation. With this information, you can:
When researching the trends, consider these questions:
Another useful section of the Canada Job Bank is the information you can find about wages. You can find the average wages per hour for your occupation including the following:
This information can help you identify what you can expect to earn in Canada. For example, some sectors such as technology generate strong incomes. It’s a high-wage sector that also attracts highly skilled immigrants. However, when considering average wages it’s also important to consider the cost of living and housing affordability versus salaries.
For example, British Columbia has a strong technology sector. And while technology wages are high, so is the cost of living and housing in Vancouver, BC. So when choosing a city to locate it’s helpful to consider the cost of living versus average wages.
You may want to explore job prospects in a small or medium-sized city. While the average wages may be lower, you’ll likely discover it’s more affordable than a larger city such as Vancouver or Toronto. Rentals for Newcomers is a practical and easy-to-navigate site to help you find housing and make an easier transition to life in Canada! And you can even determine the average cost of renting in each city. This is helpful since rental prices change often.
Answering these questions can help you decide how you want to move forward. Many newcomers decide to get extra certifications or take a new course. This will help you transition better into the Canadian labour market. And if you strategically get the correct certifications, you will ultimately get paid more as well.
By understanding the trends in your profession and accounting for wages, you can make an informed decision about your next step.
With more than 80,000 jobs listed on the job bank, you can browse jobs based on:
The Canada job bank search tool is helpful if you are in Canada and ready to work. This is because employers want to fill job vacancies as quickly as possible.
If you are still in your home country, you can apply for Canada Job Bank jobs before you arrive. The Job Bank services and tools are available to help job seekers find employment opportunities Canada-wide, regardless of citizenship or immigration status. However, some jobs require Canadian citizenship, permanent residency, or a work permit visa. You must carefully review the job description to ensure you meet the immigration requirements before you apply.
In any case, the job bank search tool can give you an idea of the types of jobs available, job duties, and requirements including:
This information can help you assess if you have the skills employers require.
You can also browse job boards and read the job postings for your profession. Note the types of skills and experience that Canadian employers seek. Assess whether or not you possess similar skills and experience. If you have any skills gaps, make a plan to close or narrow the gap if possible.
Researching the Canadian job market is essential to ensuring a strong job market for your profession, skillset, education, and experience. A good place to start is with the Canada Job Bank to research your profession and apply for jobs where you meet the requirements.
For newcomers, carefully managing your finances is vital especially if you have not yet landed your ideal job. Settlement agencies suggest it can take up to six months to land a job that matches your skills and experiences. In the meantime, carefully managing your budget can reduce stress and financial pressure. Managing your finances will also help you build your Canadian credit history and influence your credit score.
Here, we’ll explore how to create a budget for some of your main expenses in Canada.
So where to start, which is essential to achieving future loans! You need to establish your Canadian credit history because it will be important for many reasons including buying your first home.
An important guiding principle is not how much you earn, but how much you spend. Many Canadians carry too much debt, trying to “keep up with the neighbours”, in other words, buying everything from cars to electronics, even if they can’t afford it. Overspending can catch you in a trap that you want to avoid.
To manage your personal finances, start by preparing a budget with basic expenses like rent and utilities in mind. The cost of living in Canadian cities can vary. Large cities like Toronto and Vancouver are sought-after because they offer the most job opportunities, however, they are also more expensive.
Here are some of the basic expenses to consider when creating your budget:
Housing costs will be the largest monthly expense. Newcomers often rent an apartment when they first arrive in Canada and prices vary depending on the city. Typically, prices for a one-bedroom apartment can range from $700 to $2,500 per month depending on the city.
Before you rent an apartment, visit the building to ensure it’s the right place for you. Determine if it meets your needs and is close to shops, work, and public transit.
Rentals for Newcomers site is a practical and easy-to-navigate site that can help you find housing that meets your unique needs! You can even determine the average costs of rentals in cities across Canada. This is helpful since rental prices change often. You’ll also find helpful articles to help you with your housing search.
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 WEBINARYou will need to budget for the cost of utilities such as electricity (hydro), heating, telephone, cable, and internet. Some apartments include heating and hydro costs in the rent. If you have to pay for electricity, you can ask the landlord what you expect to pay every month. But, your bill will also depend on usage and time of day.
For utilities like internet, cable, and telephone, the best option is to shop for bundles (combined service plans) from different telecom providers in your area. A bundle can cost anywhere between $100 – $150 per month. Or, check out streaming services that are less expensive than cable television.
Cell phone plans range from $15 per month to more than $150, depending on the number of free minutes and text messages and the data usage limits. Voicemail activation usually costs extra. You can start with a basic plan and upgrade according to your needs.
While not a bill per se, the cost of doing laundry will be similar from one month to the next. Apartment buildings come with laundry rooms with coin or card-operated washing machines. A washing cycle costs between $2.25 and $3.50 depending on the length, and a dryer cycle is similar.
Even if you are renting, it’s a good idea to purchase renter’s insurance to protect you against damage and theft. The insurance can cost up to a few hundred dollars a year.
Depending on your province, you may also have to pay health insurance premiums, which vary by province and according to the size of your family. You will also need to factor in the premiums for any private health insurance you may buy.
Public transit is probably the most affordable means of travel. All cities offer affordable travel options such as buses, trains, subways, light-rail trains, and streetcars. A monthly transit pass can cost anywhere between $70 to more than $150 depending on the city and the number of travel routes. In large cities, such as Toronto, the public transit system covers the Greater Toronto Area, and you can easily transfer from one mode of transit to another.
To use public transit, you can purchase individual tickets starting at $3.50, but you can use a transfer at the start of your destination to transfer to different transit modes. In other words, you only have to pay once at the start of your destination. You can also buy transit passes that allow unlimited transit use for a period. Some cities offer an electric fare payment system that allows you to load money onto a card to make travelling easier and at a discounted fare.
You can find specific fare information about public transit in your city by visiting the website of your city government, or the public transit system.
The cost of your food bill will depend largely on your diet, personal standards, and where you live. The stores and supermarkets in popular posh areas are more expensive and will offer more high-quality gourmet and organic products, while cheaper areas will have more low-cost options. Food can set you back anywhere from $100 per week for a single person to several hundred. Cooking at home and planning your meals will balance cost and nutrition.
Personal care items and other supplies can start at $2 at dollar stores, but you may have to compromise on quality. Supermarkets have store brands that are usually cheaper than name brands and, in many cases, of comparable quality.
Again, your personal preferences will determine your clothing budget. You should bring quality items that will last you because clothes shopping is best kept until you find employment. You can pay anywhere from a few dollars for clothing at a cheap retailer or a thrift (second-hand) store to hundreds and even thousands at high-end designer stores.
Movie tickets can cost $10 to $15 depending on the movie and the time of day. Most theatre tickets usually start at $20, and concerts of popular performers can cost well over $100. You can take advantage of local libraries to borrow DVDs and look for community theatres with free performances or performances by donation. It’s important to budget for entertainment, but this may be a personal finance area that you can cut back on if necessary.
Big cities offer great variety and cultural cuisine, so you may want to treat yourself and your family to occasional restaurant outings. The costs can be anywhere from $10 per person at fast-food restaurants, to more than $50 per person at an average restaurant. People usually tip between 15 – 20% of the bill when eating at a restaurant.
Staying fit and healthy should always be a priority. Some rental buildings come with gyms and the price may be very low or included in the rent. If you plan to join a gym, always read the fine print. The monthly cost is usually $60 to $100, but most gyms charge introductory fees and substantial cancellation fees.
Personal care costs also cover the range from basic to luxury. Expect to pay at least $25 for a simple haircut (plus tip) and anywhere from $50 to $70 for a manicure.
If you’ve recently arrived in Canada, managing your personal finances carefully will help you reduce financial stress until you find your first job. And, the strong personal finance habits you follow during your first year in Canada will help you to achieve many of your long-term financial goals.
What is mentoring? In the context of your career, a mentoring relationship can be an important tool to help you develop new skills, become more confident, and achieve important career goals. In simple terms, it’s a process where someone shares their skills and knowledge (the mentor) to guide another (the “mentee”). For newcomers, finding a mentor from your profession or trade can provide many benefits, for example, a mentor can help you to:
With help from a mentor, you’ll become familiar with work-related culture, questions, and issues that may be quite different in your home country. And, while you could likely complete these activities on your own, a mentor can help you to quickly get started. And with a quick start, you can:
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Mentoring can be an effective and rewarding relationship when both the mentor and mentee understand their roles. To achieve an effective outcome, here are some of the roles and qualities of mentors and mentees.
A good mentor is someone who is excited to help you achieve professional success in Canada. They’ll maintain a positive outlook about your existing skills, knowledge, talent, and experience and appreciate what you have to offer.
A good mentor is someone who has experience and knowledge that they want to share with you. A mentor doesn’t have to be an expert. Rather they should be able to help you access resources to find the answers to your important questions. In fact, you’ll likely be able to share your knowledge with a mentor as well.
You have many strengths, skills, and knowledge that you bring to your profession in Canada. A good mentor will encourage you and believe in your ability to continue and excel in your career in Canada.
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Providing feedback is an important skill for a mentor. And, providing feedback in a genuine, empathic, and constructive manner can help you to learn, grow, and develop your skills. A good mentor will provide feedback that is specific, honest, and clear. A good mentor will provide feedback to help you with your job search or provide career guidance if you have already landed a job in Canada.
Often, newcomers are frustrated when it takes longer than expected to find a job in their professional field or trade. If you belong to a regulated profession, it can take time to complete the licensing requirements, and it can also be expensive. A good mentor will understand your frustration while encouraging you to keep moving forward despite the obstacles. A good mentor will recognize your career challenges and empower you to achieve your goals.
A good mentor will listen to you carefully. You may have concerns and issues about your job search and career development in Canada. However, you also have your own ideas about how to overcome obstacles. A good mentor will listen to your concerns so you can jointly create options.
While a great mentor can provide benefits and guidance it’s also important to understand what a mentor will not do. For example, a mentor will not:
Their primary role is to share their experience and provide guidance.
To ensure a successful mentoring relationship, a great mentee:
With a clear goal in mind, your mentor will be able to help you reach your career goal.
To reach meaningful outcomes, it’s important to be open and honest with your mentor. So it’s helpful to share your professional goals, issues, and concerns. When you can openly discuss issues and obstacles, together you can create options and a solid plan of action to jump those career hurdles.
Mentors are usually volunteering for a professional association or community-based group. So it’s important to respect their time and effort. For example, it’s helpful when mentees:
A mentor’s role is to provide you with professional guidance. So it’s best to focus on professional and career-related topics. Also, it’s important to respect their time. For example, you may want to set how and when you can contact your mentor to avoid any misunderstandings.
As well, it’s helpful to set the length of your mentoring relationship. Mentoring relationships can be anywhere from 4 – 12 months depending on the organization.
While a mentor must be able to skillfully provide feedback. it’s equally important that the mentee is open and receptive to feedback. When delivered in a constructive manner, feedback is a gift that can help you to grow both personally and professionally.
There are key elements that contribute to a successful relationship. Here are some factors to consider to ensure success:
A successful partnership is based on a great match between the mentor and the mentee. When you connect easily and have a genuine interest in each other, you’ll work together well. The partnership can be formal or informal.
Realistic expectations and goals will guide the mentoring partnership in the right direction. A mentor is not there to tell the mentee what to do, but rather to help them along. Mentorship involves more than just devoting a set time period, it requires buy-in and commitment from both sides.
A strong partnership will flow both ways. Mentees should expect to contribute to the relationship in a meaningful way. In other words, don’t just expect professional advice without giving back. For example, you can share a book title or article that you think your mentor may be interested in. Sharing and exchanging ideas can show that you appreciate their effort and that you are interested in their growth as well. You’ll also have the added advantage of cultivating a great relationship!
Defining the goals of the mentorship relationship is the key to a successful partnership. Each partner should be accountable for success. Setting goals early in the process can help you achieve concrete outcomes together. A goal can be as simple as: “I’d like to become more confident in job interviews.”
Or, a goal can be to develop a specific skill that would help you to achieve a career goal.
In Canada, there are many services such as the Edmonton Region Immigrant Employment Council (ERIEC) that provide job search help and mentoring programs. For more service providers, check this Government of Canada site.
As well, many professional associations provide mentoring programs specific to your career field.
To learn more about associations related to your profession in Canada, check out our Career Pathways articles for more than 20 occupations in Canada. For each occupation, you’ll discover associations and immigrant networks that can help you to find a mentor in Canada.
A successful mentoring relationship can make a big difference in your career life in Canada. And with a strong commitment, you’ll develop and build essential skills, become more confident, and achieve career success. In time. your success may even encourage you to become a mentor to help future newcomers thrive!
Small businesses are a vital part of Canada’s economy. In fact, small businesses (with less than 100 employees) make up close to 98% of employer businesses in Canada. And, for many newcomers starting a small business in Canada can be a rewarding experience. However, it’s essential to understand what’s required to ensure your success. Check out these eight steps to know and do if you’re interested in starting a business! From understanding your market to small business financing, you’ll discover helpful information and resources to move you in the right direction.
A small business usually starts with a simple idea. Maybe you have a new product idea or invention. Or maybe you want to distribute products from your homeland to the Canadian market (or vice-versa). You may want to purchase an existing running business or franchise. Or maybe you have a specialty service to market as a self-employed person or a small boutique firm (i.e. web designer).
But, before you venture further, you need to better understand the market or need for your product or services, particularly in the Canadian context. Ask yourself if there is a need in your community. What is your target market? Is there a demand for the product or service? While there are many reasons why small businesses fail in Canada, a common reason is a failure to conduct market research.
You have to do plenty of market research (see Industry Canada, a great resource for this), plus look at your local market and competitors. For example, if you’re planning to open a sushi restaurant in a specific city or neighbourhood, find out who your competitors will be, including sushi and other restaurants.
Starting a small business is one thing, but how will you structure it? There are many things to consider related to how you form your business and its legal structure. There are pros and cons with different types of legal entities, which include:
You must also decide on and register a business name. You will require proof of registration to open a bank account, for example, for the company.
Once you have a clear understanding of the market, and feel your business meets a need, the second step is to write a business plan. A business plan is an essential document for launching a small business in Canada. Do you understand Canadian business plan standards? Find help in writing a plan with a professional consultant or these online resources:
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Most small businesses take time to start earning a profit. Do you have financing in place to not only start your business but keep it afloat?
Financing is one of the biggest challenges for start-up businesses, particularly if you are a newcomer with a limited amount of credit history in Canada. Various options for financing your business include:
Do you know how to effectively market your business in today’s social media-savvy climate? Do you have a social media strategy?
For many small businesses, especially for mom & pop stores, small restaurants, and boutiques, profit margins can be pretty tight. Your next goal is to grow your business by increasing your efficiencies and maximizing your profits.
Increasing your sales is critical to growing your profit. The first part of increasing your sales is having a product or service that meets a consumer’s need at an appropriate price point. The second part is to create a sales and marketing strategy to get the word out!
Are the costs of running your business too high? Look at ways of cutting your overhead. Assess your suppliers and look for competitive pricing.
Labour, of course, is one of the biggest expenses you’ll have, so it’s important to hire well and retain quality staff by creating a positive workplace environment that keeps your employees in your corner.
A socially responsible business is all about combining economic and financial goals with social, environmental, and/or humanitarian goals. It’s about companies who know that “doing good” is good for business.
Here are some examples of how small businesses can be socially responsible:
Hiring and retaining staff can be one of the most costly, frustrating parts of owning a small business. But hiring your first employee or adding new members to the team can help to transform your business. When recruiting and hiring new employees in Canada, a key priority will be to hire the right person with the right skills and experience for the job.
From accounting to paying taxes, a successful business is organized and maintains its records. Keeping track of your finances with proper accounting and bookkeeping is critical for successful small businesses.
Proper bookkeeping can help you keep track of expenses and cash flow, and measure your bottom line.
Not all owners have the skill, expertise, or time to manage all these financial details on their own, however. Hiring a financial professional – be it as an employee or a freelance consultant can ease this burden for many owners. And while you may worry about the expense of such services, a professional can actually save you money by showing you how to better manage your money, save on taxes, and more.
There are different types of professionals you can hire such as:
If you’re starting your business out on a small scale, you can at least rely on popular software like Quickbooks to help you manage your finances.
The Canadian economy is driven by the small business sector. Even though many small businesses have just one owner and a handful of employees, there are many taxes and regulations the business must still contend with.
There are basic tax requirements such as Goods and Services Tax (GST) and/or Harmonized Sales Tax (HST or provincial sales tax) that you must comply with.
Then there are numerous permits, licences, and regulations related to your employees such as minimum wage, maximum work shifts, vacation pay, and more.
If you’re new to the country, it is worth the investment to have a qualified tax professional and/or lawyer in your corner to help you navigate the rules and regulations when starting a small business.
Using the right technology, from back-end software to a great web presence, will help you succeed in your business.
No business today can operate without the proper technology, so it’s important to invest in this aspect of your business, to keep both the back end (i.e. accounting software, servers) and front end (i.e. cash registers) working smoothly.
In addition to your basic computer hardware and software needs, here are several additional technologies to consider:
Do you have the professional and leadership skills to keep your business running? It’s a question few business owners ask themselves. Finding a mentor can help. Learn more about mentoring in Canada.
With small business as a key driver of the economy in Canada, newcomers often find starting a small business is a rewarding opportunity. With support and a strong understanding of these eight steps you can be well on your way to achieving your small business dream.
For information, tools, free webinars, and more visit our Finding a Job in Canada resource page. Get the help you need to achieve your career goals in Canada!