Canada is known for its quality of life but maintaining such life standards requires a lot of money. If you are eager to start strong as a newcomer to this country, some Tips to Save Money in Canada as a Newcomer can help you out.
Every newcomer wants to embrace the new life in Canada, and financial security can help you to do that by putting you on the right track.
Why Is It Required to Save Money in Canada?
Saving money is a critical aspect of financial health and stability for all Canadians, including newcomers.
There are several reasons to save money in Canada:
Unexpected Expenses: Any unexpected expense may rise due to sudden urgencies like a job loss, car repair, or medical emergency. Setting money aside in a savings account can help cover these expenses.
Longer-Term Goals: Buying a car, owning a house, or plans after retirement are some things people plan for a long time. Saving money can be a good first step to making these dreams a reality.
Ways to Save Money In Canada
There are so many ways to save money in Canada but it is important to come up with a plan.
Here are some ways to save money for fulfilling your goals:
Track Your Budget: The key to saving money is budgeting if you are moving to Canada through Work Visa. To figure out how much you can save, you should keep track of expenses each month. There are several budgeting apps and tools available which can help you to track your expenses and set a budget.
Clever Buying: You can save a lot of money on your purchases. You just need to keep an eye out for discounts and promotions, so that you can use them to your advantage.
Invest to Match Your Goals: Selecting the right saving vehicles for yourself is one of the best ways to save money. You can grow your savings as there are several ways to achieve your financial goals.
Below mentioned options can be considered for growing your money through investing:
Savings Accounts: Savings accounts can help you reach your financial goals faster as a higher interest rate is offered by savings accounts as compared to chequing accounts.
Tax-Free Savings Accounts (TFAs): You can earn interest and returns on qualified investments tax-free with the help of registered savings plans known as TFAs.
Registered Retirement Savings Plans (RRSPs): RRSPs can help you to save for retirement on a tax-deferred basis. Based on your contribution amount, the government will provide you with a tax credit so that you can reduce your tax bill in the present or save for the future.
First Home Savings Account (FHSA): On your first time, FHSAs can help you to save for a down payment. There will be no tax on qualifying withdrawals and taxes would be deductible on the contributions. Individuals are permitted 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?
For more than two decades, Oasis Resource Management has had a proud history of delivering financial solutions to hopeful immigrants. For navigating the unique challenges of the immigration system of Canada, Oasis also brings a huge amount of experience to help newcomers.
Oasis has become one of the largest and most trusted immigration consultancies in India with over so many branches and a reputation for excellence in immigration services, now serving numerous people who want to migrate to Canada. If you want to move Canada to study, tips to save money might come in handy, Best Study Abroad Consultants in India have got you covered.
The immigration consultants of Oasis provide support and resources of interest to newcomers on topics like moving to Canada, how to settle there, Express Entry, CRS scores, Provincial Nominee Programs, etc. Top Visa Consultants in India are here to help you out with all your immigration-related issues.Top Visa Consultants in India