As a newcomer in Canada, your plates could be full as there are so many tasks to accomplish. One of the most significant jobs happens to be managing your finance. This can be a bit challenging but with some smart manoeuvres or tactical moves, you can. So, underneath we would be providing some tips to manage your finance as a first-timer in Canada. Kindly read on.
Open A Bank Account
This might sound a bit rudimentary but it is one of the best ways to manage your finance, to begin with. If you are in Canada then you can open a bank account with ease by furnishing identity proofs like visas, immigration papers, passports etc. To confirm immigration you can present a study/work permit, provisional residency permit or Confirmation Of Permanent Residency (COPR). There are certain banks in Canada that allow you to open an online investment account before you land in the country from your homeland. Hence, you should go to the world of the internet to find out about such banks.
Establish An Emergency Fund
If you are new to Canada then ideally you should set up an emergency fund. After all, it’s a new terrain and you should be prepared for any contingency situation. The amount need not be a big sum as even a paltry sum of $5 per week would suffice. However, once you accumulate these weekly savings and create a substantial amount, you should ensure that you utilize the same only during emergency scenarios: medical expenses, retrenchment etc.
Brace For Taxes
Once you are in Canada you are required to not only pay taxes but on time as well. In case you miss the deadline then you might be liable for a penalty as well. In order to file tax returns you need to arrive at your total income ie monthly salary, investments etc. You also have the benefit of deductions and credits, so, preferably you should indulge in some research to find out the ones that apply in your case. Paying taxes on time is another way to manage your finance properly or else your monthly budget can go haywire.
Track Your Finance
This is a critical aspect in dealing with your finance. To begin with, devise a spending limit and strive hard to follow the same. Then you should jot down your personal expenses on a monthly basis. This would give a clearer picture of your spending and help you to cut back on some unnecessary expenditures. In order to analyse your spending you can use budget apps or, if you belong to an old school, use a journal for purpose.
Try To Create A Good/Satisfactory Credit History
Credit history is important everywhere, and Canada is no different. To get a loan to build your own house, buy a new car or even renting a flat, creditworthiness is of paramount significance. So, you must create a satisfactory credit history after you land in Canada. One way to do the same is by acquiring a credit card and paying the bills for the purchases on time. Do not default on your payment and pay back the entire amount of credit.
