For many new Canadians, establishing savings goals and plans are lower down on the list of priorities when settling into life in a new country, and learning how to be rewarded for their spending habits can be left to the unknown. Thankfully, through Scotiabank’s StartRight® Program, both are easily achievable for new Canadians.
Setting Goals and Making a Plan
It is important to set short and long-term financial goals once you’ve settled into your new life in Canada.
These goals can include, but are not limited to:
– Building good credit by using your credit cards smartly – paying bills on time and limiting yourself to just one or two cards.
– Setting up registered savings plans such as a Registered Education Savings Plan (RESP) that helps students pay tuition fees for post-secondary studies.
– Obtaining and paying a mortgage with a mortgage plan that is best suited for you and your family.
Additionally, one of the simplest things to do as a newcomer is to set up a savings account, which can be used to help fund your short or long-term financial goals.
Scotiabank offers several savings products, including:
– The Scotiabank MomentumPLUS Savings Account: With no monthly fee or minimum balance requirement, the MomentumPLUS Savings Account lets you earn various levels of interest on your money. The longer you save, the more interest you earn.
– Tax-Free Savings Account (TFSA): A TFSA allows you to save a set amount of funds each year without being taxed, and funds can be withdrawn at any time.
– High-Interest Savings Account (HISA): A HISA is a type of account that pays higher interest rates on the money you deposit, keeping your funds secure and allowing you to withdraw at any time.
– Registered Retirement Savings Plan (RRSP): A RRSP allows you to save money for retirement while reducing your taxes – when you invest money in a RRSP you can then deduct that same amount from your taxable income for that year. You will need to wait until after you’ve filed your first year of taxes in Canada to open an RRSP to know how much you are able to contribute.
“Canada’s banking landscape is very accessible to newcomers of Canada, offering many different types of savings accounts and products,” said Munsif Sheraly, Director of Multicultural Banking at Scotiabank. “What’s great about the Scotiabank StartRight® Program is that it offers over $300 in banking benefits when you set up a new account, and our multilingual advisors are committed to helping newcomers to Canada set savings goals as quickly as possible.”
Earning Rewards on Your Spending
Using a credit card for purchases in Canada offers you more benefits then building your credit history, by allowing you to earn rewards for everyday purchases. Rewards can be earned in various forms, such as cash back or points that can be redeemed towards travel or entertainment purchases.
Scotiabank offers more rewards options1 than any other bank in Canada. To learn more about all of the Scotiabank rewards credit cards and to learn more about the resources available to help set you up for financial success, visit www.scotiabank.com/startright.- CINEWS
1. Calculation of reward options is based on the number of Scotiabank debit cards, credit cards and retail bank accounts associated with the Scotia Rewards® program, Scotia Momentum® Cash Back Program, premium interest on the Scotiabank Momentum Savings Account associated with our bundle offers, auto and retail related rewards program on credit cards and the SCENE† program, compared to the number of reward options publicly offered on similar products by other Canadian Schedule I banks. Calculation is current as at March 12, 2018.