I moved to Canada as a foreign worker in 2017, and at the time I had no clue how the financial system worked here. A lot caught me off guard. I didn’t know which bank to pick or why it mattered. I got a credit card but had no idea how to actually use it to build credit, or when to pay it off. I waited way too long to open a TFSA because I wasn’t sure if I was eligible on a work permit. With a lower salary at the time, I prioritized my RRSP over my TFSA which wasn’t the right call. Even getting a line of credit took me five years to figure out.
Everything just took way longer to learn than it should have. The delay cost me compounding growth and opportunities I can’t get back.
Anyone else go through something similar when they first arrived? Curious what tripped people up.