Important questions for newcomers to Canada

Posted: October 15, 2010 in Buyers, General Information, Mortgages
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(NC)—One of the priorities for newcomers to Canada is getting settled and becoming established financially. Andrea Metrick, head of client strategy and multicultural markets for RBC Royal Bank offers these five tips for making a successful transition:

• Banking practices and laws are different around the world. Ask your bank representative or advisor to explain the differences in Canada.

• There are different types of banking accounts in Canada, each with its own features and benefits. Your banking advisor can explain which account is right for you based on your individual needs.

• Your credit history from another country is not readily accessible to Canadian financial institutions when applying for credit in Canada. Talk to your bank about starting to build your credit rating in Canada as soon as possible.

• Protecting yourself and your family is an essential part of feeling financially secure. Find out about insurance options available to you. For example, automobile insurance is mandatory if you plan to own a vehicle in Canada.

• Purchasing a home often makes newcomers feel more settled in their new country. Ask me about first-time homebuyer loans for your particular situation. www.bestmortgagesonline.com

Newcomers can get advice on setting and meeting their financial priorities in their new country in a new guidebook called Understanding Banking in Canada, available with the RBC Welcome to Canada banking package. You can find out how to obtain a copy online at http://www.rbc.com/wtcpackage.

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