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UNITY FINANCIAL SERVICES

UNITING FAMILIES WITH THEIR GOALS

UNITY FINANCIAL SERVICES

UNITING FAMILIES WITH THEIR GOALS

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💡 How to Avoid Common Financial Mistakes Newcomers Make in Canada

Moving to 🇨🇦 Canada? Exciting! 🎉 But here’s the truth: navigating money in a new country isn’t always easy. From credit scores to taxes, many newcomers slip up and lose $$$ because they don’t know the system.

At Unity Financial Services, we’ve seen it all — and we’re here to make sure YOU don’t make the same mistakes. 🚀

1️⃣ Not Building Credit Early

Your credit score = your financial passport in Canada. No score? No apartment, no car loan, no phone plan.

🚫 Mistake: Using only cash or avoiding credit.
✅ Fix:

  • Get a secured credit card.
  • Pay it off in full every month.
  • Stay under 30% of your limit.

2️⃣ Ignoring Bank Fees 💳

Surprise! Canadian banks love their monthly fees.

🚫 Mistake: Signing up with the first bank you see.
✅ Fix:

  • Compare newcomer accounts (many have no fees for the first year).
  • Know the difference: Chequing = daily use | Savings = long-term.
  • Learn e-Transfers — they’re your new best friend. 💸

3️⃣ Overspending Without a Budget 🛒

Canada’s cost of living (hi Toronto 👋, hi Vancouver 👋) can shock you.

🚫 Mistake: Spending without tracking.
✅ Fix:

  • Use apps like Mint, YNAB, or even a simple Google Sheet.
  • Plan for winter clothes, school fees, and those surprise repairs.

4️⃣ Missing Tax Benefits 💰

Did you know newcomers may qualify for Canada Child Benefit (CCB), GST/HST credits, and more?

🚫 Mistake: Not filing taxes because “I don’t earn much.”
✅ Fix:

  • Always file — even with low income.
  • Claim credits & benefits you deserve.
  • Work with a trusted tax pro (hey, that’s us 👋).

5️⃣ No Emergency Fund 🚨

Life happens — job loss, car accident, medical bills.

🚫 Mistake: Living paycheque to paycheque.
✅ Fix:

  • Save at least 3–6 months of expenses.
  • Add private health/dental insurance.
  • If you have family, consider life/disability coverage.

6️⃣ Sending Too Much Money Abroad 🌍

Supporting loved ones back home is important, but don’t sink your own ship first.

🚫 Mistake: Sending big remittances before stabilizing.
✅ Fix:

  • Decide on a safe monthly amount.
  • Use low-fee transfer services.
  • Build your Canadian financial base first.

7️⃣ Falling for Scams 🚫📞

Newcomers = prime targets for fraud.

🚫 Mistake: Believing calls/emails from fake “CRA” or “Immigration Canada.”
✅ Fix:

  • Remember: legit agencies NEVER ask for gift cards, crypto, or threaten arrest.
  • Verify directly on gov’t websites.
  • Guard your SIN like your passport.

✨ Final Word: Start Smart, Stay Secure

Building your financial life in Canada takes time — but avoiding these mistakes puts you WAY ahead.

At Unity Financial Services, we help newcomers crush their money goals:
💳 Build credit
📊 Master budgeting
💰 File taxes the smart way
🛡 Get insurance + peace of mind

📞 Call us at 438-701-3770 or visit 👉 unityfs.ca
Your future self will thank you. 🙌