Upon entering a Canadian bank, French-speaking immigrants discover a new jargon: debit card, credit card, rewards, credit score… You should know that in Canada, the debit card (or Interac card) is used only for withdrawing money and making transactions carry out, which are immediately debited from the current account. To buy online you need a credit card that is linked to a separate account and has to be paid back in installments. Purchases made with this card will earn you cashback (or a bounty) in the form of a percentage refund of spending.

“The credit card is important in Canada because you can use it to check your creditworthiness, to check your ability to pay in the event of a property purchase, but also to find a job, rent a car or get a telephone contract.explains Vanessa Rodriguez, director of retail banking at the National Bank of Canada. My advice to newcomers is to only use the debit card to withdraw money and to reserve the credit card for all purchases in order to improve creditworthiness. Because if you pay back your credit account regularly, your credit rating is good and your approved credit limit increases. Building your credit history takes at least three months“.

Golden bridges for immigrants

Immigrants can open an account there even before they arrive on Canadian soil National Bank of Canada and benefit from free bank fees for three years (approx. 700 CAD). Other banks are pursuing strategies to attract new entrants: at RBC, they can get a CAD$15,000 credit limit without the need for a credit check and benefit from a waiver of monthly banking service fees for a year. At CIBC, this waiver is valid for two years and newcomers receive 350 CAD when they open a CIBC smart account.

In an immigration project, we must not neglect taxation

Éric Lescure, tax adviser at Services d’Acadie

Based in Montreal for 17 years, Services d’Acadie is a professional accounting firm specializing in expatriate and non-resident taxation. An aspect often overlooked by immigrants, but one that is important. “You should know that Canada has a departure tax that affects assets left abroad. If you have a professional background in France, develop in Canada and North America and return to France after ten years, the tax implications will be significantinforms Éric Lescure, tax advisor at Services d’Acadie. Our goal is to respond to tax issues throughout the emigration lifecycle: assets left in France, tax returns in Canada and France, inheritances, gifts from France… Even before arrival, we help migrants limit the tax implications Settling in Canada, because taxation must not be neglected in an immigration project.A blog and webinars also inform expats about their tax obligations: www.servicesdacadie.com.