New Immigrants

Upon Arrival

Get Organized

Now that you are here, you want to get set up as quickly as possible. Here are tips that we hope will help you get settled and feel more at home.

Finding a place to live

When looking for a place to live, one of the most important things you will need to consider is transportation. If you are not planning to buy a car in the near future, you may want to look at locations that are close to public transport. Other things that you will need to consider are:

Proximity to shopping areas, school & medical care facilities

The cost of living in the area

You can search listings in your local paper. You’ll also find helpful sites online, such as RentCanada and Viewit.ca where you can even look at pictures of accommodation for rent.

Glossary – Rent The amount of money, usually paid monthly, that a tenant pays a landlord in exchange for living accommodations.

Sometimes, you are required to sign a lease when you rent an apartment. A lease is a formal contract between you (the renter) and the owner, or a representative of the owner, of the property. Before you sign the lease, read it thoroughly and make sure you understand it. If your language skills prevent you from understanding the lease, you may want to have someone else there to translate.

Glossary – Lease. An agreement under which a person pays a monthly amount for the right to use a specific asset, such as a car, for a specified length of time.

Save money on public transit

With most public transit systems in Canada, it is cheaper to purchase several tickets or tokens at once, rather than to pay cash every time. If monthly and/or weekend travel passes are available, they may also help you save on the cost of travel. Learn more about saving money on transit in Vancouver:

TransLink (Vancouver)

Apply for a library card

The public library system is free for all Canadian residents. Aside from the opportunity to check out books, your local library will often offer free Internet services, which can help you out until you have home Internet service. In most cities, you will need to bring two pieces of identification with your name and address (for example, your rent agreement, utility bill or passport) to your local library to apply for your library card.

Prepare for Work

Finding a job that suits your skills and interests requires research, preparation and quite possibly, patience. In time your hard work will pay off and you’ll find the job you’re looking for. The important thing is to never give up and to take advantage of helpful online resources, informal networks of friends as well as resources offered by your local community groups.

Applying for Jobs

In Canada, applying for a job involves three steps:

1. 1.Preparing a resume – tells the potential employer who you are, what you have done in the past along with your achievements, what your qualifications are and why you want the job. There are many online resources for jobs such as www.workopolis.com , www.monster.ca and www.careerbuilder.ca that will illustrate what Canadian-style resumes should look like and what employers are looking for. You can also work with immigrant serving agencies that help newcomers prepare their resumes. Most of these agencies are free for newcomers.
2. 2.Preparing a cover letter – this is a concise introduction of yourself to a potential employer. It should be written specifically for a particular job.
3. 3.Researching the company/job – learn more about the company in order to prepare your resume, cover letter and hopefully, for an interview.

Going to Interviews

Before going on a job interview, you should do some preparation. You can search online for probable questions that may be asked in interviews. Prepare answers to these questions in advance. Your answers should not be more than one to two minutes long. If you are scheduled for a job interview, you should bring the following with you:

• A copy of your resume for each interviewer (you may want to ask ahead of time how many people will be there.)
• Copies of your reference list.
• Paper and a pen, so you can write down any information you might need later.
• Copies of letters of recommendation, if you have any.

Consider your References

A reference is someone who can speak to a potential employer about your character and, if relevant, work experience. Some Canadian employers may prefer Canadian references. Think carefully about who can accurately answer questions about you and ask them if they would agree to be your reference. Include the names, recent phone numbers, job titles and addresses of up to three references on a separate piece of paper with your resume. Provide them only when asked by a potential employer.

Look into Career Planning and Placement Services

Many settlement agencies such as COSTI and YMCA provide free employment services ranging from job shadowing to subsidized on-the-job training to direct hires.

Setting up phone, internet and cable services

There are many service providers that offer phone, internet and cable TV. Some companies may offer you all these services as a bundled plan at a discounted rate. There are also a variety of price plans, determined by the number of features you use. You may want to sign up for the basic plan initially and then add on extra features as you feel you need them.

Improving your language skills

To successfully work in Canada, you will need to know one of the official languages – English or French. If your language skills in English or French are still lacking, consider going to free LINC programs that are run by immigrant serving agencies. Even if you feel confident in your English/French language skills, you will need to learn words, terms and phrases that are commonly used in Canada. The best way to improve your skills is through conversation, watching and listening to Canadian programs on television and radio, and reading Canadian newspapers and magazines.

Arrange Finances

Now that you’re in Canada, the first thing you’ll want to do is open a bank account, if you haven’t already. As a newcomer, we recommend you open your account in person at a bank branch.

Here are a few more things you might want to consider when it comes time to set up your finances:

Set up your bank account

An RBC advisor will help you through the account opening process. For your convenience, choose a branch that’s close to where you live or work. For legislative and regulatory purposes, we require you to bring two pieces of identification with you to open an account. Click here for a list of valid identification. When you open an RBC Royal Bank bank account, you’ll be given a personal Client Card for convenient and secure access to your money. You can activate this client Card immediately by choosing a numeric, confidential Personal Identification Number (PIN) that acts as your “electronic signature” whenever you use your Client Card.

Glossary - Client Card. This is provided to you when you open an account. It allows you to access your accounts while in your bank branch, at an ATM or store, or through online banking, often in combination with your Personal Identification Number (PIN) or RBC Online Banking password. Also known as a bank card or debit card.

Glossary - Personal Identification Number (PIN). A password, usually four digits, created by the user to access his or her account, in combination with a Client Card, when making an ATM or point-of-sale transaction.

One of the most convenient ways to manage your funds is through Online Banking. You can use Online Banking to check your account balances, transfer funds between different accounts, pay bills and even send money overseas 24 hours a day, 7 days a week through RBC International Remittance®.

Choose from different account types

In Canada, we have many different account options including:

A banking or transaction account: This allows you to deposit and withdraw money from anywhere, any time you want.

A savings account: This is for cash that you want to keep accessible but don’t need for day-to-day expenses.

A G.I.C. (Guaranteed Investment Certificate): This is an individual investment with a guaranteed rate of return. GICs generally provide higher interest rate returns than savings accounts but access to your funds is limited to the GIC maturity date.

Glossary - Guaranteed Investment Certificate (GIC). A type of deposit investment that guarantees the investment principal and usually pays a predetermined rate of interest for a specified amount of time (the term).

Getting a Canadian credit card

One of the easiest and most effective ways to start building a credit history is to get a Canadian credit card such as an RBC Royal Bank credit card. As you use your credit card and make monthly payments, you will create a credit history. When you need more credit later on, your good credit history will help you achieve a more favourable credit score. Your credit history will help you qualify for a mortgage, a car loan or even a loan to start a business in the future.

Outside of building a Canadian credit history, a Canadian credit card will offer you the following benefits:

Glossary - Credit history. A list of facts, gathered from financial institutions, retailers and other lenders, about how you have handled credit in the past. Most of this information stays in your file for seven years. This information forms a profile of your credit-worthiness, called your credit rating. Your credit rating is used to help banks and other companies to decide whether they will allow you to borrow money, and how much.

Glossary - Credit card. A plastic card that enables you to purchase items or services from a range of stores and establishments and pay for them at a later date. A minimum amount must be repaid each month. If you pay the full balance by the due date, no interest is charged.

Glossary – Mortgage. A loan secured by real property, typically a home.

Glossary – Loan. An agreement under which a borrower receives cash from a lender (often a bank) for a predetermined length of time at a given interest rate, generally with a stated repayment schedule. The principal must be paid back at a specified future date. Interim payments may consist of interest only or a blend of interest and principal. With a fixed-rate loan, the interest rate stays the same for the term of the loan. With a variable-rate loan, the interest rate changes with market rates.

It’s a convenient way to shop and pay for services.

A credit card is often needed for certain purchases, such as setting up contracts for a mobile phone, renting a car or shopping online.

It enables you to make everyday purchases without carrying large amounts of cash.

You’ll make purchases in Canadian funds and avoid exchange-rate costs.

You can often use it as a form of identification.

Here are some good credit card practices that will help you build a strong credit history:

• Use your credit card only to make purchases you know you can afford to pay when the statement comes in.
• Pay off your credit card balance in full each month.
• If you choose not to pay off your balance in full, try to pay more than the minimum payment due.
• Ensure that your payment is received by the bank on or before the payment due date indicated on the statement.
• Limit the number of credit cards you use, so it’s easier to keep track of the money you owe.
• Memorize and protect your PIN at all times.

Create a budget to help manage day-to-day expenses

A budget is a key part of a financial plan. It can help you meet your short-term expenses and obligations and begin saving towards short and long-term goals. Talk to an RBC advisor about setting up a financial plan that will help put you on the path to success in Canada. Call 1-800-769-2511 and we’ll be happy to speak to you in the language of your choice.

Apply for Services

While you can wait until you’re more settled to apply for some government programs and services, here are a few that you might want to look into right away.

Applying for a SIN Card

All Canadian citizens, newcomers and temporary residents who want access to government programs or who want to work in Canada are required to have a Social Insurance Number (SIN) – a unique number that identifies each individual. There is no fee to apply. You will need this number to file an income tax return and to receive government benefits and allowances. You will also need this number to access essential services like opening a bank account, as well as when you need to have a credit check done.

Applying for a SIN is easy to do through Service Canada with the following documentation:

Landing Papers or Permanent Resident Card

Passport

Your new SIN number will be given to you immediately and your SIN card will be sent to you in the mail.

Applying for Child Tax Benefit and GST/HST credit

The Canada Child Tax Benefit is a tax-free, monthly payment made to eligible families to help them with the cost of raising children under age 18. The amount of this benefit is calculated using the information you provide on your income tax returns. Applications may be submitted by mail or online

The GST/HST (goods and services tax/ harmonized sales tax) credit is a tax-free quarterly payment that helps individuals and families with low or modest incomes offset all or part of the GST or HST that they pay.

Glossary - Income tax returns. A form that a person files each year to the Canada Revenue Agency (and Revenu Quebec for Quebec residents) that states the amount of earnings, investment and other income, as well as eligible deductions, to reconcile the amount that he or she has actually paid in income tax with the amount owing or owed.

Glossary - GST/HSTGoods and Services Tax (GST) — A federal tax (currently 5%) applicable on the sale of most goods and services in Canada. It is collected by the vendor on behalf of the government.

Harmonized Sales Tax (HST) — A tax on goods and services, applicable on sale, that reflects both the federal Goods and Services Tax (GST) and provincial sales tax. HST exists in the provinces of New Brunswick, Nova Scotia and Newfoundland and Labrador.

Applying for a health card

When you arrive in Canada, you must apply for a provincial health card in order to access Canada’s public healthcare system. Health card application forms are available from all provincial/territorial Ministries of Health and at some doctors’ offices, pharmacies and hospitals. You can also get one from an immigrant-serving organization. To apply, you will need proper documentation: passport, landing papers or permanent resident card, and confirmation of residence.

After Arrival

Here are a few tips that will help you stay organized and plan your new life in Canada.

Saving money when you shop

Day-to-day living expenses in Canada may be very different from what you were used to in your home country. Costs for food, clothing and home furnishings may surprise you. Even more surprising may be the variation in costs between different regions of the country and between different retail stores.

Stores compete with one another for your business, so it's always worthwhile to compare prices before you buy. Note: the price of a product does not include provincial sales taxes (PST), goods and services tax (GST) or harmonized sales tax (HST) (applicable to select provinces only), which will add anywhere from 5 percent to 15 percent to the cost of an item, depending on the province in which you buy it.

Here are some more tips to help you save money when you shop:

Check your local paper for flyers and coupons.

Need to make a large purchase? Check craigslist.com or kijiji to see if you can find a gently used or second-hand item.

Many of your favourite brands provide special offers and rewards via email so be sure to sign up for their newsletters.

Check out Flyerland for online access to flyers and coupons from stores in your area.

These tips may help you save a few dollars as you shop and take care of your day-to-day needs. However, a more formalized budget can help you manage your money carefully so that you have enough to meet everyday needs and can save for future goals.

Getting your driver's license

You may have been able to use your foreign driver's license for the first few months after you arrived in Canada but at some point, you will need to get a Canadian driver's license to continue driving. To get a Canadian driver's license, you need to take a road test and a knowledge test on the rules of the road. Some provinces use a graduated licensing process, which gradually gives you more freedom to drive as you gain experience. Find out more about getting a driver's license in the province or territory where you live.

Tip: A driver's license is good to have as a form of alternative identification that you can use, instead of your passport. It is a good idea to get a Canadian drivers license even if you don't plan to buy a car and drive regularly.

Find childcare in your area

Most childcare centres have both regular, full-fee and subsidized spaces for families that qualify. This national source of daycare listings and child care information is helpful for finding quality daycare centres and reviews across Canada.

B.C.: The Ministry of Children and Family Development works with community groups to promote quality child care choices that meet the needs of local families. You can search by postal code or city to find child care options convenient to you.

Enrol your children in school

Regardless of which province you live in, your children will have the same access to education. Children must be enrolled in a school in order to attend classes. To enroll your children, you will need their birth certificates and other identification (such as their Record of Landing, Permanent Residence Card, or passport). You may also be asked to bring immunization records and past school and health records. To find out which school is closest to you and the one which serves your community, visit the local district school board website.

Children between the ages of 6 and 16 must attend school. The majority of Canadian children go to public schools. You can enroll your children at the local public school free of cost. School classes usually start in early September and end in late June. There is a two-week vacation in December and a one-week vacation in either February or March. Children attend school Monday to Friday, for about six hours a day. In some provinces and schools, kindergarten school is only for half a day or 3 hours. There are morning or afternoon slots depending on the school in your area.

There are also private schools, but you will need to pay fees if you want your child to attend a private school. These fees can be quite expensive. Public schools and separate (Catholic) schools in some provinces are paid for through your provincial taxes.

Now that you're becoming more comfortable with your new life in Canada, you'll probably want to start looking ahead and plan for your future. Here are a few ideas that you may wish to consider:

Managing your debt

Having a credit card or a line or credit can be a great way to manage your expenses. These products will help you build your credit rating in Canada. A strong credit rating will help you when you wish to get a loan for a car or when you apply for a mortgage, ensuring you get competitive rates.

But if you take on too much debt and are unable to meet your payment obligations, it could have a negative impact on your credit rating. To avoid this, make sure you understand the terms of the credit when you borrow. Different products come with different rates, credit limits and repayment obligations, and should be used for different purposes. For example:

1. 1.Credit cards are a convenient alternative to cash or debit. They are a good choice for day-to-day purchases when you know you can pay the balance when the statement comes in. You can also earn rewards for paying with your credit card (either RBC Rewards or Cash Back) that add up over time.
2. 2.Term loans offer a lower interest rate than credit cards, and make sense for occasional big-ticket purchases, such as a car, furniture or a vacation. They also provide a repayment structure.
3. 3.Lines of credit are a flexible way of borrowing when you need to make a number of purchases. They offer access to credit that's there as a backup when you need it, but you don't pay for it when you're not using the funds.
4. 4.Mortgages are uniquely designed for the biggest purchase most people make: their home. Mortgages come with a range of options tailored to your situation.

Use the credit that's right for your needs to help you achieve your common goals, borrowing only as much as you feel you can comfortably pay off.

Invest in your children's education

Canada offers tremendous educational opportunities for your children, but post-secondary education, such as college, university or a vocational, technical or trade school, costs thousands of dollars each year for tuition, books, computers and living expenses. One of the most effective ways to save for this expense is with a Registered Education Savings Plan (RESP). An RESP is a registered investment account that allows you to set aside money specifically for your children's education. There is no annual limit to contributing to an RESP however, there is a lifetime contribution limit of $50,000 per child.

RESPs have three advantages over non-registered savings plans.

1. 1.Government grants – The Canada Education Savings Grant (CESG) program matches 20% of the first $2,500 contributed annually (e.g. a $500 grant) per year per child, from birth until age 17. The maximum lifetime CESG is $7,200 per child. Learn more about RESP's and other federal grants that you may qualify for such as the Canada Learning Bond . Check with your province to find out if you are eligible for any additional education grants.‡
2. 2.Tax-deferred growth. Contributions to RESPs are not tax-deductible; however, all investment earnings accumulated are not taxed until the funds are used for higher education.‡
3. 3.Little or no tax when withdrawn – Investment earnings in RESPs are not taxed as long as they stay in the plan. Once the money is used for post-secondary education the money is taxed as your child's income. Usually there is little or no tax for your children to pay.

Buy your first home

In addition to providing you and your family with a place to live, a home is a valuable investment for your financial future. Purchasing a home is likely one of the biggest investments you'll make in your lifetime and it comes with financial and emotional implications. Finding the right location is key, especially when you have children. Consider these points before starting your search:

You'll want a safe neighbourhood, close to schools and transportation

Factor in all of the costs associated with buying a home, above and beyond your down payment and mortgage payments. Like land transfer taxes, closing fees, or even the cost of appliances and window treatments.

Consider moving costs, taxes, insurance, utilities and maintenance.

It is important to note that most first-time homebuyers in Canada need a mortgage – a long-term loan from the bank that uses the home as security. Mortgage rates are among the lowest of all credit products but, because of the large amounts involved, a mortgage loan is also typically the longest to pay back. As you grow your savings in Canada and enjoy more financial security, you may be able to take steps to pay down your mortgage faster.

Manage your savings

Putting a savings plan in place today can help ensure that you have the money you need to achieve both your long-term and short-term goals. Once you've identified your saving and investing goals, an RBC advisor can help you decide the best way to invest to reach them. Some things to consider are:

Investment fit: Which investments will help you meet your personal goals with a level of risk that you're comfortable with?

Investment type: Are you interested in individual investments, such as Guaranteed Investment Certificates (GICs), or mutual funds, which are a selection of investments managed by professionals?

Investment returns: Some investments, such as GICs, have guaranteed rates of return. Other investments, such as equities, are not guaranteed but offer higher potential growth over the long term. What kind of investment mix do you want in your portfolio? There are many different investments to choose from. An RBC advisor will explain the features of each one to you and will help you select the mix that's appropriate for you.

Buy a car

Many people think of their car as a long-term purchase and buy one that not only meets current needs but one that can accommodate future needs as well. In fact, today it is not unusual for a car to last for 10 years or more. One of the biggest considerations you will have when purchasing a car is how to finance it. There are a number of options to consider which include the following: Installment loans, cash rebates, and discounted interest rates.

A typical car loan involves borrowing the full amount of the purchase price and paying it back over a set term, typically one to five years.

Before you make any vehicle purchase, explore your options and shop around for the best price.

Also, remember to factor in the cost of car insurance, which is mandatory in Canada. Car insurance can cost $1,000 or more each year, depending on the car, your age, your driving habits and where you live.

Protect your family, belongings and lifestyle

Insurance is an important part of any financial planning that protects you and your family from the effects of unexpected events. Whether it's home, auto, life, health, emergency medical coverage when traveling or protecting your personal belongings, insurance could be one of the wisest investments you can make. Without it, just one unexpected incident could jeopardize your financial security.

To help you understand how you can safeguard your financial plan, ask for your free General Insurance Needs Assessment at any RBC Royal Bank® branch. For general advice around protecting what is important to you, visit our Advice Centre

Plan your retirement

It's never too soon to think about how to make the most of your retirement years. With a plan in place, you can get a better idea of where your money will come from so you can achieve the lifestyle you want when you're ready to retire. Even a small saving commitment today can make a significant difference in the long term. One of the most valuable tools available to help you save is a Registered Retirement Savings Plan (RRSP).

An RRSP is different from a non-registered account in that your contributions are tax-deductible and the earnings generated by the investments in your RRSP are tax–deferred, in other words, they are not taxed so long as you keep them in the plan. However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan.

Because RRSPs offer generous tax breaks, there's a limit on how much you can contribute each year. Your maximum contribution is generally 18% of the amount that you earned during the previous year, up to a specified dollar maximum set by the government, less any pension adjustment related to an employer pension. As a new Canadian, you should not make a contribution until the year after you begin working in Canada.

To learn more about how RBC Royal Bank can help you save for retirement, just visit any branch to talk to an RBC advisor. We can work with you to help identify your retirement savings needs and develop an action plan to help you reach your goals.