For many newcomers, opening a bank account is one of the first things you do when landing in Canada. Between the Big 5 banks in Canada (RBC, TD, CIBC, BMO, and Scotiabank) and other financial institutions, many banks offer a specialized “newcomer banking package” that is designed for new immigrants. Arrive, powered by RBC Ventures Inc., a subsidiary of RBC, is here to help you learn about the Royal Bank of Canada Newcomer’s product offering.
For starters, when you open an account in Canada, you’ll typically get a chequing account and a credit card at the same time. In our overview titled Feel Safe and Secure Banking in Canada, we explore everything you need to know about setting up your finances, as well as learning about the Canadian banking system. One of the core areas we focus on is the importance of credit cards in Canada; they’re an essential means to building your credit profile and credit score, which helps you when it comes to renting/owning a home, leasing a car, and accessing other financial products in the future. Additionally, credit cards have the added convenience of allowing you to pay for things easily, without having to carry cash. Keep in mind that credit cards can carry very high interest rates, and your balance should be managed and paid down promptly. Once you are approved for a credit card, get started by making payments for small expenses such as phone bills or groceries. This will help you gradually build your credit history.
Ensure you have one of the following pieces of identification to open an account:
A driver’s license issued in Canada
A Canadian or foreign passport
Permanent Resident card
Immigration Canada Form IMM 1000 or IMM 1442
Note: Permitted identification documents may vary with province
Most financial institutions also offer other services, such as investments, mortgages, safety deposit boxes and general financial planning. Talk to a financial advisor about your specific goals and needs, or even get started by browsing through some of our past Arrive webinars, on finances covering a wide variety of topics for your financial wellbeing.
Helpful Tips:
It’s helpful to make an appointment with a bank branch to have a dedicated advisor ready to address your questions and help you open a bank account. View the RBC Branch Locator from Canada’s largest bank*, Royal Bank of Canada (RBC), to find the closest branch near your community. You will need to know your local address or postal code to book an appointment. You can also visit the newly designed RBC Newcomer Branch at the Brampton Civic Centre, which was set up to help newcomers with all of their banking needs.
Select “paper statements” for the first three to four months of your credit card billing, as these statements typically serve as proof of address while applying for health insurance. Note that for delivery of paper statements, you will need to provide your permanent address.
*Based on market capitalization.
Source: Arrive
Disclaimer: This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.
People from all over the world move to Canada to fulfill their dreams. From 2018 to 2019, the country welcomed more than 300,000 immigrants. In 2020, there might be even more opportunities available, thanks to the Rural and Northern Immigration Pilot (RNIP).
One popular location for newcomers to settle in is the province of Ontario. Many people are familiar with the Greater Toronto Area, especially the city of Toronto. This urban, densely populated region offers ample career and social opportunities.
However, Canada’s more rural areas also have a lot to offer. In addition to its bustling metropolises, the country has many small cities that would be just as advantageous for newcomers. They are simply less well known.
But there is a good reason to learn more about them if you are interested in relocating to Canada. Skilled immigrants might be able to secure pathways to permanent residency in these smaller cities. You might also find more professional opportunities in a rural area, depending on your area of expertise.
Hoping to attract more skilled immigrants to these areas, Canada recently launched the Rural and Northern Immigration Pilot (RNIP).
What Is the RNIP?
The Rural and Northern Immigration Pilot provides pathways to permanent residency for skilled immigrants who want to live and work in smaller communities in Canada.
This is not only an opportunity for immigrants, it is also beneficial the participating regions, their provinces, and the country as a whole. To prosper, smaller cities rely on newcomers bringing their education and skills to boost local industries. For example, when rural areas gain new talent, it benefits their infrastructure, transportation, housing, and cultural diversity. The local economy then relies on retaining its local talent. This helps a region make the most of its resources.
There are 11 rural areas participating in the RNIP as of 2019. Presently, only three have begun accepting applications from aspiring immigrants.
Thunder Bay is the latest area to start accepting applications from newcomers, in January 2020.
About Thunder Bay
Thunder Bay is one of the most populated cities in Northwestern Ontario. It is one of five areas in the province participating in the RNIP.
The city is home to many thriving industries, including forestry, transportation, manufacturing, mining, health care, and agriculture.
Here is more information about Thunder Bay:
Education: As of 2020, Thunder Bay is home to over 60 elementary and high schools, many of which offer academic tracks in both English and French. Extracurricular activities often take place at the city’s sports, arts, and recreational facilities. Lakehead University, Confederation College, and Northern Ontario School of Medicine are popular options for postsecondary education.
Health Care: Thunder Bay has a reputation as a medical services hub. You can choose from one of several health care centers that provide services covered by Ontario Health Insurance (OHIP). You can also make use of walk-in clinics in between scheduled doctor’s visits.
Affordability:According to recent real estate reports, property in Thunder Bay is more affordable than that of other cities in Ontario. Additionally, the cost of groceries, shopping, and dining out are also more reasonable.
Services: There are several settlement agencies in Thunder Bay. These government-funded agencies offer essential services to newcomers. You might use them for professional development, to learn more about the local area, or to work on your language skills.
Lifestyle: Canada is renowned for its hospitality to immigrants. In particular, Thunder Bay’s diverse population might be appealing to newcomers from around the world. The city has a modern and cosmopolitan feel. It offers plenty of shopping and creative arts events. If Canada’s great outdoors appeal to you, you might be drawn to the sailing, fishing, hiking, and snowmobiling available in Thunder Bay.
How to Apply for the RNIP
Thunder Bay will begin accepting RNIP applications in January 2020.
To apply, you must already have a full-time job offer from an approved employer in Thunder Bay.
