What you need to know Canadian Banking as an immigrant to Canada?
In case you have just migrated to Canada then one of the first things you would need are related to your finance. When it comes to finance one of the foremost requirements to begin with is banking. Thus let us take a look at the basic banking needs you might have as a new comer to Canada. Being in the financial consulting since long we at “The Accounting and Tax”, through this blog would provide you with some basic information you need to know about Canadian banking:
Determining your basic banking needs
This is what you should begin with. To begin with to carry our basic financial transaction you would at least a Savings Bank Account with cheque book. So you need to find out where you can open a basic savings bank account with cheque book facility. You need to find out about the services charges, the fees involved and so on.
Planning for spending needs and budgeting
You need to plan your finances. You must try and figure out what would be the basic expenses involved on a monthly basis. Thereafter you need to plan out your overall spending and budget as per your expected incomes.
Savings should be your top most priority
It is true that staring a new life in a new country may be an expensive affair. But at the same time you need to budget your expenses too. So make sure you live below your means and try to save on a regular basis.
Investing in the future
Gradually when you settle down you should also aim to invest in your future. Once you are more familiar with the Canadian financial products you need to identify financial products you must try and invest in financial instruments that would yield you the best results for the future.
Basics of borrowing
In case you are looking to borrow in Canada, it may not be possible right away. You need to have your credit rating and thereafter look to improve the credit rating thereafter to be able to borrow the amount you are looking to borrow.
