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Tag: Newcomers to Canada

  • What replacing my tires taught me about planning for retirement

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    When my family and I moved to Canada seven years ago, we spent months driving through neighbourhoods trying to decide where we wanted to build our life. Every time I got excited about a quiet street, a peaceful cluster of homes, or a beautifully maintained community, my wife would gently remind me that I was admiring retirement communities. It happened so often that I began to joke that my ideal home would be across the street from one. As it turns out, that is exactly where we landed. We became friends with our elderly neighbors, admired the calm rhythm of their days, and began to understand something that had not been obvious to me before: retirement here was not an abstract concept, but rather something people had spent decades deliberately preparing for.

    Where I come from—I grew up in multiple countries, including India and in the Middle East—retirement exists, but it is not the organizing principle of financial life. The emphasis is on stability, on supporting family, on building something durable enough that life can evolve naturally rather than stop abruptly. You save because it is prudent. You invest because it creates opportunity. But you do not necessarily orient every financial decision around a distant, fixed endpoint called retirement.

    Canada is different. Here, retirement planning is not a suggestion. It is an expectation, reinforced through employer matching programs, tax-advantaged accounts like RRSPs and TFSAs, and public pension systems designed to provide stability later in life. These are powerful tools, but they assume something critical: that you understand why they matter.

    If you grow up inside this system, the logic feels intuitive. If you arrive later in life, it requires emotional and cultural adjustment. You are not just learning how to save. You are learning to think differently about time itself, to make decisions today that serve a version of yourself decades into the future.

    Retirement and re-tirement: drawing parallels

    This reality became unexpectedly clear to me recently while digging my wife’s car out after a heavy snowfall. As I cleared the snow, I noticed her tires were visibly worn—not dangerously so, but clearly nearing the end of their useful life. I called the dealership to ask about replacements. The price they quoted me was staggering. I promised to call them back, hoping I could find something cheaper, but the truth was unavoidable. I had not explicitly planned for this expense, even though tire replacement is as predictable as the seasons themselves.

    I had failed to plan for the re-tirement!

    The metaphor is obvious, but the lesson lies deeper than wordplay. Retirement itself is not a surprise expense. It is the financial equivalent of tire wear. It happens slowly, invisibly, over time, until the moment preparation stops being theoretical and becomes essential.

    Canada deserves enormous credit for building systems that allow people to prepare constructively for that moment. RRSPs provide tax deferral, TFSAs offer tax-free growth. Employer matching accelerates savings. These mechanisms, when used consistently, create pathways to financial independence that are both powerful and accessible.

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    But accessibility and understanding are not the same thing.

    Compare the best RRSP rates in Canada

    Why you need to engage with the retirement system

    The Financial Consumer Agency of Canada exists to promote financial literacy and empower Canadians to make informed financial decisions. Its National Financial Literacy Strategy speaks eloquently about accessibility, inclusion, and effectiveness. The language is thoughtful. The intentions are admirable. The documents are comprehensive.

    And that is all fine and dandy, but lived experience tells a more complicated story.

    Information exists. Action does not always follow.

    Knowledge without context or insight rarely changes behaviour. You can publish strategies, frameworks, and national literacy plans, but information alone does not create urgency. I knew tires eventually needed replacing, but until I experienced the cost myself, it never became something I actively planned for. Retirement works the same way. Being told to save is easy. Understanding what is truly at stake, and how it affects your independence and peace of mind, is what actually drives action. Without that insight, financial literacy remains theoretical.

    For many Canadians, particularly those who arrive from different financial cultures, retirement planning remains something they are told to do, not something they intuitively understand. 

    This is not a critique of the tools themselves; Canada’s retirement infrastructure is among the strongest in the world. It is a critique of how responsibility for navigating that infrastructure is quietly placed on individuals who may not fully understand its importance until much later.

    The reality is that retirement planning does not require perfection, it requires participation.

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    Vickram Agarwal

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  • The newcomer’s smart spending guide: Turn everyday purchases into rewards – MoneySense

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    This guide breaks down which everyday spending categories earn the best rewards, how to choose a rewards program that fits your needs, and practical tips to help you build credit faster while keeping more money in your pocket.

    Everyday spending categories that deliver the best rewards

    If you’re new to Canada, chances are you’re already spending in many of these categories. Review the list below and think about where most of your money will go—those are the areas where rewards can add up fastest.

    • Groceries: Weekly food shopping is often one of the biggest household expenses, making it one of the easiest ways to earn significant rewards.
    • Transportation: Paying for monthly bus passes, rideshares, gas, and parking is another big-budget item that can really add up. For example, if you use the RBC More Rewards Visa, you’ll earn 5 points per $1 spent on gas, EV charging, dining, and purchases with grocery and pharmacy partners.
    • Restaurants and dining: Whether you’re grabbing a quick bite to eat or stopping at a coffee shop for your morning espresso, you can earn rewards.
    • Drugstores and pharmacies: As you settle in, you may spend more on household essentials and health items. This is another key rewards category to take advantage of.
    • Recurring bills: Monthly expenses like your mobile phone, internet, streaming services, and utilities may seem small on their own, but they add up over time.
    • Online shopping and services: Although most credit cards don’t specifically reward online shopping, nearly all cards earn base rewards on online purchases.

    Essential vs. lifestyle purchases (and how to optimize both)

    If you’re like many newcomers, you’re probably trying to stick to a budget. Part of holding yourself accountable is distinguishing wants from needs. 

    Essentials

    Essentials fall squarely into the needs category, since these are things you can’t help but buy—we’re talking food, transportation, and household supplies. Utilities are recurring bills that also qualify as needs (though something like streaming services fall into the “wants” category). 

    Since you know you’ll have to make these purchases, look for a rewards credit card that offers the highest reward rates for these essentials. You’ll get the most back for your purchases and relying on one primary rewards credit card can help you track your spending and stay on budget.

    The RBC Ion+ Visa gives 3x the Avion points for every $1 you spend on groceries, gas, dining, food delivery, rideshare, and streaming services. All other purchases earn you 1 point per $1. So, you can see how quickly you’d rack up points with a credit card that prioritizes everyday spending.

    Lifestyle purchases

    When you think of wants, eating out, catching movies or concerts, and furnishing your home all count as things that are nice to do, but not essential. Even so, you can still earn rewards by using the right credit card.

    Since these might be occasional purchases in the early months of establishing your life in Canada, you might reach for a credit card that earns you a flat rate across all spending categories, like the RBC Cash Back Preferred World Elite Mastercard. You’ll get a steady 1.5% cash back on all your purchases—wants and needs.

    How flexible rewards evolve with spending trends

    When you first get a credit card after arriving in Canada, it’s natural to focus on a few key spending categories—but your budget and priorities will likely evolve. You may spend more on settlement costs and transportation in the early weeks. Over time, groceries and household expenses often take up a larger share of your budget, followed by bigger lifestyle purchases.

    As your spending shifts, so can the way you use your rewards. Early on, cash back applied to your credit card balance may be the most helpful option. Later, you might prefer the flexibility to book travel, buy merchandise, choose gift cards, or mix and match different redemption options.

    The strongest flexible rewards programs also help you get more value from your spending through merchant offers and seasonal promotions. Most importantly, they give you control over how you redeem your rewards. For example, RBC’s Avion Rewards program lets you book flights, transfer points to airline partners, donate points to charity, apply them toward financial products, purchase merchandise or gift cards, or redeem them as a statement credit—so your rewards can grow with you.

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    6 smart spending strategies for newcomers

    Using the right credit card isn’t the only financial move you need to make. Here are some of the most effective strategies for managing your money as a newcomer:

    • Take advantage of welcome offers: If you open a credit card (or even bank account), most issuers give you the opportunity to earn a limited-time bonus for reaching spending milestones. Keep these promotions in mind when making purchases, but don’t overspend to chase the rewards.
    • Track your early spending habits: Once you’ve been using a credit card for a month or two, take some time to pinpoint your high-earning categories. You might decide that a different credit card would reward you better, or you might find that you’re indeed using the best card for you.
    • Charge your everyday purchases and recurring bills to a rewards card: Earn rewards for the things you need to buy. This is a smart money move so long as you pay off the card every month. It also simplifies bill payments.
    • Make your payments on time: Whether you’ve got a credit card bill or a recurring utility payment due, prioritize paying your bills on time and in full. This helps you start building a solid credit score, which can get you better interest rates down the road.
    • Don’t spend more than you can pay off: If you’re carrying a balance or paying late fees, interest charges quickly erase the value of any rewards you earn. Rewards only make sense if you pay your credit card balance in full and on time every month.
    • Use digital tools to budget: When you choose a bank, familiarize yourself with its online tools and mobile app. These make it easy for you to track your spending and stay on top of the rewards you’ve accumulated.

    If there’s one piece of advice to remember, it’s this: always make at least the minimum payment on your credit card, on time. Even if you can’t pay off the full balance every month, paying the minimum helps prevent negative information from being reported to Canada’s credit bureaus.

    Building toward your personal goals starts with smart money habits—and establishing a strong financial foundation in Canada from the beginning.

    Earning, saving and spending in Canada: A guide for new immigrants

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    About Jessica Gibson


    About Jessica Gibson

    Jessica Gibson is a personal finance writer with over a decade of experience in online publishing. She enjoys helping readers make informed decisions about credit cards, insurance, and debt management.

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    Jessica Gibson

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  • Want to start a business? Work on your personal finances first – MoneySense

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    For many immigrants, the idea of launching a business is part of the dream of independence and success. After all, the entrepreneurial drive runs deep—in a recent TD survey, half of newcomers said they were interested in starting a business even though 62% said they lacked enough information about financial products that support business owners. 

    That gap between ambition and readiness isn’t surprising. Building a business without first securing your personal financial footing can leave you vulnerable, however, not just to economic uncertainty, but to stress and burnout.

    In this article, I explore why it’s important to establish personal financial stability before launching a business, and offer actionable advice for newcomers who want to build a resilient financial base first.

    Why personal finances matter before starting a business

    When you’re self‑employed or running a business, your income can fluctuate wildly, especially in the early years. Without a solid foundation—such as savings, manageable debt levels, and an established credit history—you may find yourself tapping expensive forms of credit or compromising your long‑term goals just to keep your business afloat.

    And newcomers already face financial challenges: more than half (55%) report having difficulty managing their finances since arriving in Canada, with many struggling to understand the Canadian financial system.

    This isn’t just about money; it’s about confidence. The same survey found many newcomers lack a clear understanding of how Canadian banking, investing, and personal financial planning work, which contributes to anxiety about taking big financial steps like starting a business. 

    Without confidence in your own personal finances, it’s easy to delay business plans indefinitely or, worse, launch prematurely without the cushion you need to weather the early uncertainty of entrepreneurship.

    A personal perspective

    When my family and I moved to Canada, we were ambitious and optimistic. I had entrepreneurial experience from overseas, and I dreamed of building something meaningful here. But our first priority wasn’t launching a business, it was laying down a foundation: understanding the Canadian banking system, building credit, creating an emergency fund, and learning how taxes and retirement plans work here.

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    In those first years, I had to learn lessons the hard way. I was frustrated when my Canadian credit history didn’t reflect my financial past. Even with my background, I was initially approved for a low-limit credit card and had to slowly build trust with financial institutions. Over time, as my credit improved and I understood tax planning better, I gained the necessary confidence and structure to consider business ownership.

    That foundation gave me stability. When I finally did start my business, I could focus on growth, not survival.

    Compare the best bank accounts for side hustles

    7 ways newcomers can build their financial foundations 

    Here’s a practical road map to help you build a financial base you can be confident in before you make the jump into entrepreneurship.

    1. Create a personal emergency fund

    Before your income becomes unpredictable, save for at least one year of basic living expenses. If possible, aim for two. There are mixed messages out there on what the ideal rainy-day fund should be; some say three to six months but, as a serial entrepreneur, I always recommend erring on the side of caution. This fund offers breathing room when things are uncertain, and it prevents you from turning to high‑interest debt.

    2. Build and monitor your credit score

    A strong credit history is often needed for both personal and business finance. In Canada, newcomers frequently find it hard to build credit, even when they understand its importance before arriving here. In fact, according to the survey I quoted earlier, 79% of newcomers who applied for credit said it was difficult to start building a credit history. 

    Start small, use a secured credit card responsibly, pay off balances each month, and regularly check your credit reports. This will help when you eventually need business financing or better loan terms.

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    Vickram Agarwal

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  • New to Canada? Here’s how the Scotiabank newcomer offer can help – MoneySense

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    As a newcomer, you can get personalized financial advice and apply for credit cards that don’t require a lengthy Canadian credit history. This gives you the chance to start building your credit score right away, so you can qualify for higher credit limits or better borrowing terms as you’re setting up life in a new country.

    Why your credit score matters

    It’s hard to overstate just how important your credit score is. This three-digit number reflects your financial habits and history, and it’s the number lenders and card issuers look at when they’re deciding whether or not to approve your applications for credit. 

    Essentially, your credit score tells lenders how risky you are to lend to. 

    People with low credit scores or those who don’t have a credit score at all will likely find it much harder to be approved for loans, credit cards, and mortgages. On the other hand, people with high credit scores will not only be more likely to be approved, but also may have access to better interest rates and loan terms.

    How to establish a strong credit score in Canada

    The credit monitoring bureaus, Equifax and TransUnion, look at your personal financial factors to determine your score, but they don’t weigh these factors equally. Here are the rough numbers:

    • 35% of your score is determined by your payment history: This is your record of loan or credit payments. Since missed payments can damage your credit score, always make at least the minimum payment for all your accounts each month.
    • 30% of your score is influenced by credit utilization: This is how much available credit you’re using. Using around 30% or less of your available credit will help boost your score.
    • 15% of your score is determined by your credit history: Newcomers are at a distinct disadvantage with this factor since it takes into account the age of your Canadian credit accounts—foreign accounts don’t count.
    • 10% of your score is dependent on your credit mix: Credit bureaus want to see a mix of credit types to see if you’re responsible with your finances. Having a mix of auto loans, lines of credit, credit cards, and even student loans on your history can help your score.
    • 10% of your score is determined by requests for credit: Lenders pay attention to how often your credit report is pulled, like when you’re looking for new credit. Many pulls in a short time can indicate you’re struggling financially, so limit the number of credit applications you submit to protect your credit score.

    Many of these factors take time to develop, which can make it difficult for newcomers to build a good credit score. Fortunately, Scotiabank has a powerful credit-building tool for new Canadians.

    How the Scotiabank StartRight® Program works

    As most newcomers to Canada find out quickly, you typically can’t bring your credit history with you when you move, so it’s hard to access loans and other credit products. That’s where Scotiabank’s StartRight® Program comes in.

    StartRight™ allows you to set up your personal finances through Scotiabank, including a no-monthly fee chequing account for the first year, credit cards and specialized mortgage financing. 

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    As a Scotiabank’s StartRight® Program member, you can get: 

    • Up to $700 when you bundle an eligible banking package, savings account, and registered account.
    • No monthly account fees on a Preferred Package chequing account for the first year.
    • Unlimited no-fee international money transfers from a Scotiabank chequing or savings account.
    • Apply for credit cards even without an established Canadian credit history, so you can start building a credit score as soon as you’re approved 
    • 10 free equity trades when you invest at least $1,000 in a new Scotia iTrade® account.

    You can make an appointment at any Scotiabank location to join StartRight™ if you meet the qualifications.

    Permanent residents must show one piece of Canadian government-issued ID along with a permanent resident card or Confirmation of Permanent Residence (COPR) document. Foreign workers must show a work permit and one piece of Canadian government-issued ID.

    FAQs

    This article is provided for information purposes only. Any information, data, opinions, views, advice, recommendations or other content included in this article are solely those of the author and not of Scotiabank or its affiliates. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article is subject to change without notice.

    This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited, and produced by MoneySense with assigned freelancers.

    Get free MoneySense financial tips, news & advice in your inbox.

    Read more about newcomers:



    About Jessica Gibson


    About Jessica Gibson

    Jessica Gibson is a personal finance writer with over a decade of experience in online publishing. She enjoys helping readers make informed decisions about credit cards, insurance, and debt management.

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    Jessica Gibson

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  • Balancing personal and financial goals as you build a new life in Canada – MoneySense

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    For many newcomers to Canada, personal and financial goals can feel like they are pulling in opposite directions. You want to say yes to everything—travel, dinners out, live music, social events—but you’re also thinking about building an emergency fund, saving for retirement, and staying out of debt. Add to that the cost of settling in, a limited credit history, and (in many cases) living off savings or a survival job, and it becomes clear that trying to do it all right away can be risky.

    This article isn’t about me, but I will say this: my family and I chose to focus on building a strong financial foundation before chasing all the extras. At the same time, we were very aware of how easy it is to fall into the trap of grinding so hard that you lose steam. If the journey to build a better life becomes joyless, it can be hard to remember why you moved in the first place.

    You can’t do everything at once—and that’s okay

    The truth is that it’s hard to prioritize when you’re trying to settle in and feel like you belong. The urge to do and see everything is real. But when your early days in Canada are being funded by personal savings—or worse, high-interest credit—impulsive spending can get dangerous fast. 

    Without a financial plan, it’s easy to overspend—and because newcomers often have no credit history, the only credit products available may come with steep interest rates and strict limits. One misstep can quickly spiral. Instead of trying to do everything, consider what really matters most in the short term. What helps you feel grounded? What creates forward momentum? What is truly urgent, and what can wait?

    Focus on the foundation

    There’s a difference between building a life and decorating it. In those early months, start with the essentials—the things that give you stability, reduce your stress, and set you up for long-term success.

    Earning, saving and spending in Canada: A guide for new immigrants

    Here are a few financial goals that are worth tackling early.

    1. Build your credit history

    Get a secured credit card, if necessary, and use it for manageable expenses like phone bills or groceries. Pay it off in full every month. This helps you build a strong credit profile, which will eventually open doors to lower interest rates and better financial products.

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    2. Set up an emergency fund

    Even if you’re starting small, building a financial cushion gives you breathing room. Try to set aside enough to cover one month of basic expenses, and grow it over time.

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    3. Understand the Canadian financial system

    This includes learning the difference between TFSAs, RRSPs, RESPs, and more. Many financial institutions, community organizations, and nonprofit agencies offer newcomer-specific resources. Take advantage of them.

    Compare the best TFSA rates in Canada

    4. Avoid high-interest debt

    Unless absolutely necessary, avoid payday loans or quick-cash offers. These products often have extremely high interest rates and can lead to long-term financial stress. If you are unsure, ask questions. Get advice before you borrow.

    5. Make small progress on long-term goals

    Even small, regular contributions to your child’s education fund or your own retirement savings can have an outsized impact over time. The key is to get started.

    But don’t put life on hold

    Now here’s the important part: building a financial foundation does not mean you have to live a joyless life. You didn’t move here to just pay bills and build spreadsheets; you moved here for something more. And if you strip away everything fun or fulfilling in the name of discipline, you may find yourself questioning whether the move was worth it.

    What helped me was learning to make room for both—a night out every now and then, a concert ticket, a staycation with my family. Nothing extravagant, just moments that reminded us that we were here to live, not just survive.

    If you plan for it, joy doesn’t have to be expensive, it just needs to be intentional.

    A quote that changed my perspective

    I recently saw a quote on Instagram that stayed with me:

    “Your life will change when you realize you are not building wealth for the things you can buy. You are building wealth for the problems you won’t have. The emergency that doesn’t devastate you. The opportunity you can take. The pressure you don’t feel. Wealth is peace, not possessions.”

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    Vickram Agarwal

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  • How to build confidence in your financial life – MoneySense

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    A few weeks ago, I received a press release from TD Bank. The headline read: “76% of newcomers fear making financial mistakes.”

    While I had my usual skepticism about what that number represents, I wasn’t surprised by the sentiment. Of course newcomers fear making financial mistakes. Would it be any less noteworthy if the number were 65% instead? Probably not. The point remains: newcomers are worried, and rightly so.

    When you’ve just arrived in a country and you’re trying to make sense of systems that are unfamiliar, the fear of getting something wrong isn’t just rational, it’s expected. The Canadian financial system, for many, doesn’t feel like a place to build confidence; it feels like a labyrinth. For those still learning the language(s), navigating new jobs, figuring out where to live, and understanding cultural norms, the financial part can feel like one stress too many.

    But something else in the report stood out to me and it subtly shifts the conversation. The data showed that 38% of newcomers reported little to no understanding of the Canadian banking system. That’s high. But 25% of the general Canadian population said the same thing. Similarly, 51% of newcomers said they didn’t understand how to invest money in Canada, compared to 35% of the broader population. The gaps are there, but what these numbers quietly suggest is that while newcomers may struggle more, many Canadians are struggling too.

    This isn’t just a newcomer problem. It’s a Canadian problem.

    Earning, saving and spending in Canada: A guide for new immigrants

    Everyone’s staring at the same dishwasher

    Understanding Canada’s financial system—especially through the eyes of a newcomer—often feels like trying to operate a dishwasher for the first time without knowing what it is or how it’s supposed to work. You know it’s meant to make life easier, but the buttons don’t make much sense, you’re unsure whether you’ve added the detergent correctly, and every unfamiliar sound makes you wonder if something’s gone wrong. After a while, it starts to feel safer to wash the dishes by hand—slower and less efficient, but at least familiar.

    That’s how many of us approach banking, investing, taxes, insurance, and credit. These tools are designed to help us, yet figuring out how to use them—and, more importantly, how to trust that we’re using them correctly—can feel risky. The fear of getting it wrong often keeps people from even getting started.

    I’ve lived in Canada for over six years and I work in the financial services industry, supporting organizations and spending a good deal of time thinking about how these systems function. Still, familiarity doesn’t always translate into confidence. Every year, I find myself hesitating over a relatively minor investing decision: what to do with the government match on my daughter’s registered education savings plan (RESP). It’s one small part of a much bigger plan for her education… a decision I’ve made before, but it still ties me up in knots. What should be simple ends up feeling complicated. I overthink it. I question what I know, and I hesitate.

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    In those moments, despite all the exposure and experience I’ve had, I still feel like I’m standing in front of that same dishwasher, unsure which button to press and worried that one wrong choice might set something off I can’t undo.

    When trust disappears without warning

    Not long ago, I got a call from my financial advisor—someone I’d built a relationship with over several years. She let me know, somewhat casually, that she’d moved branches and would be handing off my account to someone new.

    I understand that people change roles and businesses reorganize, but this wasn’t just a logistical update—it meant losing the one person in the Canadian financial system I trusted. She’d taken the time to understand how I think, how I approach decisions, and how I sometimes spiral before settling on a choice. Now I was expected to trust someone new, just like that.

    It felt like having your surgeon swapped the night before a procedure—not because the new person isn’t capable, but because trust doesn’t transfer. In something as emotional as money, especially when the system already feels overwhelming, trust matters.

    That’s the part no survey captures. It’s not just about how much someone understands. It’s about how supported they feel, and whether they believe someone is walking the path with them instead of standing off in the distance, pointing them in a vague direction.

    The bigger issue isn’t knowledge, it’s confidence

    At the heart of it, what the TD survey is really saying—and what many of us feel but don’t always articulate—is that people fear making financial decisions because they don’t trust that they’ll get it right. And when you don’t feel confident, every step forward feels like a risk.

    This fear is real for newcomers, but it’s also real for the person who’s lived in Canada their whole life and still feels anxious at tax time. It’s real for the couple trying to figure out if they’re saving enough. It’s real for the entrepreneur who feels like banking is something you endure, not engage with.

    Speaking of entrepreneurs, another finding from the report stood out. Half of all newcomers said they’re interested in starting a business, but 62% reported not knowing enough about the financial products available to help them. That struck a chord.

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    Vickram Agarwal

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  • How bad access to credit keeps newcomers from getting ahead – MoneySense

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    According to a 2025 TD survey, 92% of newcomers understood the importance of building credit before arriving in Canada. Yet 82% of those who applied for credit faced immediate barriers. For many, these challenges go beyond inconvenience. They directly affect immigrants’ ability to secure housing, buy a car, start a business, and simply build a life in Canada.

    This isn’t just about money. It’s about inclusion. And if Canada sees immigration as important to its future, then removing systemic financial barriers must be part of the national conversation.

    A cultural shift, and a credit wake-up call

    Like many immigrants, I arrived in Canada financially stable. But the Canadian financial system didn’t recognize that.

    I grew up in India and the Middle East with a simple rule: never buy what you can’t afford. Credit cards weren’t necessary, loans weren’t encouraged, and financial independence meant living within your means. That worldview shaped my early adult life—until I met my wife, who was born and raised in Ottawa.

    I remember one of our early conversations while we were still living abroad. She was confused about why I booked flights through a travel agent. The answer was simple: I didn’t have a credit card. And I didn’t feel like I needed one. To her, this was strange; in Canada, a credit card is a default tool for everything from booking travel to building rewards points. For me, it felt like a way to buy things I couldn’t afford. We weren’t arguing, just coming at the problem from different cultural angles.

    Eventually, I applied for a credit card and, like many people who didn’t grow up using credit, I abused it at first. It felt like free money, but that illusion wore off quickly. Over time, I developed a healthy relationship with credit: using it for convenience, managing payments responsibly, and collecting points for purchases I would have made anyway. When we eventually moved to Canada, all of that learning felt like it didn’t matter anymore.

    Earning, saving and spending in Canada: A guide for new immigrants

    Credit history doesn’t travel

    Here’s a truth most newcomers know, but few are prepared for: your financial history doesn’t follow you.

    Despite arriving with a strong financial foundation, I couldn’t qualify for a meaningful credit limit. My first Canadian credit card had a limit of $200, barely enough for half a Costco run. It wasn’t that I had a bad credit score. I didn’t have one at all. And building one from scratch took years.

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    This wasn’t just a minor inconvenience. It affected every part of our lives.

    We couldn’t get a mortgage, not because of our income or how much we had saved for a down payment, but because of a lack of credit history. When we finally did qualify, we had been in the country for years and had done everything right: on-time payments, healthy credit utilization, excellent scores in the 800s. But still, I wasn’t seen the same way the system viewed my wife, who had been born and raised here.

    Even now, after more than six years in Canada, my access to credit remains restricted. I don’t get offers for balance transfers, lines of credit, or automatic credit increases like she does. Why? Because she has decades of history, and I don’t. The system rewards longevity, not responsibility.

    Harder than it should be

    The TD survey confirms what I experienced. Among newcomers:

    • 31% qualified only for credit limits too low to meet basic needs
    • 27% struggled to secure housing
    • 24% couldn’t save or invest for future goals
    • 66% worried about their Canadian credit history
    • 79% found it difficult to start building credit at all

    That last stat is crucial. Building credit isn’t just hard, it’s systemically difficult for immigrants. And that’s the problem.

    Even though 92% of newcomers say building credit is important, they’re often left without the tools to do it effectively.

    Yes, the financial services industry is beginning to acknowledge the unique needs of newcomers, but acknowledgment isn’t enough. It’s like going to a doctor who finally understands your symptoms but doesn’t have a treatment. Empathy without action is still inaction.

    If Canada wants newcomers to succeed, we need more than empathy. We need solutions.

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    Vickram Agarwal

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  • New to Canada? A new way to transfer your credit score – MoneySense

    New to Canada? A new way to transfer your credit score – MoneySense

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    The credit reporting company said Thursday that the Global Consumer Credit File will make it easier for immigrants to access services like loans and cellphone plans in Canada by providing the additional data.

    “It’s really important when newcomers land that they get access to the financial services ecosystem, and without credit history that’s very difficult to do,” said Sue Hutchison, head of Equifax Canada.

    “They’re typically looking to, you know, rent an apartment, get a mobile phone, probably a credit card, and all of those things require credit history. So not having it makes it very difficult for newcomers.”

    Earning, saving and spending in Canada: A guide for new immigrants

    What is Nova Credit? What does it offer?

    Equifax isn’t the first to launch such a program in Canada. San Francisco-based Nova Credit, which launched in 2016 to provide global credit score access, expanded into Canada last year in a partnership with Scotiabank.

    The company has since expanded with partnerships at RBC, BMO and Rogers Communications Inc., among others.

    Nova Credit partners with several credit bureaus, including Equifax, to provide data from more than 20 countries. With Equifax becoming a competitor in the space, Hutchison said conversations are underway around data access going forward.

    Foreign credit score sourcing with Equifax

    Equifax, which has operations or investment in 24 countries, will have the advantage of being the direct provider of data from its foreign bureaus, said Hutchison.

    “It’s going be coming directly from us. So that’s, I think, very attractive to the lenders themselves that they’ll be dealing directly with the credit bureau.”

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    The Canadian Press

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  • What new rules in B.C. mean for gig worker rights in Canada – MoneySense

    What new rules in B.C. mean for gig worker rights in Canada – MoneySense

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    Regulations that came into effect on Sept. 3 introduced protections for gig workers in the province, including: a minimum wage, mileage compensation, upfront fare transparency, and rules for account deactivation and dispute resolution. The regulations also give workers access to workers’ compensation through WorkSafeBC, a provincial agency that supports injured workers. 

    If you’re a gig worker or considering working through an app, here’s what you need to know about the rights you have across the country. 

    What led to new gig worker protections in B.C.? 

    The regulations come after years of efforts by unions and gig workers themselves to have gig work covered by provincial employment standards. In provincial labour law, app-based workers are considered independent contractors rather than employees, which means they haven’t been eligible for traditional employment protections, such as a minimum wage and rules around termination and severance pay. Gig work platforms also don’t have to make employment insurance (EI) or Canada Pension Plan (CPP) contributions on behalf of gig workers.

    The workforce for ride-hailing and delivery platforms, including Uber, DoorDash, SkipTheDishes and Lyft, grew 46% in 2023, according to Statistics Canada’s December 2023 labour force survey. That brought the total number of workers aged 16 to 69 to 365,000, up from 250,000 in 2022. Landed immigrants accounted for almost six in 10 of those workers.

    B.C.’s rules are a “step in the right direction,” says Jim Stanford, an economist and the director of the Centre for Future Work, a progressive research institute. But gig work is still largely the “wild west of employment,” he says, and there are few avenues for workers to assert their rights.

    Wages for gig workers

    B.C. is the first province or territory to implement a minimum wage for gig workers. At $20.88 per hour, the rate is 120% of the regular provincial minimum wage of $17.40 per hour. It only applies to “engaged time,” meaning the time drivers and couriers actually spend on assignments—hence the wage premium. Workers whose engaged time over a select pay period falls below the gig worker minimum wage are topped up by the platform at the time they’re paid. (Tips are not included in the minimum wage calculation.) 

    “The equation is difficult and it’s not perfect, but it aims to start to address idle time, when someone is waiting to pick up a person or package,” says Pablo Godoy, director of emerging sectors for the United Food and Commercial Workers Canada (UFCW), a private sector union. The UFCW Canada signed an agreement with Uber Canada in 2022 that made the union the official representative for Uber drivers and delivery workers across the country.

    Tips and vehicle allowances

    As part of the new legislation, B.C. has mandated that platforms pay workers 100% of their tips. It has also introduced a vehicle allowance to compensate workers for the cost of maintaining their vehicles. Drivers receive 45 cents per kilometre for personal vehicles and 35 cents per kilometre for other forms of transportation, including motorized e-bikes and bicycles. (Those who travel by foot aren’t eligible for the allowance.) 

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    Kelsey Rolfe

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  • New to Canada and no pension: How to save for your retirement – MoneySense

    New to Canada and no pension: How to save for your retirement – MoneySense

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    The difficulties facing newcomers to Canada with respect to retirement planning are particularly acute. Given how Canada’s immigration points system works, economic immigrants are usually in their late 20s or early 30s—and they face unique challenges:

    1. Depleted savings: If you’re a 30-year-old newcomer, chances are you’ve used a large portion—if not all—of your savings to set up your new life in Canada. So, you’re behind in the retirement savings game. If retirement savings were a 100-metre race, lifelong Canadians have a 20- to 30-metre head start over newcomers.
    2. Lower income: If you’re a newcomer to Canada, you’ve probably had to restart your career a few rungs lower on the corporate ladder because of your lack of Canadian work experience. This means you’re not earning as much as others your age who have similar experience. Consequently, your ability to save for retirement is lower.
    3. Lack of knowledge: You need to understand Canada’s financial and tax systems to maximize its retirement planning opportunities, and gathering this knowledge takes time.
    4. Reduced contributions: Joining the Canadian workforce later in life than their Canadian-born peers, immigrants have fewer years to contribute to the Canada Pension Plan (CPP) and build up registered retirement savings plan (RRSP) and tax-free savings account (TFSA) contribution room. For this reason, they rely on less tax-efficient unregistered savings and investment vehicles to sustain their retirements to a greater degree than their neighbours.

    But there’s good news. As Toronto-based financial advisor Jason Pereira points out, “Canada’s retirement system does not discriminate against newcomers. The rules are the same for everybody.” So, with the right knowledge and expertise, you can work towards building a strong retirement plan. 

    How to start retirement planning as an immigrant

    To plan for retirement, you need to know:

    • How much money will you need each month in retirement? The simplest method to estimate your income requirement in retirement is to consider it to be 70% to 80% of your current income. For example, if you earn $75,000 a year today, 70% of that is $52,500—that’s $4,375 per month—in today’s dollars. Alternatively, you could estimate the amount you’d need in retirement using this tool.
    • How much you’ll receive from government pension and aid payments: You need to estimate approximately how much you’ll get from the Canada Pension Plan (CPP) and other government programs: Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). The tool at this link will help you do so. Ayana Forward, an Ottawa-based financial planner, notes that “some home countries for newcomers have social-security agreements with Canada, which can help newcomers reach the eligibility requirements for OAS.”
    • How much you’ll receive from your employer-sponsored retirement plan: Workplaces without a defined benefit pension plan sometimes offer a registered investment account (usually a group RRSP), with contributions made by you and your employer or only your employer. If you have a group RRSP from your employer, what will its estimated future value be at the time of your retirement? You could use a compound interest calculator to find out.
    • How to make up for a shortfall: The CPP, OAS, GIS and your group RRSP likely won’t be enough to fund your retirement. You’ll need to make up for the shortfall through your personal investments or additional sources of income.

    Sample retirement cash flow for a 35-year-old (retirement age 65)

    This table illustrates the types of income you could have in retirement. The amounts used in the table are hypothetical estimates. (To estimate your retirement income, try the various tools linked to above.)

    Amount (today’s value) Amount (inflation adjusted)
    A Amount needed $52,500 $127,400
    B Government pension and aid payouts
    (CPP, OAS, GIS)    		 $22,000 $53,400
    C Employer-sponsored pension plan
    (group RRSP)    		 $8,000 $19,400
    D B + C $30,000 $72,800
    E Shortfall (A – D) $22,500 $54,600
    F Needed value of investments in the year of retirement (E divided by 4%, based on the 4% rule) $562,500 $1,365,000
    G Needed flat/constant monthly investment amount from now to retirement $969

    In the example above, the person faces an annual shortfall of $22,500. In other words, this person needs to generate an additional $22,500 per year to meet their retirement income needs, after accounting for the typical government pension or aid payouts and their employer-sponsored retirement plan. To do this, they’d need to invest about $969 per month, assuming an 8% annual rate of return from now to retirement 30 years later. How could they fill this gap and meet their shortfall? Enter self-directed investments, real estate and small-business income.

    Build your own retirement portfolio

    An obvious and tax-efficient way to cover your retirement income shortfall is to build your own investment portfolio from which to draw income in your retirement years. These investments can be held in registered or non-registered accounts. Registered accounts, such as the TFSA and RRSP, offer useful tax advantages—such as a tax deduction and/or tax-free or tax-sheltered gains, depending on the account—but the amount you can contribute to these accounts is limited. Non-registered accounts have no contribution limits but offer no tax advantages. 

    Newcomers often have lower TFSA and RRSP contribution room compared to their peers because they’ve lived and worked in Canada for a shorter period. “TFSA contribution room starts accruing the year of becoming a resident of Canada,” Forward explains. “RRSP contribution room is based on earned income in the previous year.”

    Your TFSA and RRSP contribution room information is available on your Notice of Assessment from the Canada Revenue Agency, which you’ll receive after you file your tax return. To check your TFSA limit, you can also use a TFSA contribution room calculator.

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    Aditya Nain

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  • 5 credit card habits that earn points faster – MoneySense

    5 credit card habits that earn points faster – MoneySense

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    1. Unlock the earning potential of your everyday spending

    Everyone has expenses. The trick is to figure out how to earn rewards on the purchases you’re already making. Your best bet is to pick a card that offers boosted earn rates in the categories you spend the most in. For many Canadians, the top spending categories are groceries and gas, so paying with a card like the National Bank World Elite Mastercard can reap a lot of points.

    Let’s say your family spends around $1,000 per month on groceries and about $250 on gas. If you paid for these purchases with the National Bank World Elite Mastercard, you could earn up to 5,500 points per month—that’s 66,000 points per year just in those two categories. With 66,000 points, you could redeem for tech merchandise (like a smartwatch or tablet) or pay down your National Bank of Canada mortgage, for example.

    Here’s how it works: The amount of points earned on grocery and restaurant purchases depends on the total gross monthly amount charged to the credit card account, regardless of the purchase category. You will earn five points for every dollar in eligible grocery and restaurant purchases until a total of $2,500 in gross monthly purchases is charged to the account. After that, you’ll earn two points per dollar in eligible grocery and restaurant purchases. (The total gross monthly amount is calculated based on your monthly billing period.)

    Apply for the National Bank World Elite Mastercard between May 13 and August 15, 2024, and you could earn up to 40,000 bonus rewards points in the first year. Minimum purchase and insurance product required. See applicable terms and conditions.

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    National Bank World Elite Mastercard

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    • Annual fee: $150
    • Interest rates: 20.99% on purchases, 22.49% balance transfers and cash advances
    • Earn rate: Up to 5 points per $1 on grocery and restaurant purchases; 2 points per $1 on gas, EV charges, recurring bill payments and travel booked through À La Carte Rewards; and 1 point per $1 on all other purchases.
    • Welcome offer: In the first year, you can earn up to 40,000 rewards points. Must apply by August 15, 2024. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

    go to site

    2. Make the most of your optional spending

    There’s more to bills than groceries and gas, of course, so choose a card that rewards more of your other purchases. When you use your National Bank World Elite Mastercard to pay your restaurant bill, you could earn up to five points per dollar. Plus, with a base rate of one point per dollar spent on your card in other categories, your rewards will rack up quickly.

    3. Subscribe to rewards points

    If you’re like most Canadians, you’ve got a bunch of bills that show up each and every month, including services like your phone plan and subscriptions to streaming services. Get something back for your monthly bills by setting up automatic payments with your National Bank World Elite Mastercard. You’ll get two points per dollar for recurring payments, and you’ll never have to worry about missing a payment.

    4. Get the family involved

    When you add a cardholder to your account, all their rewards points add up along with yours in the same account, so you reach your rewards goals faster. This can be a terrific option for spouses, for example. Each person will have their own card with their own PIN, but all transactions are charged to the same account. With the National Bank World Elite Mastercard, the annual fee for each additional card is only $50 per year. 

    5. Earn more on travel

    Using a credit card is a convenient and secure way to pay for travel—and it can also let you earn rewards points. With the National Bank World Elite Mastercard, you’ll get two points per dollar spent on any travel you book through the À la carte Travel portal. Plus, every year you’ll get a travel credit of up to $150 to reimburse eligible expenses charged to your card, including flight upgrades, seat selection, airport parking, extra checked bags and access to airport lounges. And, with the included travel insurance on this card, you’ll be all set for your next journey. (Insurance coverage is limited to specific amounts. Please read the full insurance details.)

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    Keph Senett

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  • How to use your credit card responsibly – MoneySense

    How to use your credit card responsibly – MoneySense

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    What is a credit score?

    A credit score is a three-digit number, usually between 300 and 900, that banks and other lenders use to determine how likely you are to pay back your loans. The higher the number, the more credit-worthy you are to the banks.

    Your score is based on information in your Canadian credit history, such as whether you pay for your phone bill and utilities on time and in full each month. The problem is, for newcomers and others without a Canadian credit history, lenders don’t have any information. This makes it hard for people to get credit.

    Your first credit card in Canada

    If you’re young, or a newcomer, or you haven’t used credit in Canada before, you’ll need to start simply. Credit cards themselves are forms of credit, so the first step is to get an entry-level credit card and prove your credit-worthiness by paying your bills on time. Then you can work your way up.

    Entry-level credit cards usually have fewer perks than more premium cards, but they also typically have lower income requirements and a lower annual fee—in some cases, $0.

    National Bank’s mycredit Mastercard is a great example. There’s no annual minimum income requirement to apply for this card and no annual fee, making it very accessible. And, while the mycredit Mastercard doesn’t come with a full suite of included benefits, it does allow you to earn 1% cash back on recurring bill payments and restaurant spends, and 0.5% back on everything else.

    If you want more features and rewards, National Bank’s Platinum Mastercard is a good option that also has no minimum income requirement. National Bank’s World Elite Mastercard has an annual fee of $150 and comes with more perks—including an annual travel expense refund up to $150.

    4 tips for credit card use

    You already know you should use your credit card responsibly, but what, exactly, does that mean?

    • Stick to your budget
      Most entry-level credit cards come with modest credit limits. Still, it’s important you don’t spend more than you can pay off, no matter your limit. This is sometimes tricky for new credit cardholders, but budgeting is an essential part of your financial health.
    • Pay your card balance in full
      Best practice is to pay off your credit card, in full and on time, every month. Interest rates on credit cards are very high, so debt can balloon quickly if you carry a balance. Stick to your budget and don’t overspend.
    • Pay the minimum amount
      If, for any reason, you can’t pay a bill in full, make sure you pay at least the minimum amount, which appears on your bill. Credit card companies report your payment history to the credit bureaus, and even one missed payment will lower your score. You can avoid that by making the minimum payment (or more) by the due date.
    • Pay your bill on time
      Timeliness is as important as making minimum payments. It shows the credit bureaus that you can meet your financial obligations. If you need help remembering your due date, consider setting up an automatic payment through your online banking. 

    When it comes to credit cards, you should work towards paying in full, on time, every month. Every payment helps you build your credit score buy showing you are responsible with credit, and over time, you can become eligible for upgraded financial products, with more features and perks.

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    Keph Senett

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  • A credit card that deserves to be your everyday card – MoneySense

    A credit card that deserves to be your everyday card – MoneySense

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    This hard-working credit card offers generous earn rates of up to five points per dollar spent on restaurants and groceries, which is a significant spending category for most Canadians. The amount of points earned on these purchases depends on the total gross monthly amount charged to the credit card, regardless of the purchase category. You will earn five points for every dollar in eligible grocery and restaurant purchases until a total of $2,500 in gross monthly purchases is charged to the account. After that, you will earn two points per dollar in eligible grocery and restaurant purchases. (The total gross monthly amount is calculated based on your monthly billing period.)

    Another big expense—gas or EV charging—earns two points per dollar spent, as do recurring bill payments, along with any travel booked through National Bank’s À la carte Travel service. All other purchases earn a base rate of one point per dollar, so nothing goes unrewarded.

    Apply for the National Bank World Elite Mastercard between May 13 and August 15, 2024, and you could earn up to 40,000 bonus rewards points in the first year. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.

    sponsored

    National Bank World Elite Mastercard

    go to site

    • Annual fee: $150
    • Interest rates: 20.99% on purchases, 22.49% balance transfers and cash advances
    • Earn rate: Up to 5 points per $1 on grocery and restaurant purchases; 2 points per $1 on gas, EV charges, recurring bill payments and travel booked through À La Carte Rewards; and 1 point per $1 on all other purchases.
    • Welcome offer: In the first year, you can earn up to 40,000 rewards points. Must apply by August 15, 2024. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

    go to site

    Redeeming your rewards points

    Redemptions with the National Bank World Elite Mastercard are easy. You can use your points to shop for whichever rewards best suit you. Visit the online boutique and choose from merchandise, gift cards or travel, or invest your points in your National Bank of Canada TFSA and/or RRSP. You can also apply points to your credit card balance or National Bank of Canada mortgage. It’s quick, easy and all in one place.

    When it comes to perks, the National Bank World Elite Mastercard has the bases covered. Travellers will love the included travel and car rental insurance, and unlimited access to the National Bank Lounge at Montréal-Trudeau Airport for international flights. Plus, there’s an annual travel credit of up to $150 that you can apply to eligible expenses including seat selection, seat upgrades, airport parking, extra checked bags and airport lounge access.

    Other benefits include mobile device insurance and extended manufacturer’s warranty, so you’ll be covered for longer on virtually anything you buy with the card. (See all terms and conditions.)

    The right credit card offers convenience, security and benefits you can use. Consider the National Bank World Elite Mastercard as your everyday card.

    This article is sponsored.

    This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers and approved by the client.

    More about credit cards:

    ® Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank.
    ® National Bank and À la carte rewards are registered trademarks of National Bank of Canada. 

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    Keph Senett

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  • How to become a contractor: The real costs – MoneySense

    How to become a contractor: The real costs – MoneySense

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    What do I need to know about managing my finances as a contractor?

    No matter what type of construction business you launch or buy, it’s important to have a bookkeeping system in place—between material expenses, insurance fees, client payments and more, you’ll have a lot of money going in and out each month. You’ll need a separate bank account and line of credit for your business, and it’s smart to have a credit card that’s solely for professional use.

    Pro tip: Choose a credit card for contractors

    Scotiabank has a small-business credit card that’s great for contractors: the Scotia® Home Hardware PRO Visa† Business Card, which can be used wherever Visa is accepted. Its variable interest rate is tied to Scotiabank’s prime rate, and credit limits of up to $500,000 are available (a limit high enough for larger, or multiple, renovations). The card’s interest rate and credit limit depend on whether the account is secured or unsecured, subject to approval and the security provided. The Scotiabank Prime Rate is the prime lending rate published from time to time by The Bank of Nova Scotia. (See the current Scotiabank Prime Rate.) The card has no annual fee, and it has an interest-free grace period of 21 days on new purchases.

    And then there are the rewards. You’ll earn one Scene+TM point for every dollar spent on eligible business purchases made at Home Hardware, which has more than 1,000 locations across Canada, or online at homehardware.ca.

    For every 10,000 Scene+ points you collect, you can redeem $100 at Home Hardware. If you’re regularly buying construction and renovation materials, you can accumulate points quickly—and get a lot of free stuff. Points can be redeemed for groceries, travel, gift cards and more. Plus, as your contractor business grows, you can add supplementary credit cards at no cost. These are great perks for entrepreneurs who want to minimize spending while getting their home renovation business off the ground.

    The business credit card also includes insurance protection on most newly purchased items charged to the account. Most newly purchased items are covered for 90 days by Purchase Security, and these items may be eligible for replacement, repair or reimbursement if they are stolen, damaged or destroyed by fire.

    Cardholders also have access to optional business loan protection insurance, Scotia Business Loan Protect, which can help cover business loan payments, or provide a lump sum of money, if you or another eligible key person can’t work for health reasons or passes away. Scotia Business Loan Protect is underwritten by The Canada Life Assurance Company (1-800-387-2671, www.canadalife.com) under a group policy issued to the Bank of Nova Scotia. All coverage is subject to the terms and conditions outlined in the Certificate of Insurance, which you will receive upon enrollment.

    You can apply for the Scotia® Home Hardware PRO Visa† Business Card online. Plus, until May 31, 2024, you can earn up to 15,000 bonus Scene+ points in your first year (that’s worth up to $150 in points value) by making at least $1,500 in eligible purchases at participating Home Hardware, Home Building Centre, Home Hardware Building Centre, Home Furniture locations in Canada and online at homehardware.ca in the first three months after opening your account. Cardholders also have access to online tools and services designed just for business owners. See Scotiabank’s website for full card details.

    Building a successful career as a home renovation contractor

    If you have the skills and motivation needed to become a contractor in Canada, you have the potential to build a lasting, rewarding career in home improvement. Over time, you might find that the Scotia® Home Hardware PRO Visa† Business Card is just as important to your contractor business as any other tool in your belt. After all, every dollar matters to your small business—so make them count.

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    Erin Pepler

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