How Scotiabank helps newcomers succeed in Canada

What you need to know about the Scotiabank programs that will help you get settled into your new life in Canada.

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.

Supporting newcomers through microloans

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/.

Use StartRight for pre-arrival financial success

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.

StartRight^™ Program is the best way to start

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:

Free banking for a year with the Preferred Package Chequing Account¹
Unlimited no-fee international money transfers²
Approving newcomers for a credit card so they can start building their credit score, with credit up to $15k³
Specialized mortgages with competitive rates for newcomers who will be permanent residents⁴
Ability to purchase a new vehicle with only 10% down⁵
10 free equity trades when you invest a minimum of $1,000 in a new Scotia iTRADE® account⁶

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.

Providing advice whenever you need it

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.

Helping make Canada feel like home

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.

Legal Disclaimer: This article is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.

Have questions? We have answers.

Our StartRight^™ Program support team is here to help.

†Scotiabank StartRight^® Program, created for Canadian Permanent residents from 0–5 years in Canada, International Students and Foreign Workers.
®Registered trademarks of The Bank of Nova Scotia
1Eligibility: To qualify for the 1-Year No Monthly Account Fee Offer (the “Offer”), open a new Preferred Package account under the StartRight^™ Program (the “Account”) [Employees of The Bank of Nova Scotia (“Scotiabank”) and individuals who are currently or were previously holders/ joint holders of a Scotiabank chequing account within the last 2 years are not eligible for this Offer.
How this Offer Works: During the first 12 months, your monthly Account fee will be waived and will not appear as a charge on your Account. The Account must be open and in good standing at the time of the waiver. All applicable service charges on the Account will continue to be applied monthly. After the first 12 months, you will begin to see the monthly Account fee charged to your Account unless you maintain a minimum daily closing balance of $4,000, in which case the monthly Account fee will be waived per the Account terms and conditions. This Offer is non-transferable and cannot be combined with any other offers. Maximum one Offer per customer. All rates, fees, features and benefits are subject to change. Offer may be changed, cancelled, or extended at any time without notice.
2Foreign currency exchange rates apply. A transfer needs to be made from an eligible Scotiabank Chequing or Savings account
3Subject to credit approval. To be eligible, you must be a participant in the Scotiabank StartRight^® Program. To qualify for a credit card, you must be a resident of Canada and the age of majority in your province/territory where you live. Your approval for a credit card and the credit limit assigned will be determined based on Scotiabank’s credit criteria, including your verifiable income and credit history (if available). The credit limit amount of up to $15,000 under the Scotiabank StartRight^® Program is subject to change by Scotiabank from time to time without prior notice. A credit history in Canada is not required in order to be eligible for a credit card under the Scotiabank StartRight^® Program.
4All mortgage applications are subject to meeting Scotiabank's standard credit criteria, residential mortgage standards and maximum permitted loan amounts.
5Subject to Scotiabank credit approval and financing terms and conditions. Maximum 60 month term. Minimum 10% down payment is only applicable to qualifying Permanent Residents. Qualifying Foreign Workers under the Scotiabank StartRight^® program are required to make a minimum 25% down payment.
6Conditions apply. Offer valid for new Scotia iTRADE® accounts, excluding Cash Optimizer Investment accounts, opened by new Scotia iTRADE clients who do not already have an existing account with Scotia iTRADE. If you open one or more NEW Scotia iTRADE account(s) (each, a "New Account") and fund the New Account(s) within 60 days of opening the New Account(s) with at least CAD $1,000 in cash or in Net Equity (cheque deposit, electronic funds transfer or transfer of assets) ("Minimum Amount"), from an account that is not held at Scotia iTRADE, (1) the commissions associated with the first 10 online commissionable trades of Equities, Options and ETFs placed within 365 days of the date when you funded your New Account(s) with the Minimum Amount will be credited back to the corresponding New Account within 30 days of each order fill, to a maximum amount of $9.99 per trade in the currency of the account (maximum total commission rebate of $99.90), (2) the amount of the transfer-in fee charged by another Canadian broker will be credited to your New Account (up to $150 per client) subject to Scotia iTRADE's receipt of the documentation evidencing such transfer-in fee. Scotia iTRADE reserves the right to charge you all or part of the commissions associated with the first 10 online trades completed within 365 days of funding your New Account(s) (when such commissions were previously credited back to your New Account(s)) if the conditions of the offer are not complied with. Scotia iTRADE reserves the right to modify and/or cancel this offer at any time without notice in its sole discretion. Clients must enter the promotional code SRPE15 (English) or SRPF15 (French) when submitting the New Account application to qualify. To qualify for this offer, you must satisfy Scotia iTRADE's Canadian residency requirements, have a valid Social Insurance Number, be eligible to open a Scotia iTRADE account, maintain all of your accounts at Scotia iTRADE in good standing, not be in a disallowed debit position and not have any outstanding margin calls due. This offer has no cash redemption value. This offer cannot be transferred or combined with any other promotional offer (excluding Refer-a-Friend). Limited to one offer per client. In case of joint account only one account holder will be entitled to receive free equity trades.