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    Canadian Financial System

    Learning how the Canadian financial system operates may be one of your first challenges after moving here. Before traveling to Canada, it’s crucial to investigate and comprehend the market there. This might facilitate settling into your new life and even serve as a major contributing factor to your success and well-being in Canada. We’ll look at everything financial in the sections below, including banking options, investment opportunities, and international money transfers for Canadians.

    Selecting a Canadian Bank

    Opening a Canadian bank account would certainly be one of your first priorities once you arrive in the country. Researching banks before traveling to Canada is usually a smart idea because it will help you avoid wasting time on unnecessary errands. Additionally, it would be wonderful to find a bank that is close to your lodging or that might perhaps provide services in your native tongue. What’s vital to you or which banks best meet your demands will ultimately determine which bank you choose in Canada.

    The following are some excellent considerations:
    • Interest rates and fees change from bank to bank. Depending on your banking preferences, take into account selecting the bank with the best rates.
    • Access to branches and ATMs is crucial, particularly when arriving in Canada for the first time and, especially if you’re traveling by public transportation. The ATM fees are also very significant.
    • Some banks may waive account fees if you meet their minimum deposit and balance requirements. To prevent any additional fees, consider selecting a bank based on your spending plan and anticipated monthly costs.
    • Online banking is available from almost all banks, however, you can pick one based on the services that are specific to it. Your daily demands should be met via the app or online bank website.
    • Benefits – See if any banks are currently running promotions or providing exclusive discounts for new customers or immigrants.
    • Customer service – You would like the bank to be capable of assisting you quickly should you have any problems. Being new to Canadian banks, you could have a lot of inquiries that require a patient and informative response.
    How Can I Send Money From Canada to My Family?

    Over the years, sending money abroad has gotten simpler. The fees associated with transmitting the money are the only aspect you would want to be aware of. The greatest choice would ideally be the one that enables you to send money home with the fewest fees and the quickest delivery.

    Here are a few inexpensive methods for sending money home from Canada.

    1. Western Union

    Western Union is a third-party money transfer solution that offers affordable transfer costs and competitive rates. More than 200 nations and territories accept money transfers. You can use their mobile app, make a phone call, or use the internet to send money.

    There are limitations on the amount that can be transmitted or received for each nation. The amount being moved does affect the comparatively modest transfer fees, though.

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    2. XE Money Transfer

    Another excellent method for sending money to more than 170 countries is XE Money Transfer, the majority of which offer same-day payments. The internet business has a solid reputation for offering some of the finest exchange rates available.

    Benefits include: 

    • possess a personal account on the website;
    • pay no additional costs to send money;
    • have access to your account round-the-clock;
    • and have your money transactions tracked 24 hours a day.
    3. OFX

    Another business that doesn’t charge any transfer fees when sending money abroad is OFX. Debit cards and wire transfers are both accepted for transfers. However, the recipient of the funds has few options. Money may only be deposited into the recipient’s account directly.

    Transfers might take anywhere from one to five days, depending on the nation. The fact that they accept 55 different currencies, such as those from China, Mexico, Pakistan, and Indonesia, makes this a fantastic option even today.

    4. CurrencyFair

    Global recognition and trust for CurrencyFair. Their account creation process is simple, quick, and cost-free. More than 150 nations will be capable of sending and receiving money through this service. There are two excellent aspects of CurrencyFair:

    • A chatbot is a 24/7 online tool that you can use if you have queries or need to solve problems right away.
    • Transfers automatically – you can schedule transfers automatically up to two weeks in advance.
    Does Working in Canada Require a Canadian Bank Account?

    You are not legally required to have a Canadian bank account. However, it might be very helpful to you if you need to handle payments, pay taxes, or establish credit. Taxes must be paid by all employees, so if you don’t have a Canadian bank account, you’ll need to wire the money to the Canada Revenue Agency.

    Can I Open a Canadian Bank Account Without Being a Resident?

    No, you are not required to reside in Canada in order to set up a bank account there. Even under the following situations, Canadian banks permit account opening:

    • You are unemployed,
    • lack immediate access to funds for an account, and
    • have previously declared bankruptcy.
    • All you need to do is visit the bank in person and bring a recognized form of identification.

    Opportunities to Invest in Canada

    Account for Tax-Free Savings

    Since 2009, the Tax-Free Savings Account (TFSA) has been in operation. It is a mechanism for people in Canada who are at least 18 years old to accumulate tax-free money over the course of their lifetimes. For tax-filing reasons, TFSA contributions are not deductible. Any money that has been put into the account or that has been made through capital gains or investment income is typically tax-free, even when it is withdrawn.

    • Cash,
    • mutual funds,
    • securities listed on a specified stock market,
    • guaranteed investment certificates,
    • bonds, and
    • certain shares of small business enterprises are all permitted investments in a TFSA.
    Who May Create a TFSA?

    Anyone in Canada who is at least 18 years old and has a current Social Insurance Number (SIN) may open a TFSA account. The minimum age to open a TFSA is 19 years old in several provinces and territories, nevertheless.

    For each month the donation remains in the account after you make it while you are a non-resident, you will be charged a 1% tax. Other taxes may also be due from you.

    Variety of TFSAs

    The following are the three TFSA options that are available

    • A deposit
    • An annuity contract
    • An arrangement in trust
    • TFSAs may be issued by banks, insurance companies, credit unions, and trust firms.

    If you prefer to manage your own investment portfolio, you can also set up a self-directed TFSA.

    Living Prosperously in Canada

    Being in a foreign nation will undoubtedly present hardships, but it will also mark the beginning of an exciting new journey. You may lay a solid foundation for a prosperous life for you and your family in Canada by researching your financial options and managing your money more wisely.

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    Moving your life to a new country is a fair point to be perplexed at some point. New country, new languages, new customs, people, and the daunting Immigration Process.
    Our team holds the most experienced and knowledgeable RCICs from all over the world. So, from finding your eligibility for the immigration process to filing your visa application- we got it all in our hands!