5 financial tips to know before moving to Canada

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Managing your finances is hard enough – now imagine having to do it in a new country. Before you come to Canada, or if you’ve recently arrived, you might need help figuring out where to start. That’s where we come in. Here are five financial tips for new Canadians.

Understand Canada’s banking industry

In Canada, there are five major banks: Scotiabank, TD Bank, Royal Bank of Canada (RBC), Bank of Montreal (BMO), and the Canadian Imperial Bank of Commerce (CIBC). Every bank in Canada offers bank accounts, investments, and loans. 

There are also smaller financial institutions such as KOHO, Wealthsimple, and Questrade, which are called fintechs. They often specialize in one aspect of your finances, like investing or chequing accounts. 

Finally, there are member-owned financial institutions called credit unions. These are typically more localized than national banks, but they offer many of the same services as banks.

When you move to Canada, you’ll need to decide which banks and financial institutions you would like to use. Research is key, but they all offer services for newcomers. 

Know your accounts

In Canada, you should be aware of a few types of financial accounts.

Investment accounts

Three popular investment accounts that all Canadians should know about are the registered retirement savings plan (RRSP), the tax-free savings account (TFSA), and the First Home Savings Account (FHSA). 

RRSP

An RRSP is a top choice among Canadians to save for retirement. Money saved in an RRSP is tax-deductible, meaning these accounts can help reduce the amount of money you pay for income tax each year. The investments in an RRSP grow tax-free until withdrawal, which is usually in retirement. It’s important to note that withdrawals are taxed as income.

TFSA

Contributions to a TFSA are made with after-tax dollars, which means they

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Canada: Competition Bureau seeks comments on the effects of artificial intelligence on competition

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The Canadian Levels of competition Bureau (“Bureau“) has introduced a substantial initiative to check out the impacts of artificial intelligence (“AI“) on competitors in Canada. On 20 March 2024, the Bureau released a dialogue paper, entitled “Synthetic intelligence and competitors” (“Dialogue Paper“), and has asked for responses from the community. The Bureau is in search of to much better recognize how AI can have an impact on levels of competition in Canada. It is also trying to get to identify how it can improved get ready to handle possible competitive hurt from AI, and also endorse opposition in AI markets. The outcome of the session could have important implications for the two organizations that develop and all those that use AI systems. Submissions are owing by 4 Might 2024.


AI is affecting several sectors of the economic system and is increasingly getting embraced by Canadian enterprises and Canadian shoppers alike.

Recognizing that it is vital to understand and tackle the implications of AI, the Bureau issued the Discussion Paper with the aim of fostering thoughtful and knowledgeable nationwide dialogue in buy to help the Bureau deepen its knowing of how opposition is developing in AI marketplaces, and how the Bureau can enforce and encourage competition in these marketplaces.

The Dialogue Paper provides an overarching definition for the expression “AI” and clarifies the distinct systems that make up AI (Portion 1). It also describes the a variety of marketplaces that are concerned in the development of an AI merchandise or services (Portion 2), together with marketplaces for AI infrastructure, markets for AI advancement, and markets for AI deployment.

The Dialogue Paper then explores several factors for how AI can influence competition, particularly in the context of the Bureau’s enforcement spots, these

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Minister Valdez tables Business Development Bank of Canada legislative review report

OTTAWA, ON, Nov. 29, 2023 /CNW/ – Nowadays, the Honourable Rechie Valdez, Minister of Compact Business enterprise, tabled in Parliament a report by Innovation, Science and Economic Growth Canada on the statutory overview of the Business Enhancement Lender of Canada Act (BDC Act).

The BDC Act necessitates that the Minister of Smaller Business enterprise, together with the Minister of Finance, conduct a legislative review each 10 a long time. This is to ensure that BDC continues to answer to the changing wants of tiny and medium-sized enterprises (SME) and provides the guidance organizations throughout Canada need to have.

The BDC legislative critique was a calendar year-long procedure involving community consultations and conferences with stakeholders and enterprises to consider BDC’s effectiveness in fulfilling its mandate and to think about how BDC can keep on to finest guidance Canadian businesses.

The report can make numerous suggestions, like:

  • Strengthening accessibility to, and growing visibility of, guidance for beneath-represented entrepreneurs

  • Bettering the achieve of BDC in underserved locations and rural communities across Canada

  • Reinforcing collaboration with associates and ensuring companies are complementary to the non-public sector’s and

  • Facilitating higher information and facts sharing and transparency with stakeholders and partners, and refining BDC’s chance urge for food to aid entrepreneurs with the greatest have to have.

The pandemic has highlighted just how important BDC’s perform is for Canadians, as perfectly as how crucial it is to evaluate the BDC Act. These suggestions will assist be certain entrepreneurs throughout the nation have access to the methods and help they have to have.

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“Tiny corporations are not small—they make up 98% of all of Canadian companies, and supporting them is a best precedence for our governing administration. As Canada’s only financial institution targeted on SMEs, BDC has performed a crucial position in supporting business

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Surge of Western Canada businesses looking to hire temporary foreign workers

Immediately after having difficulties to employ bakers for her Calgary-primarily based cupcake company, Jodi Willoughby determined to pursue bringing a temporary overseas worker to her manufacturing facility.

Willoughby, who co-owns Crave Cupcakes, which also has spots in Edmonton and Saskatoon, mentioned discovering nearby personnel turned tougher in the final few yrs.

“People who really beloved what they were being performing left the business in their pursuit of a thing that was maybe far more unaffected by points like COVID,” she advised CBC Information.

Like a lot of businesses across the country, Willoughby utilized by means of an immigration company for a labour sector effects evaluation — a federal doc that displays no Canadian worker or long term resident is offered to do a selected task. It’s the 1st stage toward hiring a short term overseas worker (TFW).

Her software was part of a surge this year from businesses in Western Canada. 

In accordance to stats offered by Employment and Social Improvement Canada, as of Nov. 5, the range of LMIA applications produced has greater 39 for each cent nationwide, as opposed to the very same time period previous year.

In Western Canada, the increase was even greater at 83 per cent. Yukon was the only province or territory to see a slight software reduce this yr. 

Willoughby had her LMIA authorised, interviewed candidates and provided the occupation to a employee from India, but that employee nevertheless wants a function permit from the federal govt. 

Very long waits for personnel

Willoughby claimed the procedure of employing a worker from exterior the region has taken longer than she envisioned. She had hoped her new employee would start out in September, and when that was not probably, by Xmas.

“I am not even placing any anticipations for myself anymore,” she stated.

Willoughby just

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DPI Construction Management Hires Matt Trudeau as Director of Business Development for Eastern Canada

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TORONTO, Oct. 11, 2023 (Globe NEWSWIRE) — DPI Design Management, a recognized market leader in industrial business office house construction and interiors, declared the appointment of Matt Trudeau as the company’s Director of Company Advancement for Japanese Canada. Matt delivers a prosperity of knowledge and expertise in corporate, professional, and industrial administration, with a strong emphasis on development, logistics, and relocations.

As an unbiased venture manager and business progress specialist, Trudeau has recognized a strong standing in the industry. His in depth awareness and demonstrated monitor history in industrial relocation have been instrumental in controlling assignments involving corporations with up to 2,000 staff.

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“We are thrilled to welcome Matt to the DPI workforce,” said Rick Perin, Co-founder of DPI Development Management. “His experience, network, and perseverance to providing remarkable results align beautifully with DPI’s dedication to furnishing customized building ordeals built on believe in, competence, and accountability.”

Trudeau’s employing arrives at an exciting time for DPI Building as the enterprise expands its existence in Ottawa and Montreal. With his deep knowing of the field and a network cultivated in excess of numerous several years, Trudeau is poised to engage in a essential part in the company’s advancement strategy.

“I am enthusiastic to sign up for DPI and contribute to its continued achievement,” reported Trudeau. “My approach to organization enhancement is centered on creating have confidence in with shoppers and becoming an indispensable lover. I consider in providing effects and making long lasting interactions, and I see huge alternatives for DPI in the Ottawa-Gatineau, and Montreal marketplaces.”

Trudeau’s deep relationship to his Mohawk heritage, as a third-technology member of the Kahnawake local community, is a resource of energy and pleasure for him. It is also a exclusive asset in his experienced life, as it enables

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How artificial intelligence can help detect and fight wildfires in Canada

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Melanie Morin, a prevention agent with the Society of Safety of Forests from Hearth, walks by way of an space of burned forest near Lebel-sur-Quevillon, Que., on July 5, 2023.Adrian Wyld/The Canadian Press

Immediately after a devastating begin to Canada’s wildfire time still left history-breaking wreckage in its wake, scientists are hunting to synthetic intelligence to participate in an critical potential purpose in detecting and fighting blazes.

Swaths of fires igniting from British Columbia to Nova Scotia quickly displaced 1000’s of Canadians countrywide, spewed smog as significantly as Europe and burned through 3.3 million hectares of forest – equal to fifty percent the sizing of New Brunswick. All this inspite of the federal government shelling out somewhere around $1-billion a calendar year to mitigate the blazes.

Industry experts around the globe have warned in current a long time that the warming outcomes of local weather alter will guide to ever more powerful wildfire seasons and extended periods of smoke exposure in Canada. In February, 2022, the United Nations predicted fires will improve more harmful by the yr and named wildfire threat reduction “more essential than ever.”

These world wide alarm bells are top authorities to forecast that Canada will have to increasingly faucet into AI systems in the form of drones, sensors and significant-tech satellites to continue to keep up with the fires.

“Change is coming in phrases of weather and know-how,” mentioned Joshua Johnson, forest hearth analysis scientist with All-natural Means Canada (NRC). “I believe which is scary at situations, but it’s forcing us to get inventive.”

Canada sees 100,000 square kilometres burned this history-breaking wildfire year

Viewpoint: Canada’s wildfire method requires to change from reactive to proactive

The latest AI revolution, pushed by the arrival of effective details-processing machines these as

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