Quality of life is what Canada is known for. Some tips to save money in Canada as a newcomer can help you out if you are eager to start strong as a newcomer to this country.
Every newcomer wants to feel financially secure and on the right track to embrace the new life in Canada.
Why Do You Need to Save Money in Canada?
Before knowing about tips to save money in Canada as a newcomer, you must know about the reasons to save money. For all Canadians, including newcomers, saving money is a critical aspect of financial health and stability. You may want to focus on saving for several reasons:
Unexpected Expenses: Nobody ever knows when an unexpected expense may rise due to sudden urgency. It could be a medical emergency, a job loss or a car repair. Covering these expenses can be helped by setting money aside in a savings account.
Longer-Term Dreams and Goals: You may be planning to buy a car, own a house or retirement. For making these dreams a reality, saving can be a good first step.
What Can You Do To Save Money in Canada?
There are so many tips to save money in Canada as a newcomer, but it’s necessary to start with a plan. To get started, here are some ways:
Budgeting and Tracking: If you are moving to Canada through Work Visa, key to save money is budgeting. Track of expenses should be kept each month to figure out how much you can save. To help keep you track of your expenses and set a budget, there are many budgeting apps and tools available.
Clever Buying: There are so many ways to save money on your purchases. Individuals need to keep an out for discounts and promotions, and use them to your advantage.
Invest to Match Your Goals: Choosing the right savings vehicles for yourself is one of the best ways to save money. There are several ways to achieve your financial goals and help you grow your savings.
You can consider below mentioned options:
Savings Accounts: A higher interest rate is offered by savings account as compared to chequing accounts, which can help you reach your financial goals faster.
Tax-Free Savings Accounts (TFAs): Registered savings plans known as TFAs allow you to earn interest and returns on qualified investments tax-free.
Registered Retirement Savings Plans (RRSPs): If you want to save for retirement on a tax-deferred basis, RRSPs can help. The government will provide you with a tax credit based on your contribution amount, you can use that to save for the future or to reduce your tax bill in the present.
First Home Savings Account (FHSA): To help you save for a down payment on your first time, FHSAs can help. Taxes would be deductible on the contributions and qualifying withdrawals would be non-taxable. Individuals are allowed to contribute up to $ 8000 per year through this account and up to $ 40,000 during the lifetime contribution limit.
Why Choose Oasis Resource Management?
Oasis Resource Management has a proud history of delivering financial solutions to hopeful immigrants for more than two decades. Oasis also brings a huge amount of experience to help newcomers for navigating the unique challenges of the immigration system of Canada.
With over so many branches and a reputation for excellence in immigration services, Oasis has become one of the largest and most trusted immigration consultancies in India, now serving numerous people who want to migrate to Canada.
Oasis provides support and resources of interest to newcomers on topics like moving to Canada, how to settle there, CRS scores, Express Entry, Provincial Nominee Programs etc. Oasis is open longer hours for your convenience. Top Immigration Consultants in India are here to help you out with all your immigration related issues.
