An exciting adventure for lots of people is migration to Canada. There are even more reasons for a move to Canada: perhaps because of better job opportunities or quality of life, or leaving a disturbing past. At any rate, Canada welcomes all newcomers. But before finally packing the bags and buying tickets, one must know how much money he should be saving before making this big leap. This amount can vary according to your decision to live in which province, your lifestyle, and the expenditures that arise from relocation. In this blog, we’ll discuss the factors at play so that you can get an idea of how much you need to save before shifting to Canada.
Expenses Once You Moving to Canada
The foremost thing to consider when moving to Canada is the expenses incurred when you actually get there. These may include a visa fee, air ticket, and shipping your possessions. Again, the visa fees vary based on your country of origin and the kind of visa you are seeking. The range starts from hundreds dollars to several thousands dollars. In addition, you could be paying much more for an air ticket depending on where you come from. Finally, if you are bringing furniture or other stuff, the shipping prices can be pretty different from one place to another based on weight and distance; hence, it is important to budget on these initial costs as you start planning for moving.
Canada Living Costs
Once you’ve migrated to Canada, you’ll begin thinking about your living costs. Living costs vary considerably depending on which province or city you settle in. For example, Toronto and Vancouver can be high priced on rent, groceries, and other forms of transportation. In comparison, a lesser city or town can be less expensive to live in. Generally, you should have saved enough to cover at least three to six months’ worth of living expenses before moving to Canada. This savings cushion should sustain you during the amount of time you spend getting accustomed to your new surroundings and getting settled into a job.
Housing Costs
When you are planning to moving to Canada, you must consider housing costs as well, above and beyond the other costs. One of the highest expenses, as a renter or owner, could be housing. Should you be a renter, you would want to have money put aside to pay for one month of rent as well as for a deposit, which, according to general practice, is equal to one month’s pay. If you plan to buy a house, then you should save enough for the down payment, typically between 5% and 20% of the purchase price of the house. Remember that prices for houses range by millions; thus, you must research the market in your location of choice.
Healthcare Planning
It is another important factor to consider. Canada has a public health system, although in some provinces you have to wait for some period after emigration before that coverage applies to you. Therefore, you may consider private health insurance at this waiting period or having available savings to pay for medical expenses at such a time. Therefore, healthcare costs should be budgeted when moving to Canada.
Transportation Costs
Another thing you may be required to consider when you moving to Canada is transportation. Whether you are moving to an urban or a rural setting, you will realize that depending on public transportation means you do not necessarily have to purchase a car. If you do purchase one, however, remember the cost of insurance, fuel, as well as maintenance. Consider the cost of your monthly transit if you choose to ride public transport. Planning for these costs will ensure you don’t get shocked financially after moving to Canada.
Settling Costs
In addition to those core costs, you would also be considering the costs of settling into your new life. They would range from furniture and household items to entertainment or social life. Perhaps when first coming, you might wish to explore the new city, attend community events, or engage in activities that might help you meet other people. Savings set aside for these types of expenses would make transition much easier and more manageable.
Education/ Child Care Expenses
If you have kids, their education and childcare costs will also have to be factored in as you relocate to Canada. Although education is provided free of charge in Canada, costs would include school supplies, extracurricular activities, or daycare for the little children. This will give you a clear idea of the costs involved so that you can set aside an efficient budget and prepare your family for this new life.
Dealing with existing Debts
Lastly, don’t forget any form of debt that you would be taking along to Canada. You must have an idea of how you will address this, yet save at the same time, for your new life. Try to reduce some of the existing debts or have a strategy on how you will handle them once there. This will make sure that you really start anew without having too much financial pressure on you.
In summary, determining how much a person should save before shifting to Canada involves proper planning and aspects to consider. To start with, there is an estimate of initial costs which starts with the cost of the visa, traveling costs, among others. The different probable living expenditures, depending on which city or province you settle in and their house, healthcare, transport, and other settling costs. If there are children in the family, education cost and childcare should also be included. Lastly, review any debts or financial liabilities you may need to address.
Finally, the aim is saving enough to enter Canada without much hassle. As you save appropriately and plan, you’re always ready for a new life, and you get the most out of your stay in this beautiful country. Moving to Canada can be a rewarding experience; therefore, if you prepare for everything financially, you will enjoy everything it has to offer.
