Canadian Financial Tips Before You Move to Canada

Moving to Canada requires a solid financial plan. As you prepare, these 10 Canadian financial tips and steps will help you build a strong plan. With these tips in mind, you’ll successfully navigate your financial decisions, reduce stress, and settle in Canada with greater comfort.

1. Research Housing & Living Costs

Research basic costs in the city where you plan to settle before you leave. Find out the average costs for housing, groceries, transportation, utilities, and medical insurance. Ensure you have the finances to cover essential living expenses. You can always curb spending on things like entertainment and clothing. However, housing expenses are less flexible.

Housing costs will be your largest expense; research rental prices in your desired city to build a realistic budget.

While you won’t have precise costs, it’s helpful to estimate your monthly expenses. Websites like Numbeo are valuable resources to compare costs in different cities.

2. Assess Your Financial Health

Assess your current finances, including your savings, debts, and income. Ensure you have enough savings to cover at least six months of living expenses to search for a job upon arrival.

If you’re coming to Canada through Express Entry, you must have “proof of funds” for the minimum settlement funds set by Immigration, Refugees and Citizenship Canada (IRCC). If you plan to study in Canada, you must also show that you have financial resources to support yourself. However, it’s better to have more than the minimum. More money = less stress!

Managing savings will be vital upon your arrival. You may need to find a survival job and reduce unnecessary spending to stretch your savings. 

3. Settle Your Financial Affairs

Pay your debts. Review your insurance policies. Sell your property or arrange to manage it from afar. Cancel monthly services and obtain the necessary proof before moving to Canada.

In the excitement of moving to Canada, it’s easy to overlook details and leave loose ends. Avoid saying “I’ll deal with it later,” because settling financial affairs from a distance will be more costly and stressful.

4. Prepare for Your Job Search

Continuing your career in Canada is a key aspect of your move. Research the job market and industry trends in your field. Prepare a Canadian-style resume that highlights relevant skills and experience. Networking and using platforms like LinkedIn can also help your job search efforts.

The key to choosing a city is researching both the labour and housing markets. Ensure there is a demand for your skills and experience in the local labour market, and the housing market is within your financial reach. This Canadian financial tip can help you avoid making a secondary move to a more affordable city. Secondary moves are expensive.

5. Gather Important Documents

Bring important documents such as professional licenses, education transcripts, and credential evaluation results. If enrolling young children in school, bring their birth certificates, school records, and immunization records.

Other documents include travel health insurance, medical records, driving license, and marriage certificate. It’s easier and less expensive to gather documents while you’re still in your home country.

6. Register for Free Pre-arrival Settlement Services

Settlement services help newcomers adjust to life in Canada and help to remove financial, social, and cultural barriers. They can help you with key job search activities even before you arrive in Canada.

Free settlement services can help you navigate the credential recognition process, the job search process, and connect you to others in your profession.

This Canadian financial tip makes it easier and faster to join the job market upon arrival. The sooner you can continue your career, the faster you’ll reach financial stability.

7. Book Short-Term Accommodation

Search for short-term rental accommodation and book at least six weeks in advance of your arrival date to get the best price. Select a cost-effective and convenient location that allows you to get around the city with ease while searching for a long-term rental.

8. Get a Canadian and Phone Number

Getting a Canadian phone number and SIM card before you move offers many benefits and allows you to:

9. Buy Travel Medical Health Insurance

It’s vital to consider your healthcare needs when moving to Canada. While Canada offers a publicly-funded healthcare system, not all medical services are covered. And, some provincial and territorial health programs may not cover newcomers for the first three months.

To get free healthcare in Canada, you must be a permanent resident. Immigrants waiting to join a provincial healthcare program are vulnerable to high medical costs without Canadian travel medical insurance coverage. Private health insurance covers you while waiting to join a provincial healthcare program.

You can buy private health insurance before travelling to Canada to avoid unexpected medical costs and increase peace of mind.

10. Open a Canadian Bank Account

Learn about the Canadian banking system to make informed decisions about where to open your accounts. Research banks and their offers, including account fees and international transfer costs. You can even open a bank account before moving to Canada to simplify your move.

Opening a Canadian bank before you move offers many benefits and allows you to:

Canadian Financial Tips Summary

Moving to Canada requires a solid financial plan. These Canadian financial tips and steps will help reduce stress before you move to Canada. The more you prepare, the faster you’ll achieve financial stability to reach your goals in Canada!