BudgetingMoney, Money, Money... I would have to say that the hardest place hit through the immigration process is your pocket. Your financial state could be the source of many sleepless nights and a lot of unnecessary stress, so be careful and make sure your plans include the future. Be sure that the financial advice you get is from a qualified professional who can help guide you to financial success in Canada. One of the best things about Canada is the ability to 'shop around'. The consumer has many choices, even in working with a bank. The banks offer most of the same services but where they differ is the quality of service and the different types of account packages they offer. Make sure that you understand all the information and options presented to you. Having a financial planner on your side would be a great idea, especially when it comes to investing your money. Careful analysis and planning is a must as the options and opportunities can be quite different. Think carefully before making any long term decisions, as being a new immigrant your circumstances will be fairly uncertain in the short term. Letters of reference and any other relevant credit records from your bank manager and credit card companies would be a good thing to bring along. The Importance of Budgeting Budgeting is very important when you first get to Canada. You will need to keep track of your expenses, as you probably will not have a job upon arrival. Excluding one-off costs such as appliances and a motor car, expenses will obviously vary depending on circumstances, but a family of four should be able to live fairly comfortably on $3,000 to $4,000 a month. Be prepared to give up some luxuries, as eating out and other entertainment can be expensive. Liquor (particularly in bars and restaurants) are highly taxed, and cigarettes are substantially more expensive than in most other countries. Monthly Budget for Family of Four For a family of four your basic monthly budget could be +/- $ 2,000
Note: all prices are approximate, and based on average prices in British Columbia in 2002. |
Household Items
Groceries
Vehicles
|