Newcomer In Canada? What You Need To Know About Money, Explained

[@stephandden]

Do you have any questions about money as a newcomer in Canada? Ask away! 👀

[@artofnia]

I'm based in the US and I'm not even Canadian, but I must say you guys did a great job on explaining basic financial literacy to newcomers 👏🏽

[@stephandden]

Thank you so much! 🙏🏿🙌🏻

[@sushilgaur]

I wish this video was available when I immigrated. You guys are doing and awesome job... keep up the good work Steph & Den

[@stephandden]

Thank you so much 😊

[@GunjanLal94]

Great info. I've been in Canada for almost 2 years now and I've been looking to get some sound financial advice for some time now. The way you guys explained everything was amazing.

[@stephandden]

We're so happy to hear that this was helpful! 🙏🏿🙏🏻

[@MiceDnP]

Thank you for your videos Steph and Den. You explain everything easy and simple. I moved to Canada 1,5 years ago and have been able to save around 50k with just around 50k wage per year. Now from you I'm trying to figure out the best ways on what to do with the money. Great channel! And.. wish you all the best!

[@GujjuRocks]

Thanks for making this... I know I have suggested this topic on many of your videos and finally it's here...

[@stephandden]

We’re happy you suggested it! 😊

[@Digitalno11562]

Best Canadian Financial content creators! Thanks guys, you are the reason I started investing & having a portfolio of $40K now ❤

[@stephandden]

Thank you so much! + that's AMAZING, we're so happy to hear that! 🙏🏿🙌🏻

[@dzeners]

Coming next month, grateful for this video ✨🙌

[@stephandden]

Amazing to hear 😊 we hope that the move goes well!

[@ceciliaamin950]

To be honest as an international student who just moved to Canada I learned a lot from this video I didn’t know I wasn’t paying my credit cards right until i watched this video . Thanks for sharing

[@stephandden]

Glad it was helpful - we love to hear that! 😊

[@Jibril_Abdulkadir]

You guys always have Great informational tips 🔥❤️‍🔥

[@stephandden]

Thank you so much! 🙏🏿🙌🏻

[@ayyovanne]

I am a newcomer, and your video helped me a lot 🙂

[@stephandden]

That’s amazing - we’re so glad to hear that! 😊👏🏿👏🏻

[@jerryn9690]

I don't even live in Canada but I love watching personal finance videos from around the world. 🤣

[@OkhisadefFarms-24]

Oh wow you guys are great! I am a new comer here in Canada under work permit and while doing my research over the months i just come across your channel. honestly, you really make my day with all the informations you guys shared here, I am definitely gonna subscribe and watch more of your past videos. Thank you so much cos it's really helpful and informative however, I wanna ask about credit card and since it's all about building credit history, should I applied for it now or will have to wait for bank to approve it? I opened chequing account with TD and now thinking of opening savings account with one of the digital bank mentioned. Please note, over the months ago I've been using my debit card in any of my purchases like groceries and some of the few items bought online through amazon, temu etc.

[@datguydelali]

Great content guys!

[@stephandden]

Thank you so much! 😊

[@siddhantkapadia2904]

Great information! I wanted to know if the CPP contributions statement on My Service Canada should show Employee and Employer contributions? I currently see only employee contribution. Any way i can see employee contribution too?

[@stephandden]

Thank you! 😊 Is there a reason that you want to see the employer side as well? They don’t typically show both sides, but it should be the exact same amount.

[@siddhantkapadia2904]

@@stephandden just wanted to see the full amount that's all! Thank you so much for confirming!

[@konserv]

I moved to Canada about 2 years ago and banking system here looks very nuanced. It looks like all digital things are just a wrapper around legacy paper banking system and banking system resists to modern changes. Cons: there is still division between debit and credit cards, people are still using insecure paper cheques, account numbers are legacy (not IBANS), transactions processing inside Canada sometimes takes hours or even days. Some places accept only debits, some - only credits, some even only cash. And when Costco accepts only MasterCards is the cherry on the top 🍰. Pros: mortgages look relatively easy, investing opportunities (TFSA, RRSP, etc) are pretty cool, private property laws are pretty well established and capital accumulation is a relatively easy thing (if not a cost of living).

[@cristinasena9743]

Thank you for this video

[@stephandden]

Of course! 😊

[@lydiahm.445]

Thank you for this information that’s never talked about for newcomers. Grateful 🙌🏾

[@stephandden]

Of course! 🙏🏿🙌🏻

[@mqasemniksefat4202]

one thing that definitely does not transfer from your country of origin to the new country is the financial wisdom!! for example, in Iran you'd have to buy gold coins etc to be smart. here ETFs etc. Keep up the good work. Thanks

[@stephandden]

Thanks for your comment! 😊

[@nisarigetsyo]

I love this video!!! Thank you so much for creating this.

[@stephandden]

Yay, we’re happy to hear that! Thank you for watching 😊

[@AlvaFresh]

Could you guys do a video on the best way to save for children’s future. For school savings or just helping them get a head in life. Thanks

[@stephandden]

We have a video that breaks down the RESP - check that one out. 😊 But we’ll definitely add a more in depth video on children’s futures to our list.

[@Rhythmiccharizma]

We are coming to Canada after 4 days! I saw your video about checking account and decided to go with Simplii. I have some questions. Do I have to have another account for receiving salary or simplii is fine? Can you suggest a credit card which will be the best for newcomer/ student?

[@monisolabadiru4217]

Hii guysss! You both are amazing! I love your videos 😊 thank you for all you do ❤ I’m wondering if it makes sense to have a TFSA account for the initial purpose of saving up for a masters program that you plan to begin 2 years from now. What are your thoughts?

[@fisayof6219]

What an insightful video. Thank you for sharing My Question: with respect to credit utilisation, is it okay to spend over the 30% during your billing cycle as long as you bring the balance back down to 30 or below before your statement prints Do credit card companies report your account activities to credit bureau or just your statement balance at the end of the cycle

[@stephandden]

We’re glad it was helpful. 😊 And yes, you can spend over 30%, but you don’t want to carry that balance throughout the month or into the next month. It’s best practice to make multiple payments throughout your billing cycle so that you can reduce the balance that gets reported. Also, credit companies report your payments based on your billing cycle - the details of what you purchased doesn’t matter. What matters is whether you made the full payment after all of your spending. The total amount (so how much you owe) for each billing cycle is what the credit bureau cares about.

[@selfridgesforever4399]

Thank you for doing this! I'm coming to canada next year

[@stephandden]

Of course! We hope this was helpful 😊

[@MichelleWambui-sp6pw]

Is it possible for a newcomer to open an investment account ?

[@stephandden]

Yes! For example, you can open up a TFSA as long as you’re 18 years old, have a valid SIN and are a resident of Canada. 😊 You can also open up a taxable account regardless of your status, but you’ll have to pay taxes on your investments. We have a playlist with all of the accounts available - check it out.

[@maj1636]

Great great video . Thank you 👏👏. I got a "medium" credit score knowing that I always pay back before the due date, and I have all bills on authorized payments. My bank even raised my credit limit

[@stephandden]

Thank you! We’re glad you like it 😊

[@ilikevids91]

The Dennis part sounds like a Boring business class

[@stephandden]

Then it sounds like this isn’t the channel for you 😊 but, we hope you found the information helpful!

[@ilikevids91]

@@stephandden lol, I have a degree in Business; I was really joking. I love y'all.

[@foodbody2031]

First

[@stephandden]

So quick 🥳

[@BenjaminChartier-q2w]

So simple and great advice as usual! For cars there are also tires to change/store twice a year 🥲

[@stephandden]

Thank you so much 😊 And great point - there are so many ‘small’ car expenses that add up!