Canada has always been one of the most desirable countries to live

Canada has always been one of the most desirable countries to live. It’s no surprise that every year hundreds of people immigrate to Canada for a better way of life and opportunity to contribute and participate in social activities. Building a new life in a new country can be exciting but in the past families were faced with challenges in understanding our financial system. The financial industry and banking policies are constantly evolving to meet the needs of existing and potential clients.

Most financial institutions have taken a proactive approach to assist new immigrants in establishing a credit history by allowing individuals to apply for a credit card without a security deposit or credit history when they hold personal banking products with that institution. You can also apply for a secured credit card to begin establishing a credit score. The biggest concern when obtaining financing is the interest that accumulates on the loan. Establishing and maintaining good credit is very important in today’s society. Your credit score will have an impact on the interest rate and deposit or down payment required to obtain financing.

Purchasing and financing a car or a home can be difficult without a good credit score but not impossible. Obtaining a mortgage to purchase a home or qualifying for a loan to purchase a car can be challenging but with the right advice and the appropriate products the process can be seamless. Investment products are also available to assist in planning for retirement and financial wealth. Wealth protection is a big factor for individuals interested in investing that are concerned about protecting their initial investment.

Some Financial institutions offer service in different languages to accommodate new immigrants whose first language is neither English nor French. Banking hours are also extended and some are now open on Sundays for convenience and increased accessibility for their clients. If you are a new immigrant, contact a local financial institution, financial advisor or mortgage agent to see what products and solutions are available to you.