Recent immigrants to Canada are having a difficult time managing their finances, according to a poll conducted by RBC.

Forty percent of respondents are struggling to make sense of their finances and 47% don’t believe they will have enough money make ends meet. It seems newcomers underestimated the cost of living in Canada (41%) and are cutting those expenses by living more modestly (30%) and working extra jobs (22%).

“Setting up your day-to-day banking and establishing a budget are important pieces in a complex puzzle that people need to deal with when moving to a new country,” said Camon Mak, director, multicultural markets at RBC. “Sitting down with a financial advisor who understands the anxiety that can come with a move to a new country goes a long way in helping newcomers focus on building their new lives.”

Mak offers the following advice to newcomers:

  • Choose the right banking account to meet your needs: Speak with a financial advisor who can help you choose the right account based on your anticipated transaction pattern and potential average monthly balance.

  • Build your credit history: Your credit history from another country is not readily accessible to Canadian financial institutions when applying for credit in Canada. You may wish to investigate which credit solutions are available to you.
  • Track your spending and follow a budget: Take advantage of available tools to help manage spending.

RBC’s Welcome to Canada package helps newcomers who have been in Canada for less than three years with key financial decisions and includes advice and discounts on products and services.

(09/27/10)