This article was first published in theNovember 2011 issue of MoneySense.
Last year, Canada welcomed more than half a million newcomers to our country as immigrants, international students and temporary foreign workers. The number one source for new permanent residents is now the Philippines, followed by India, China, the U.K. and the States. Canada may be the best country in the world to live in, but that doesn’t mean that it’s easy to get established. People come to Canada dreaming of obtaining greater financial security and opportunities for themselves and their families, but they often spend years struggling to build up credit, find a decent job and grow their wealth.
As Canada’s personal finance magazine, MoneySense wants to help newcomers get established as quickly and painlessly as possible. In the pages that follow, we provide a quick overview of the most important things you need to know to build a strong financial future here. We’ll tell you the essential things to do during your first days in the country, and show you how to get a head start on getting a job, building credit, buying a home and investing. Along the way, you’ll meet people who have been through the immigration process already, who share their tips for making the transition easier.
Even if you’re a long-time citizen, if you’re new to investing, or buying insurance, or you’re trying to establish a strong credit history for the first time, this report is for you. When it comes to our finances, we’re all beginners at one time or another, and every beginner can use a helping hand.
Check back during the week for the latest article in MoneySense‘s personal finance guide for newcomers.