To be honest as an international student who just moved to Canada I learned a lot from this video I didn’t know I wasn’t paying my credit cards right until i watched this video . Thanks for sharing
I moved to Canada about 2 years ago and banking system here looks very nuanced. It looks like all digital things are just a wrapper around legacy paper banking system and banking system resists to modern changes. Cons: there is still division between debit and credit cards, people are still using insecure paper cheques, account numbers are legacy (not IBANS), transactions processing inside Canada sometimes takes hours or even days. Some places accept only debits, some - only credits, some even only cash. And when Costco accepts only MasterCards is the cherry on the top 🍰. Pros: mortgages look relatively easy, investing opportunities (TFSA, RRSP, etc) are pretty cool, private property laws are pretty well established and capital accumulation is a relatively easy thing (if not a cost of living).
one thing that definitely does not transfer from your country of origin to the new country is the financial wisdom!! for example, in Iran you'd have to buy gold coins etc to be smart. here ETFs etc. Keep up the good work. Thanks
Hii guysss! You both are amazing! I love your videos 😊 thank you for all you do ❤ I’m wondering if it makes sense to have a TFSA account for the initial purpose of saving up for a masters program that you plan to begin 2 years from now. What are your thoughts?
We are coming to Canada after 4 days! I saw your video about checking account and decided to go with Simplii. I have some questions. Do I have to have another account for receiving salary or simplii is fine? Can you suggest a credit card which will be the best for newcomer/ student?
What an insightful video. Thank you for sharing My Question: with respect to credit utilisation, is it okay to spend over the 30% during your billing cycle as long as you bring the balance back down to 30 or below before your statement prints Do credit card companies report your account activities to credit bureau or just your statement balance at the end of the cycle
We’re glad it was helpful. 😊 And yes, you can spend over 30%, but you don’t want to carry that balance throughout the month or into the next month. It’s best practice to make multiple payments throughout your billing cycle so that you can reduce the balance that gets reported. Also, credit companies report your payments based on your billing cycle - the details of what you purchased doesn’t matter. What matters is whether you made the full payment after all of your spending. The total amount (so how much you owe) for each billing cycle is what the credit bureau cares about.
Great information! I wanted to know if the CPP contributions statement on My Service Canada should show Employee and Employer contributions? I currently see only employee contribution. Any way i can see employee contribution too?
Thank you! 😊 Is there a reason that you want to see the employer side as well? They don’t typically show both sides, but it should be the exact same amount.
Great great video . Thank you 👏👏. I got a "medium" credit score knowing that I always pay back before the due date, and I have all bills on authorized payments. My bank even raised my credit limit
Yes! For example, you can open up a TFSA as long as you’re 18 years old, have a valid SIN and are a resident of Canada. 😊 You can also open up a taxable account regardless of your status, but you’ll have to pay taxes on your investments. We have a playlist with all of the accounts available - check it out.
