Moving to a new country can be both exciting and challenging, and for newcomers in Canada, understanding the financial landscape is important for a smooth transition.
This guide aims to provide newcomers with an overview of resources, government programs, and practical tips for saving money and building a secure financial foundation.
There are many grants, programs, and organizations available for newcomers to save money on internet, phone, and other bills. There are also free financial literacy programs that can help to answer questions about personal finances, as well as financial literacy surrounding starting a business. We will walk through a variety of programs to help newcomers navigate which resources are the right fit.
Saving on Phone and Internet Bills
The cost of a cellphone and phone plan can be very expensive. Luckily there are programs to help get a free cellphone with affordable phone plans. Rogers has a $25 per month plan which includes 3 GB of data, unlimited calling within Canada, and a cellphone included.
You are eligible for this program if you are part of the Resettlement Assistance Program (RAP), a tenant of a non-profit housing partner organization, or a senior receiving the Federal Guaranteed Income Supplement. We go through these programs in more depth later in this article.
Connecting Families is a government program to ensure that more Canadians have access to the Internet. Rogers is one of the companies that are a part of this program. For $10 per month you have access to 25 megabytes per second download speed which isn’t very fast, but is very affordable and allows families to access the internet.
Banking for Newcomers
Choosing the right bank is a critical step. Many major banks in Canada provide newcomer banking packages tailored to those who have recently arrived. These packages often include a no-fee bank account, credit card options, and guidance on building a credit history. Neo Financial is an institution with no fees for most of their products, and have a low barrier of entry for those without a credit history.
Additionally, programs like RBC's Newcomer Advantage, TD's New to Canada Banking Package, and Scotiabank's StartRight, offer features like no-fee banking, credit card options, and advice on building a credit history.
Settlement Services
Many cities across Canada have settlement agencies that provide support for newcomers. These services can include financial counseling, language classes, and employment assistance. Connecting with these organizations can be invaluable in navigating the initial challenges of settling into a new country.
An example of one organization is the CHC (Calgary Housing Company). CHC offers different programs to help with affordable housing.
For the Community Housing and Affordable Housing programs you need to be a Canadian Citizen, a Permanent Resident, a Refugee sponsored by the Canadian Government or have applied for Refugee Status and received confirmation of acceptance of Immigration Status.
There is also a waitlist for these programs.
Community Housing
This program helps with rent assistance because you only have to pay a percentage of the total rent. The size of place you are given depends on the size of your family. To be eligible you must have household assets of less than $25,000 including investments. You must also be a Canadian Citizen, Permanent Resident or Government of Canada sponsored Refugee or have applied for Refugee Status and received confirmation of acceptance of Immigration Status.
Affordable Housing
Rent is discounted by 30% compared to market standards.
Near Market
If you have a higher income, or are not eligible for the other programs this may be a better program for you. Rent is subsidized by 10% and there is no waitlist.
Rent Assistance
If your rent is too high and total asset value is under $25,000, you can receive up to $900 off your rent.
For assistance in British Columbia you can look at the programs offered by BC Housing. If you are elsewhere in Canada you can do a quick Google search to find rent assistance programs for newcomers in your area.
Employment and Educational Resources
Navigating the Canadian job market can be challenging but there are resources to help. Explore the Employment and Social Development Canada (ESDC) website for information on job opportunities, labor market trends, and programs supporting newcomers in the workforce.
Provincial Employment Services: Each province has its own employment services. For instance, Alberta's ALIS (Alberta Learning Information Service) provides career planning resources, while Ontario's Employment Ontario connects job seekers with training and job opportunities.
Language Training and Employment Programs
Improving language skills is often a key factor in securing employment.
Look for language training programs offered by community centers or government-funded initiatives. Additionally, explore employment programs that provide skills training and job placement assistance.
The Language Instruction for Newcomers to Canada (LINC) program, funded by Immigration, Refugees and Citizenship Canada (IRCC), offers free language training to eligible newcomers.
Childcare Support
For newcomers with children, accessing affordable childcare is crucial. Explore programs like the Universal Child Care Benefit (UCCB) and the Affordable Child Care Benefit, which varies by province. Information is available on the Canada.ca website and through provincial childcare services.
Resources for Youth
Explore resources offered by organizations like The Calgary Bridge Foundation for Youth, providing free programs and mentorship for grades 7-12, afterschool programs for grades 1-12, and general support. Students can get help with their English or with homework for 2 hours every week.
Income Assistance
The Resettlement Assistance Program (RAP) provides income support for up to 12 months after entering Canada. Government-assisted and privately sponsored refugees are eligible for this program.
Within 4-6 weeks of entering Canada, you can get assistance with temporary or permanent accommodation among other support from Service Provider Organizations.
Refugees qualify for income support when they cannot provide basic needs of life (food, shelter, clothing, furniture, etc..) for themselves or their dependants.
Newcomer Organizations
Immigrant Services and Settlement Agencies: Connect with immigrant services and settlement agencies in your city. Organizations like Immigrant Services Calgary, ISSofBC in British Columbia, and OCASI in Ontario offer valuable resources, including financial counseling, language classes, and employment assistance.
Other Programs
Gateway is a program that helps newcomers in southern Alberta to navigate the different resources and organizations to find the right services and support.
As a newcomer in Canada, leveraging the wealth of resources and government programs available is crucial for building a solid financial foundation. By understanding the basics of the Canadian financial system, utilizing newcomer banking services, and exploring targeted government initiatives, you can confidently navigate the challenges and opportunities that come with your new life in Canada. Whether you're seeking employment, housing, education, or healthcare, the country offers a range of support systems to ensure your successful integration and financial well-being.