Life in Canada as an Permanent Resident needs to be very tactical regarding new immigrant saving money. Many challenges come with moving from an Asian country to Canada. Not only do you need to pay taxes, but you also ensure to maintain your credit score for benefits.
11 Savings and Investment Strategies as a New Immigrant to Canada
As much as it counts, here are 11 savings and investments strategies as a new immigrant to Canada,
1. Maintain credit score
Maintaining your credit score means you can save it by paying lower interest rates, and have more credibility when applying for a loan.
2. Open multiple bank accounts
As a new immigrant, you will be opening bank accounts. But make sure you settle with those who are reliable and have a good reputation meets your need.
3. Save on groceries
Make a list and take it with you. Don’t shop hungry, and make sure you stock some food when there are on-going deals and discounts on products.
4. Save on insurances
If you don’t own a car, a house or anything that requires insurance, you will save up a lot. Make sure you stay away from different clubs like golf, Ice skateing and canoying until you learn with proper guideance and gain experience.
5. Save from paying monthly bank fees
Some banks let you open multiple accounts, free of cost for the first year. As a new immigrant in Canada, you and your family can open accounts in the same bank and save.
6. Check with banks who offer savings accounts with deals for newcomers
Top banks in Canada let you open accounts as a newcomer. You can save yourself from paying an extra amount and open an account with the most credit limit.
7. Invest in cryptocurrency
Cryptocurrency is getting heed in Canada. My wife did not agree with the idea but certainly I had my mind sticked to it. I am using few links that gave me credit of $25.
8. Save yourself from frauds
Some frauds call you regarding your personal information. As a new immigrant in Canada, you might not be able to catch them at first. Staying aware of such people is very important.
9. Travel through public transport
Use public transport. Use uber-like services only for rare and urgent times. You will pay public transport 90% less than you will pay for car services.
10. Cook at home
Cooking at home saves you a lot than eating at a restaurant. For instance, you can make three dishes at home at the cost of one you will pay at the eatery.
11. Taxations
Even if you have no insurance or property in your name, pay your taxes on time. This amenity will prevent you from paying loads at once.
Final Note
Stay up-to-date whenever there is a sale going on the websites. Due to the lockdown, you might not be able to go out. But with time, you will understand that spending on daily wages and travelling in lockdown will save you a lot as an express entry in Canada.