Personal finance contributor Christopher Liew shares his advice for new immigrants to Canada -- from figuring out where to bank to learning about retirement plans.
In 2023, Canada’s population of non-permanent residents grew by more than half a million people, part of the steepest single-year rise in at least five decades of available data
In addition to learning cultural nuances or a new language, uprooting and moving to a new country also means that you’ll have to make new financial decisions. While you can file your taxes for free through the CRA’s website, I recommend working with a professional tax preparer or accountant if it’s your first time. Not only will they ensure that your tax return is filed correctly, but they will also be able to help you apply for). Many employers offer the ability to sign up for an employer-sponsored RRSP, and may also offer to match a percentage of your contributions to the retirement plan. Alternatively, you can open up your own RRSP with your bank.
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