So, finally, you have decided to make the maple leaf as your intentional symbol? Then, more probably, you will know the right area to further settle and get a job offer from the employer’s side.
Meanwhile, there are several steps that help making your dream of immigrating to Canada come true. However, the first thing to consider is to establish your finance.
Thus, let’s have a look at the go-to rule book of how to set up finance as a newcomer in Canada.
Open a bank account like a novice
In case, you are not enrolled legally in the Canadian school or employed legally from the country, you might face problems in opening a bank account.
So, the best way to apply is via a trusted bank, it doesn’t matter you enter the country as a Foreign worker, International student or a PR. Only newcomers are eligible for the program and the qualified customers doesn’t get any monthly account fees for the first year, unlimited no-fee international money transfers2, and more. To apply, you must bring two IDs, for example: Passport Permanent Resident Card, Canadian citizenship and immigration forms, (IMM 1000, IMM 1442, IMM 5688 or IMM 5292)
How to build your credit score for success?
If you have to build your credit score for success, Canada prefers using its own system.
Thus, it is extremely essential to get a credit score that is approved to further take a loan or purchase a home. Besides such, the credit score can be checked for rental agreement of apartments right before moving forward with the employment. It will help to get better rates on several things like phone or an Internet.
The easiest way to get a loan for a new customer is to open a credit card account with your bank. Financial institutions often want people with no credit history to open up a credit card, a credit line supported by the user’s personal guarantee, such as money. Scotia bank provides multiple unsecured credit cards for beginners so that users can access instantly. First establish your credit history and accumulate points without worrying about the security card rules.
Using this card as a debit card, paying off debts on time in each cycle can increase your account in the first few months. Once you have enough credit to buy a car, loan or house. You can use other credit cards that are more favourable or cheaper.
Come to Canada as a student
Studying in Canada allows you to get a great education at a competitive cost, build international connections Work in a diverse learning environment during and after your studies and increase your chances of permanent residence in Canada.
Studying in Canada provides you with quality education at a competitive price to establish international relations in different countries. Study environment, work during and after study, and increase your chances of permanent residence in Canada.
If you plan to obtain a Canadian ID, you can use a free student checking account to manage your tuition and funds during the day. Student Banking Advantage® Plan-Voted as the best student bank account of 2020. MoneySense is suitable for full-time students enrolled in post-secondary courses in Canada. In addition, as an international student, you are eligible for an unsecured credit card even if you do not have a credit history. Enjoy spending rewards and easily track your reputation. There are enough things on your school to-do list, and this student account will make it easier for you to manage your finances.