You’ve come this far. Now go much further with CIBC.

Credit to Author: Canadian Immigrant| Date: Tue, 11 Jun 2019 20:16:10 +0000

5 easy steps to settle in Canada and plan your financial future.

The move to a new country is an important life milestone. Every new beginning in Canada means new goals to meet, new challenges to overcome and new journeys to be enjoyed.

From getting your Canadian identification to finding your way around the city, making new friends, securing a home, landing a job, your ability to adapt faster means you can accomplish more.

Getting a financial head start is the key to success.

To settle quickly in Canada, you also need to take care of your financial future including finding the right bank, opening a bank account, getting a credit card, building credit history and more.

That’s why it’s important to find a financial institution that understands your needs, makes the complex simple and guides you with confidence. With CIBC (The Canadian Imperial Bank of Commerce), you will find the right information and guiding hand you need to establish your financial foundation securely.

Here are 5 easy steps to help you settle into Canada and secure your financial future.

1. Familiarise yourself with your city.

As a newcomer, you need to optimize your time by learning to get around quickly. In most cities, key areas are well-connected to the public transportation system. In your early years, it is a good idea to reside in areas that are closely connected to the public transport system. This will help you to accomplish many things much more effectively.


The banking system varies from country to country. The way you bank in Canada may differ from the way you used to bank in your home country. You can start by familiarizing yourself with how banking works in Canada.

2. Leverage programs for newcomers.

The Canadian Government runs a number of programs to help newcomers settle in the country. These programs entitle you to numerous benefits and privileges. Your local newcomer resource centre can also help you in finding the right job based on your industry and expertise.


To help you settle financially, CIBC has created the Welcome to Canada Banking Package.

This exclusive package for newcomers also includes special benefits if you received permanent resident status within the past five years.

3. Improve your language and soft skills.

Finessing your language and soft skills are vital to career success in Canada. The best way to enhance your Canadian English and soft skills is by conversing with local Canadians whenever you get the chance. By just observing and learning, you will pick up a lot of local nuances and adjust to the culture.


Similarly, you can enhance your knowledge about common banking terms by browsing CIBC’s useful link on Canadian banking terminology. As you plan to achieve key financial goals, it’s also helpful to learn the difference between Saving and Investing.

4: Build your network.

Building quality contacts can be useful in helping you settle down in Canada faster. Build your network by attending events, talking to people at your workplace, or even to strangers while standing in a queue. Check out local networking opportunities that are relevant to you.


You can also build a trusting relationship with a financial advisor at your local CIBC branch. Many CIBC advisors speak more than one language to better assist you. Ask for a CIBC advisor who speaks your language.

5. Establish your financial foundation securely.

Once you open a bank account, it’s important to start building your credit history in Canada right away. This helps you make everyday purchases smoothly and also secure loans in the future towards purchasing a vehicle, investing in a home and more.


A good credit rating helps you in many ways including giving lenders the confidence to help you get credit easily and at better interest rates in the future. Check out CIBC’s tips on how to build a good credit rating.

Key Highlights of CIBC’s Welcome to Canada Banking Package

No monthly fee everyday banking for one year*

Get a bank account with no monthly fee for one year. You can also get up to $55 cash back on a safety deposit box.

Everyday purchases with a credit card

Build your credit history in Canada with a CIBC credit card. There is no security deposit, income or credit history required. You just need to have another eligible CIBC banking product.

Saving and investing for the future

Maximize your family’s savings with CIBC’s best savings rate and an account for your child. Choose a Tax Free Savings Account and from a range of investment options including GICs and mutual funds.

Buying a home

Own your first home in Canada sooner. You may qualify for lower down payment options, with no Canadian credit history required.

Buying a car

If you are new to Canada and want to buy a car but do not want to use your own money, you can get a car loan from CIBC. No Canadian credit history is necessary.

  • CIBC Smart™ Account with no everyday banking fee* for one year
  • Unlimited transactions¹ for one year with CIBC Smart™
  • Unlimited INTERAC e-Transfers®
  • Free paperless² record-keeping

And many more.

From the start of your new life in Canada and in the years that follow, CIBC is committed to help you build financial stability with guidance and advice to ease your transition. To find out more about the Welcome to Canada Banking Package, visit our website or speak with a Customer Service Representative today at 1-866-525-8622.

Learn how CIBC helps you go even further at:

* Offer available on new CIBC Smart™ Accounts only. A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. The waived fees are the regular monthly account fee as shown in the Personal Account Service Fees brochure. Additional fee(s) apply to withdrawals from non-CIBC bank machines and transactions in foreign currency (including cheques written in currencies other than the account currency). These fees apply to all customers, including CIBC Advantage for Youth, CIBC Advantage for Students and CIBC 60 Plus Advantage customers. Although transaction fees, including for processing cheques, are waived for one year, a fee applies if you purchase a booklet of cheques. Fee waiver is in effect for one year, after which regular monthly and transaction fees will automatically apply without prior notice. The additional $1.50 service fee is waived for sending Interac e-Transfers. Each Interac e-Transfer you send counts as a transaction for calculating your monthly fee. Maximum savings amount based on the monthly account fee for Smart Account of up to $14.95, waived for one year (12-month time period).

¹ A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments and debit purchases. Additional fees apply to withdrawals from non-CIBC bank machines and foreign currency transactions (including cheques written in currencies other than the account currency).

² “Paperless” record-keeping is a paper-free alternative to printed statements. This option enables clients to track account activity online or by phone or CIBC bank machine. Please note, no printed statements will be sent to clients selecting this option. Clients must review their account transactions through CIBC Online Banking, CIBC Mobile Banking (where available), CIBC Telephone Banking or CIBC bank machines at least once every 30 days and examine all entries and balances at that time. If there are any errors, omissions or irregularities, clients must notify CIBC in writing within 60 days after the date on which the entry was, or should have been, posted to the account.