Moving to Canada? This Is the Guide for You
Canada is famous for opening its doors to millions of immigrants every year. As of today, there are over 80 pathways to secure a move to Canada. The wealthy North American country has a stable economy, high standard of living, and diverse culture. Are you planning a move to Canada? If yes, we’ve come up with a comprehensive guide to help you get prepared.
Opening a Bank Account
When it comes to choosing a bank in Canada, financially savvy Canadians usually opt for digital banks. Moreover, most digital banks can compare favorably with any commercial bank or credit union. There has been an ongoing debate for a while now about the online bank that Canadians most prefer. Specifically, Tangerine vs Simplii has been the prominent bone of contention.
Both online banks are unarguably the major players in the Canadian online banking industry. Besides, they run very similar operations, and their banking products are relatively compared to the competition. For example, transactions and Interac e-transfers are free and unlimited at both online banks. Tangerine serves as the digital banking arm of Scotiabank—one of the biggest banks in Canada. The digital bank is a proud member of the prestigious CDIC. What's more, customers can use Scotiabank ATM networks and ATMs of participating banks under the Global ATM Alliance to perform quick self-service transactions.
Simplii Financial was formerly PC Financial and is the digital branch of CIBC. Customers have unlimited access to CIBC ATMs for cheques or cash deposits and withdrawals. Like Tangerine, the bank operates entirely online. Similarly, both banks offer spending products such as a chequing account, savings account, and credit card.
In contrast, the Tangerine Chequing account has no monthly fee, no daily limit on transactions, and no minimum balance requirements. Additionally, customers are allowed to make cash deposits, withdrawal transactions, and unlimited bill payments.
If you have any need to borrow money while in Canada, Tangerine or Simplii Financial can extend you a loan or a line of credit. Finally, they provide investment products for customers looking to invest, ranging from mutual funds to GICs. Rather than choose between both of them, some financial consumers prefer to use both online banking platforms.
Finding a House
Moving to Canada is no mean feat. Finding a house or Edmonton apartments for rent can be a daunting challenge for the unprepared. First, you have to decide between renting or buying a house. Of course, that decision is predicated on the state of your finances but many rent first because it can help you get a feel for the area. It’s important to note that some big cities in Canada, like Toronto and Vancouver, offer expensive housing options.
Conversely, housing in smaller towns and cities is relatively affordable. Most immigrants look for temporary housing upon their arrival into the country. You must do so, especially if you don’t have where you can lay your head for the first few weeks.
Canada has a plethora of temporary accommodations ranging from hostels to hotels. Also, you can leverage Airbnb homes to get short-term apartments for rent in urban areas. If you're looking to rent, you can choose between condos, apartment buildings, and houses. Note that the cost of utilities may not be covered in your rent. So, make sure you confirm those details with your realtor before signing on those dotted lines.
Canada ranks behind Russia on the list of largest countries in the world. To give it perspective, you can fit the United Kingdom into Canada more than 40 times. The famous Wood Buffalo National Park of Canada is way bigger than all of the Netherlands put together.
Don’t get us started on the world-class Canadian Cities reputed as some of the best liveable cities in the world. The point is that it may take a considerable amount of time for you to get over the excitement of moving to Canada. Since Canada is a multicultural country, it won’t be difficult for you to get around.
If you didn’t get a job offer before relocating, you need to commence your job hunt as soon as you land. Job search in Canada is a costly and time-intensive affair. Make sure you immigrate with enough funds that can sustain you for at least 2-3 months. It makes sense to factor in the city’s standard of living you plan to stay in when making your financial plans.