Maple News reports that navigating Canada’s financial system is one of the first and most critical challenges faced by newcomers settling into their new lives. Questions around borrowing, credit scores, and choosing appropriate financial products are common, yet essential to building a successful life in Canada.
To support immigrants in this transition, a recently aired webinar titled ‘Understanding Borrowing and Credit in Canada’ provides foundational financial knowledge tailored specifically for newcomers. The session walks viewers through key concepts such as what credit is, how credit scores are calculated, and the types of borrowing options available in Canada.
With many immigrants arriving from countries with different credit systems—or none at all—establishing a strong financial reputation in Canada can be confusing. The webinar breaks down how everyday financial choices, such as paying bills on time and managing credit limits, influence your credit score. Maintaining a healthy score can determine your ability to rent housing, get a mortgage, or secure certain jobs in the future.
The presentation also delves into commonly used credit products in Canada, including secured and unsecured credit cards, lines of credit, and personal loans. Understanding the differences between these options and using them responsibly can help build a positive credit history from the start.
In addition to credit basics, the session offers practical advice on budgeting and financial planning—skills that are just as important when adapting to new cost-of-living realities. Canadian banks and financial institutions often offer services and products designed specifically for newcomers, but awareness remains key.
The webinar is part of broader efforts by financial experts and service providers to empower newcomers with the information and tools they need to succeed. Attending such educational sessions can give permanent residents and temporary visa holders clarity and confidence in managing their finances as they settle into life in Canada.
For newcomers looking to strengthen their financial literacy and take control of their economic future in Canada, this webinar serves as an accessible and insightful starting point.
The full webinar is available to watch online via the embedded video link above.