According to a study by Scotiabank, new immigrants in Canada face some challenges. The main concern is worries about finances. Another area of concern is understanding the Canadian banking system.
A language barrier can also make job searches in the country challenging. But, Canadian Visa Expert reported that immigrants could overcome these hurdles by building their financial literacy.
By understanding how taxes work and the available financial services in Canada, newcomers will find it easier to transition to Canadian life. The appropriate financial information will ultimately save new immigrants the stress of settling in Canada.
Attaining Financial Literacy in Canada as a New Immigrant
The Canadian government offers access to various financial education services. This provision allows new immigrants to understand the financial system in the country better. With these organizations, you gain knowledge leading to Canadian financial literacy.
Canadian Visa Expert stated that these services, often free of charge, are available to newcomers in all the provinces in Canada.
One of these helpful services is the free Financial Empowerment program offered by the Toronto Public Library in Toronto, Ontario. This program helps new immigrants access government benefits while also saving their money. At the same time, it enables them to learn how to file their taxes and plan for the future.
Results of Acquiring Financial Literacy in Canada
In-depth knowledge of the financial system in Canada enables immigrants to differentiate between their gross and net incomes. Also, this knowledge helps them to discover their needs and devise the right budgeting plan. Canadian Visa Expert concluded that all these steps could help newcomers make more careful financial decisions.