Tue. Oct 26th, 2021
financial intelligence to save money while moving to canada

While you move to Canada, you will need to save money. This is because living in Canada is most likely going to be more expensive than where you are coming from. Plus, saving money is a good financial habit. Saving money allows you to have more financial security and it also shows that you are very financially literate.

So, why not save? But since you are looking to move to a new land, a foreign land called Canada, how do you save? Since Canada is a totally different environment from the one you are used to, you might not know how to go about cutting unnecessary expenses in Canada that will then save you a lot of cash. In this article, we will try to explain clearly in numbered points, how you can still save in Canada even when you are new in the country.

The thing with being new to a country is, you don’t know all the cheap places to get stuff. You don’t know the hacks the locals at that country use to save up money and cut costs. This could also be your case when you arrive in Canada as a foreigner.

financial intelligence to save money while moving to canada

Except you stay with a family or friend who knows Canada well, you might spend a whole lot of money that you could have easily saved. But thankfully, you are thinking ahead already! You want to know how to save money while living in Canada. You don’t want to make spending mistakes common to Canada’s newbies. Really, you are taking the right steps by reading this topic.

Financial Intelligence: Proven Tios To Save Money When You Move To Canada

In a bid to help you with your decision on saving money whilst residing in Canada, these are some of the proven tips we’ve got for you.

1. If you can do something yourself, don’t pay to get it done

This applies to a broad range of areas. Cooking, cleaning, moving services, laundry and so on. If you are moving from one Canadian province to another, or you are crossing borders, it is best to gather your friends and family to help you with the move. This packing could cost thousands of Canadian dollars if you hired a moving company.

We understand that it’s often said that “If you can afford it, outsource it.” However, since we are trying to save money here, it might be a better decision to just enlist your friends and family to help you with the packing. This will definitely aid you in saving some money.

As regards cooking, when you move to Canada and you have tried the Canadian dishes, done enough food tourism and food exploration, it is time to start cooking your meals yourself. Eating out at restaurants is expensive. Since you have basic cooking skills, why don’t you save your money, buy foodstuffs and cook. It helps.

2. Cancel Subscriptions You No Longer Need

If you have subscriptions that only work in a particular country / your home country, and you are moving to Canada, it is best to cancel such subscriptions since you will not be using them. The Gym membership you were a member of in your home country, cancel it before you leave. The magazines and news you subscribed to in your country, cancel them before you move to Canada.

Since you won’t be needing these services in Canada, you should cancel them. Also, your aim is to cut down expenses as much as possible when you live in Canada, those little debit deductions to the unnecessary things could prevent you from saving money.

3. Consider Moving to Canada at the right time

Depending on the time you decide to move, you could get cheaper moving options as well as housing options. There are peak times in the year when housing and moving costs get very expensive. For example during Fall, it might be expensive to get certain services.

Also, at the end of the months, things tend to get expensive as well. Also, housing tends to get scarce during these periods. You can choose to move during winter. During this period, it is cheaper to move and find housing.

4. Don’t ship your car over to Canada

Importing or shipping your car over to Canada will cost you thousands of Dollars. At the border, your car will be assessed, and you will be asked to pay a tax of 5% the value of the car. There are also other provincial taxes and fees attached to the imported vehicle you bring in with you.

You will need to get licensing for the car and permits. You might also be charged excise tax when you move the car with you to Canada especially if the car has air conditioning. The best thing is to sell the car in your home country, and then use the proceedings to get a new car when you arrive in Canada.

If you stick to these tips we gave you above, then you will be able to save a lot of money while you live in Canada. There are other things that you could still do to save even more money in Canada like, budgeting for your pet in advance (take proof of current vaccinations and pet’s age), buy fairly used furniture instead etc.

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