Ankita D’Mello
Principal Product Manager at Wise
This international money account provides a variety of services to help newcomers successfully and affordably build their lives in Canada.
Canada has long been an international hub, attracting newcomers from around the globe. Known for its welcoming nature, the country offers a promising future for families and future generations.
Now in the middle of its 2023-2025 Immigration Levels Plan, Canada is well on its way to take in the promised 485,000 permanent residents in 2024, and plans to take in an additional 500,000 in both 2025 and 2026 – marking the highest level of newcomers the country has ever welcomed in a single year.1
This means hundreds of thousands of newcomers to Canada will be facing a multitude of challenges as they kick start their life in their new country. From learning a new language, adapting to new social norms, and managing their finances as they settle in, often while struggling to find economic stability when they arrive in the new country.
Fortunately, there are numerous tips and tools available to help newcomers settle into their new home, and the Canadian government has invested in several programs to help newcomers get up and running quickly. Here are some tips for newcomers to be aware of to find added ease in their geographic transitions.
Adapting to a new culture
Adapting to a new culture can be one of the biggest challenges newcomers face. Canada’s multicultural landscape exposes immigrants to a variety of social norms as well as languages, which can be both exciting and overwhelming.
Newcomers must quickly learn and adapt to new ways of life, which may differ significantly from those in their home countries. This includes understanding local customs, etiquette, and social expectations. For instance, the emphasis on politeness and punctuality in Canadian culture might be new to some immigrants.
Community centers and local organizations often offer cultural orientation programs to help newcomers acclimate more smoothly. For example, North York Community House (NYCH) provides a number of programs like Starting a Business Workshop, Employment and Financial Literacy Support for Newcomer Men, Mental Health and Wellness, and more. Check out this comprehensive list of cross-country support centres to find one closest to you.
Language can be another significant hurdle. While Canada is officially bilingual, many immigrants come from non-English or non-French speaking countries. Language classes and conversation groups are invaluable resources. Programs like Language Instruction for Newcomers to Canada (LINC) provide free language training to help immigrants improve their communication skills, which is crucial for both social integration and employment opportunities.
Finding your financial bearings
Managing finances in a new country can be daunting. Newcomers to Canada must understand the banking system, budget for varying living costs, and maintain financial ties to family abroad. Financial literacy programs provided by community organizations are a great tool to help newcomers understand budgeting, saving, and investing.
The cost of living in Canada can also vary significantly depending on the region. Newcomers must budget for housing, transportation, healthcare, and other daily expenses. Settlement services often provide cost-of-living workshops to help immigrants plan their finances effectively. For example, Prosper Canada provides thorough coaching to help newcomers budget effectively in their new place of residence. Additionally, understanding the tax system and available benefits, such as the Canada Child Benefit (CCB), can provide financial relief.
A solution that can be particularly attractive for newcomers is Wise, a global technology company revolutionizing how people move and manage money internationally. It offers fast, transparent international transfers with no hidden fees, making it easier to send money abroad, spend overseas, or handle international business payments. The Wise account supports over 40 currencies, and the Wise card, which you can order free in Canada, operates just like a debit card and can be used globally with Google and Apple Pay.
“Moving to a new country comes with enough surprises; hidden fees shouldn’t be one of them,” says Ankita D’Mello, Principal Product Manager at Wise. “With Wise, you always know exactly what you’re paying and how much money will arrive at its destination.”
Many immigrants continue to support family members in their home countries. Understanding international money transfer options and the associated costs is crucial. Financial institutions and remittance services offer various solutions, but it’s important to compare fees and exchange rates to find the most cost-effective method.
Wise proudly helps over 12.8 million active customers build financial strength. “Transparency is critical for newcomers who need to budget carefully as they settle into their new lives,” D’Mello adds. “No more surprises – just straightforward, honest financial transactions.”
Finding employment
Securing employment that matches one’s skillset is another critical challenge for newcomers. The Canadian job market can be competitive, and understanding how to navigate it is essential for economic stability.
One of the first steps is getting foreign credentials recognized. Many professions in Canada require specific certifications or licenses. Organizations like World Education Services (WES) assist in evaluating and validating international degrees and qualifications, making it easier for immigrants to pursue their careers in Canada.
Newcomers often need to familiarize themselves with Canadian job search strategies, including resume writing, networking, and interview techniques. Employment agencies and settlement services Achēv offer workshops and one-on-one coaching to help immigrants tailor their job applications to meet Canadian standards. Additionally, mentorship programs connect newcomers with industry professionals who can provide guidance and support.
Bridging programs are another option designed to help internationally trained professionals gain the necessary skills and experience to enter the Canadian workforce. These programs often include a combination of academic training, work placements, and language support, making it easier for immigrants to transition into their chosen fields. Canada’s welcoming nature and robust support systems make it an ideal destination for newcomers seeking a better life. With the right resources and guidance, immigrants can successfully navigate the challenges of adapting to a new culture, managing finances, and finding employment. As Canada continues to open its doors to a record number of newcomers, the opportunities for building a prosperous future are boundless, especially as newcomers capitalize on the support available to them for a solid foundation.
Head to Wise.com to learn more about how this account can help you save when spending, sending, holding or receiving money internationally.
