Exciting opportunities await newcomers in Canada. In the first three months of 2020, 82% of Canada's population growth came from immigration.
No matter which country you're emigrating from, the process of settling in Canada can sometimes feel overwhelming. You are starting a brand-new life in a country that has different processes than you are used to. Scotiabank can help you navigate this process with specially designed programs that help those new to Canada succeed.
In early 2021, Scotiabank launched an initiative called ScotiaRISE, a 10-year, $500 million community investment initiative to promote economic resilience among disadvantaged groups, including newcomers.
Through the ScotiaRISE initiative, Scotiabank pledged $2.5M to Windmill Microlending, a registered charity that has supported immigrants and refugees in Canada since 2005. To date, they have supported over 6,800 newcomers with over $50M in low-interest loans to help skilled immigrants achieve career success in Canada. With loans up to $15,000, newcomers can pay for education and training programs, fees for licences or qualifying exams, living allowance during a period of study and many other expenses. Windmill’s affordable loans help new Canadians build credit in their new country, a critical step in establishing themselves for future borrowing towards the purchase of a home or car. Windmill loans deliver transformative impact on the lives of newcomers enabling income growth of 3.6x with unemployment falling from 41 to seven per cent.
To learn more about Windmill Microlending or to access their programs and services, please visit https://windmillmicrolending.org/scotiabank/.
Scotiabank also allows newcomers to set up their banking before they leave their home country. The Scotiabank International Account allows individuals to apply for an international account and transfer up to $50,000 before moving to Canada. This step can be helpful in showing proof of funds during the immigration process.
Getting your finances set up correctly is one of the most important steps in starting your life in Canada. So many assets of life revolve around financial stability and building a good credit score, so it is essential that newcomers establish these two things first. Scotiabank's StartRight® Program† makes the process easy by:
For those who have landed in Canada already, with StartRight you can get up to $1,800 in bonuses and savings in the first year for a limited time.
Once you arrive in Canada, you will be able to be in contact with a banking advisor when you set up your accounts. Not only are Scotiabank's advisors banking experts, but many of them are immigrants themselves who have successfully migrated to Canada from all over the world. They know exactly what you are going through and are available to help you feel at home sooner.
Share your short-term and long-term financial goals with your advisor, so they can offer you guidance on which steps to take first. You can receive a personalized financial plan that works for your unique situation. Don't be afraid to ask your advisor all of your questions. Figuring out the ins and outs of a new country's financial system and rules can feel challenging, but your advisor will be able to answer your questions or point you to helpful services. Book an appointment today to speak with a Scotia advisor today.
Scotiabank knows how challenging moving to a new country can be, which is why they want to help every newcomer feel settled in their new home as soon as possible. One of the best ways to feel safe and secure in your new home is to have financial stability. Scotiabank is devoted to helping newcomers get their banking and credit scores established right away, while also partnering with and donating millions of dollars to programs that help immigrants succeed in the labor force.
Welcome to your new home; we are so excited to help you succeed on this exciting journey.
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