How to Get Rich in Canada (for Newcomers and Immigrants)
Вставка
- Опубліковано 8 чер 2024
- #newcomers #canadapr #immigrationcanada
When you come to Canada as newcomer, how do you rebuild your life and build your financial stability? Saving money and managing your finances wisely are important to build a solid foundation for a successful life in Canada - because that's what we all dream of when we decide to move countries in search of a better life.
====Sign up for Neo Secured Credit Card - api.fintelconnect.com/t/l/621...
====Get 5$ for a signup for free credit monitoring with Borrowell - borrowell.com/free-credit-sco...
====Subscribe to our free Newsletter --- mkthatchange.com
====Join our Facebook group - / mkthatchange
00:00 - Intro
00:54 - Personal Story: Loans & Credit Cards
01:30 - Do Your Homework
02:10 - Dealing with Uncertain Times
02:46 - Building Credit History
04:13 - Don’t use cash or debit
05:10 - Newcomer Credit Card - Neo
06:07 - Save
07:14 - Budget your spending
09:00 - Invest Your Money
11:26 - Understand Taxation
===== Watch Next====
Building Credit Score in Canada - • How to Build Credit Hi...
Tax System in Canada - • How Tax Works in Canad...
Find a Job in Canada From Abroad - • How To Find a Job in C...
Get an easy Job in Canada - • 8 Easy Jobs for Cash I...
====
Subscribe to our channel
/ makethatchange
Follow us on Instagram:
Anastasia: / artemova._
Anna: / anna_antropova
=========
Did you like this video or have any questions for us? Is there something we could improve?What would you like to see in our channel? Let us know in the comments below, we'd love to hear from you.
========
This channel is curated by Anna and Anastasia, expats from Russia living in Toronto, Canada. We started this channel to share our experience of adapting to a life in a new country after immigration. We talk about personal growth, career and life with a mission to inspire and motivate more people make that change.
=====
Music by Epidemic Sound
Transitions by LenoFX and motionarray.com/
Videos from Pexels www.pexels.com/
Sign up for Neo Secured Credit Card here - api.fintelconnect.com/t/l/621be8737c563f001ddb05a9
I want to move to Canada but Don,t know were to start from
???
Credit cards. When I have been in Canada, I felt like everyone wants to scam you, to overwhelm you with pleasent words that you won´t recognize what catch you and make you pay more. For instance I didn´t see autofill in Credit Card apps or bank account (maybe now its different, I wish). You had to manually pay credit card from your bank account every week and sometimes pay for paying it. I saw one autofill but charged 👿
Cars. This is tricky. Depends where you live, if you live in city like Toronto or Vancouver you will have chance to use one of greatest public transports in North America. Think like european, move somewhere with good public transport connection. Most Canadiens (North Americans in general) don´t see benefit of that because they use car. Not buy car, but electric scooter. For 600 dollars you get pretty good electric scooter driving 30 kilometrs per hour. In Canada are wide sidewalks and usually without people. You will get very efficient transport vehicle with zero costs of usage. For newcomers, best way (don´t bring e-scooter in plane!).
If you really want to buy a car and you have some money. Do your research with insurance. Insurance per year can cost you more than cheap used car. You will most likely know someone who has tips and tricks how to get cheaper insurance. If possible try to buy car and insure it in cheaper province like Alberta. And look at fuel consumption! Most Canadiens don´t bother with fuel but it is very different when you drive car with 5l/100km or 12l/100km even in highly taxed Vancouver. I can recommend buy manuals and diesel. VW or Toyota or Kia or Hunday. Not popular but so cost efficient. Wait for big american trucks for later time.
Geek tip: Research electromobility goverment subsidies. If you work you can get very good tax refunds if you buy electric car. And your costs of maintenance and fuel will be so low. Think about it, maybe it will be little uncomfortable for big roadtrips (but still doable), but most of the time you will drive very cheap
Shopping. Newcomers make mistakes, that they are trying to buy food they are used to buy at home. But its different continent with different resolution of resources. Food you are used to home can be pretty expensive and some other is very cheap. And do your research what supermarkets are cheapest. I can recommend Wallmart and Superstore. You can benefit also from their customer subscriptions. And always is better buy more then less. There are massive discounts like 2+1 free, buy one get one free, 12 for price 9 etc. If you have friend with car, benefit from it.
Great addition to this topic, thank you for sharing your tips and experience!
Thanks, more informative than video)
You know people who criticise the economic situation in Canada are really disconnected from what happening in our world: war in Israel, war in Ukraine, tension between USA and China....and the list is too long. Those people should travel and choose another country to live than Canada. Some canadian has a short memory in 2014 the Canadian Governement was deciding to bring the age of retirement from 65 years to 67 years. Why at that time the Governement wanted to push the age of retirement is that because of the canadian economy was better than our days!! Thank you for this educational video
The best approach is to calculate the max money spent per day. If you have a salary of 3000 and want to save 1000. then 2000-less fixed expenses divide by 30 days and stay in the bracket. Achieving daily milestones is much easier.
That’s a really nice trick!
@@MakeThatChange I am not a religious person but there is one trick that always works and does wonder. I give 10% of my income to charity and ever since my income has doubled. Researchers have found people who donate money tend to have more money and happiness. A wide-ranging international study has found a positive connection between giving to charity and subjective well-being, even controlling for household income. The astonishing conclusion was that, on average, “donating to charity has a similar relationship to [happiness] as a doubling of household income.”
@@fahadsarwar2183 very true
@@fahadsarwar2183 Absolutely
THEN COMES ALIMONY AND CHILD SUPPORT
Thanks.
Good information for new camers.
wow your vedios helps me for start my journey next week in canada
Absolute esswntials ! Great guidance for new comers & basically for everyone.
thank you!
Follower from EGYPT Thank you for the efforts.
Thank you for joining Shehab!
stick with your own.
Nice and informative. Love and Regards from Pakistan.
🙏🙏
You are back 😀
Yes we are, it’s good to be back 😌
😍🤤 wealthy advice
Glad you think so!
There is an old piece of advice for conservative investing in Canada: “buy Royal bank and never sell it”. I’ve expanded that to the 5 major banks. You just have to look at the dividend growth and the stock price growth of these stocks to see how effective this is.
💯absolutely, wonderful advice!
As someone who is both a long-term investor in TFSA and a current graduate student, I strongly recommend reallocating funds from your TFSA towards education while embracing a frugal lifestyle. Investing in education offers a significantly higher return on investment compared to the maximum potential return of 20% in alternative investments. Furthermore, considering the substantial capital gains tax imposed by the CRA when withdrawing funds from a TFSA in the future, the value of investing in education becomes even more apparent.
While creditworthiness holds importance, it does not always provide a comprehensive understanding of an individual's financial status. At best, it assists American investors in tapping into the 4% Canadian economy. However, the situation is far from straightforward.
As Czech, thinking about moving to Canada started to be more accurate to be further from Russian Adolf....
The further the better 😳
Can you make a video on exit tax in canada?
Thank you for information
You are very welcome!
but i am living 6 years in dubai now time to go vancover will see how it works❤
may i ask buying phone on contract or sim effects credit score?
💥💥💥
always great to hear from you girls, one question: which one do you recommend for immigration, Germany or Canada for Software Developers?
From my perspective if you know language, than Germany
@@Desperoro thanks, I am actually living in Germany right now but I had this idea to move to Canada. and I also know the language. I know there is a problem with housing prices in Canada but here is also expensive. I think eventually these two countries are really close, it comes down to personal choice, I would say Canada long term is going to do better for immigration, but that depends on personal situation.
@@artax-rx9mb Canada has worse health system, worse job agreement (like vacations, sick days etc.), it is beautiful country, woth to visit, to live there couple of time but quality of life is in Germany, France, Austria, Neatherlands...better
You can check job openings and requirements on websites like indeed.ca and linkedin. Average salaries are available on payscale and glassdoor. Cost of living is available on numbeo.com, you can even compare two cities with each other to complete your research and make a decision if Canada would be a better place for you.
I am surprised u guys did a financial video. Smart and diverse knowledge!
Are u girls Russian or Ukrainian? No judgment just curious.
Both😊
Thank you for watching
Amazing as always ladies.
Thank you for watching 😊
Do you recommend buying a house/condo right away if we can?
It depends on your financial situation and your overall goals. Are you sure you will stay in that area/city for 5+ years? Do you have the financial means to buy a home?
Like always amazing videos! I hope to in Canada soon and bye bye Rio de Janeiro. Lol
Can’t wait to have you here!
please are these investing sites (TSFA & RRSP ) an auto trading (investing) site
Hey! I suggest you look into Wealthsimple for trading and investing.
Use this code U2W8RG or the link below to sign up🙌
my.wealthsimple.com/app/public/trade-referral-signup?code=U2W8RG
Can you please make a full details on how can I go canada for study purpose. I watched on a different video it's says very long process to come as a student.. Can you please make a video about it. The reason im choosing canada because its seems like affordable as compare to the other western countries. So please
All information with step by step instructions is available on government of Canada website www.canada.ca/en/immigration-refugees-citizenship/services/study-canada.html
@@MakeThatChange very very a lot of thanks.
ABA and Anastasia my two best friends . I will be in Canada soon and you taught me a lot
Girls i love your show. you are very profesional! i have interest in moving to C. By nature i am a frugal person, i would love to here from you more about investing and EVEN more hacks to downsize life cost. ive been through most of your videos i appriciate all effort you put in to your videos so far. You are great team and you are doing a great job!
Make more vedios on personal finance topics cause people who come to Canada are often from underdeveloped countries they keep money at home. They don't know how to money in sch a use that it appritiates, which also leads to depreciation of the currency as a whole plz make
More vedios on financial literacy
thank you for the request! More content on finance is in the works - stay tuned.
Hey. Could you please share some platforms for investing in Canada?
Both Anna and I are using Wealthsimple, it's super easy to use, and has zero fees when you buy Canadian stocks. If you're thinking of signing up, you can consider using our referral code to get $25 signup bonus ( we will get the bonus too) Referral code: IEQ2DA 🎁
I want immediate to canada but I don’t know how 😢l live in ksa now
Much easier to get from poor to really poor these days with the insane rents. My suggestion is, come only if you already have a good job offer with salary above $50k/year for a single person, or above $70k/year for family with children. Otherwise, be ready to take really miserable jobs - I've done it and I can tell that many places work employees very hard, often times with bully bosses. It's anything but the paradise. Expect to travel by bus/metro long hours daily, live in a cheap, dirty and noisy (thin walls) small apartments in depressing districts. Eventually buy an old broken car for $5000 start repairing it at shady dishonest garages... You will make $2500 cash/month, pay $1500-$2000 for rent alone. Don't expect canadians to be too friendly, it's a rather individualistic country.
Interesting fact is that when you were talking about conflicts you didn’t display Russian and Chinese flags but did display Ukrainian and Taiwanese as a reason of conflict
“Reason for conflict” - that’s your own interpretation. We meant, as the territory in conflict.
Where are you from?
😇🥰👍
🙌🤗🤩
Canada has the highest debt to income ratio out of any G7 country. Plus with the current housing crisis we are all doomed
They say a housing crash is coming soon, curious what that’s gonna look like.
Buying alcohol in Canada is a waste. Pls tell your followers
more about investment
roger that!
1000000$
💸💸
🇨🇦🇨🇦🇨🇦🇮🇳🇮🇳🙏🙏
real experience in mannaging poverty levels in Canada growing A lack of Social Supports from Gov. And no control on Rental costs at over 15oo. Mthly a person maling the minimum wage is about 35K a year and not owning a Car😂❤
you aren't going to make it at 35k
that's the minimum Wage in 40 hrs of work and no Car and No Credit
?
What would you like to know about ?
You can’t build your wealth here, full stop.
If there’s a will, there’s a way.
@@MakeThatChange 😆😆😆
@@MakeThatChange exactly
@@MakeThatChange damn right sistas
😂 Sad but true!… It’s much harder to make money and move up the corporate ladder in Canada compared to the U.S. Jobs and opportunities are scarce in Canada whereas they are plentiful in the U.S. Also because of that scarcity, the Canadian clique is very hard to break into and the good old boys network, almost totally controlled by the old school Canadians from the British Isles (Canada’s head of state is the British monarch), is very well entrenched!… If you want to make money, increase your wealth and move up the corporate ladder faster than anywhere else in the world, then there is only one true land of opportunity and that’s the USA!
If you want to be rich don't come to Canada, because its falling apart, been over 500 day in negative yield, last time it happen it was just before 1930, go check what happen in that date. Two bedroom appartement in the most affordable province in Canada ( Quebec) is around 2000 per month with insurance and electricity , food for a family of 4 you looking at 500 per month, cars are out of price, unemployment is at 6.1% but much higher if you check people that gave up looking because they are not counted in that number, middle class is dying, you got better purchasing power in Mexico just to show how bad it is, i am thinking of moving out of here. This country is going full gas no brake directly thru a wall and people are sleep walking riding the rainbow. Its gonna be really bad really soon.
You guys are all wrong. The best and easiest way is to work on a crooked government contract.
That’s also a good idea, provided you can win that contract
@@MakeThatChange more.like greasing the palms of trudeau and his cronies