PHL ’s Post

Newcomers to Canada: Your Financial Checklist Welcome to Canada! Whatever your reasons for leaving your home country, let me assure you, you’ve arrived at one of the best places on Earth. So, Akwaba! Managing your finances is crucial as you begin your new life in Canada. You’ll need to know how to open your first bank account, establish credit, and eventually consider larger financial steps like buying a home, saving for your children’s education, growing your wealth, and planning for retirement. These may seem like distant goals, but it’s never too early to start thinking long-term. The earlier you start laying the foundation for your financial future, the more secure and successful it will be. Read the full article here: https://lnkd.in/e57wTsZP

From getting your first bank account to navigating high rental costs to working towards retirement, newcomers have a lot to learn when it comes to managing their finances in Canada 💰 But, with the right information and a plan, you can certainly thrive financially! There are three distinct stages in the newcomer journey, each with their own financial milestones: 📦 Pre-Arrival 🇨🇦 Settling In 💸 And Wealth Building We've dug into each stage to help you understand what you can do to set yourself up for success, no matter how far along you are in the moving process. Check out our tips right here 👇 https://lnkd.in/gJt3rJsf #movingtocanada #newcomer

Newcomers move to Canada for better opportunities and a high standard of living. While they work hard to ensure financial stability for themselves, some newcomers also need to make sure their extended family in their home country is financially secure. Prioritizing your financial goals, especially when you feel obligated to send money to loved ones can be tricky and sometimes emotional. If you need help navigating this decision, you can speak with an RBC Newcomer Advisor, who can help you make a financial plan that fits your situation and works toward your goals. #rbc #newcomerstocanada #rbcfornewcomers

Canada is on the brink of the largest wealth transfer in history - $1 trillion. But as assets pass from one generation to the next, we must ask: are we simply inheriting wealth, or also the values, wisdom, and purpose that shape our future? These intangible legacies - how to live, give, and lead - are what truly shape the next generation. Wealth alone doesn’t build connection or create fairness; it’s the human story behind it that can. In my latest article, I explore how an inheritance-based economy will transform the country, and why it’s crucial to ensure the transfer of not just financial wealth, but also the legacies that define us. Read more: https://lnkd.in/gH2ECHZE #WealthTransfer #LegacyPlanning #FutureGenerations #Inheritance #FinancialLegacy #ValuesMatter #wellbeing #community #financialwellbeing #humanity

According to the Ipsos 2023 Canadian Financial Monitor, 61 per cent of newcomers to Canada sent money to their home country in 2023, while 55 per cent sent money 1-3 times per year in the past three years. Saving money for yourself in Canada while also sending money home to your family might seem like a daunting prospect, but it doesn’t have to be. By getting sound advice from an advisor and setting clear expectations with your loved ones about the financial support you will be able to offer, you can help sustain the financial health of your loved ones back home — and your new life in Canada. #RBC #NewcomerBanking #InternationalBanking

🌟 ¡Qué onda, gente! Canada's economy is on the rise, but many mujeres aged 25-44 are still feeling the pinch. 📉💰 Inflation may be cooling and wages increasing, yet the struggle is real. It’s time to take control of your finances! 🚀 Download our app and empower yourself with the knowledge you need to thrive! Let’s dive into this economic landscape together and unlock your financial freedom! 💪 #WomenEmpowerment #FinancialFreedom #CanadaEconomy #WomenInFinance #EconomicEmpowerment #InflationRelief #FinancialLiteracy #MujeresEnCanada #TakeControl

It truly pains me when I sit down with hardworking first- and second-generation immigrant business owners and hear their stories. These are families who have poured their blood, sweat, and tears into building a life in Canada, yet they share these heartbreaking concerns: 1. “I pay so much in taxes, but I don’t feel I’m getting much in return.” 😣 2. “The investments I have here don’t make as much sense as they would in the U.S. Why should I stay?” 🤔 3. “Life has become so unaffordable. With my current assets, I’m struggling here, but I’d be thriving in other parts of the world.” 🫤 4. “I’m not sure I’ll ever be able to retire. At this rate, I’ll need to work well past 65 just to keep up with expenses.” 😱 As a fellow immigrant, these conversations hit close to home. Didn’t we come to Canada seeking a brighter future for ourselves and our families? Didn’t we dream of stability, opportunity, and a place where hard work pays off? What happened? One thing I know for sure is that you deserve better. You deserve to feel secure, to protect your loved ones, and to thrive financially, not just survive. That’s why I’m so passionate about helping families explore their financial strategies, and take control of their financial future. I was just like you, and I paid my dues! Canada’s financial systems can feel overwhelming on purpose, and, at times, unfair. At the end of the day, a less financially literate population is much easier to manipulate. #education But there are alternatives. I had to learn them too. You don’t have to settle for the status quo. Whether it’s understanding the tax systems better, exploring alternative investment options, or rethinking your financial strategy, there are ways to take back control. 😮💨 Let me ask you this tho: Are we so busy working HARD that we’ve forgotten why we’re doing it in the first place? Protecting and providing for our families should always be our number one priority. Drop everything and pay attention! As we approach the end of the year, take a moment to reflect. Are you confident about your financial future? If not, let’s have a conversation.

🌟 ¡Qué onda, gente! Canada's economy is on the upswing, yet many, especially mujeres aged 25-44, are still feeling the pinch. 📉💰 Inflation may be cooling and wages rising, but the struggle is real. Don’t let finances hold you back—take charge and empower yourself! 🚀 Download our app and start your journey to financial savvy today! #Canada #Economy #WomenEmpowerment #FinancialFreedom #MiGente #CanadaEconomy #WomenInFinance #FinancialLiteracy #Empowerment #Inflation #BudgetingTips #Business

The 2023 Survey of Financial Security (SFS) is out!!! Here is a quick summary, and the full report is attached for further details! Overall, the report highlights significant disparities in wealth distribution across Canadian families, emphasizing the impact of homeownership and pension plans on net worth. Canadians nearing retirement age (55-64) with both a principal residence and an employer-sponsored pension plan have a median net worth of $1.4 million, whereas those without these assets have a median net worth of just $11,900. Interesting FACT: Younger families have experienced a notable increase in wealth, particularly those owning their homes, with the median net worth for families under 35 rising by 179% since 2019. However, rising interest rates are impacting mortgage holders, especially those with variable-rate loans, creating financial vulnerabilities. Take Away: This report highlights opportunities to support Canadian families, particularly in areas of estate planning, insurance, and investment advice. With nearly 39% of families holding mortgages and many without adequate retirement plans, there is a clear demand for financial strategies that help secure housing, manage debt, and build diversified savings. Always here to chat! Happy Sunday!

🌟 November is Financial Literacy Month in Canada! 🌟 It’s a month dedicated to talking openly about something that affects us all: money. Despite its importance, money is often a taboo topic, leaving many of us feeling isolated in our financial journeys. But research from the Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada shows that simply talking about money—sharing goals, concerns, and experiences—can boost our confidence and financial well-being. So let’s break the silence together. Financial stress is real. It’s costing our economy over $50 billion annually in lost productivity, with 80% of employees reporting that financial worries distract them at work. For small employers, this stress averages more than $200,000 a year in lost productivity (National Payroll Institute). But here’s the good news: Change is possible. This month, I’ll be sharing practical tips and stories to make financial discussions a natural part of life. Whether it’s a small savings goal, discussing budgeting with a friend, or finding financial resources, no step is too small. Let’s normalize conversations around money and support each other. Join me on November 4th at 1:15 ET for a free FCAC panel on “Money on Your Mind: Talk About It.” I'll be there with Camille Beaudoin M.A., B.Sc.A. and Millie Acuna to explore practical ways to address financial stress and build financial confidence. Register here 👉 https://lnkd.in/guWATjVg A special shoutout to Financial Post and Larysa Harapyn for supporting Financial Literacy Month and helping amplify this crucial conversation. 🎙️ In my recent interview with Larysa, (https://lnkd.in/gwpdprtR) we discussed: The importance of financial literacy month, now in its 14th year How behavioral economics shows that our financial habits are influenced by our social circles and that peer support can make a difference. Solutions like “loud budgeting,” finding a “money buddy” for accountability, doing a financial inventory, and using digital tools to track goals 💬 Let’s make talking about money part of our everyday lives. Share in the comments if you have a financial goal you’re focusing on this month—let’s support each other and make this Financial Literacy Month impactful! #FinancialLiteracyMonth #MoneyTalk #FCAC #FinancialWellness #FLM2024 #MoneyWiseInstitute #MoneyWiseWorkplaces