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Have you recently moved to Canada? As a newcomer, while settling into your new life, your financial needs may evolve. From paying for everyday expenses to financing your new home and car, there may be a lot to consider. Planning your borrowing strategy ahead of time might be one of the ways to know your options in advance.

To get you started, this article aims to help you understand personal lending products available in Canada and specifically at TD that should be considered. We hope it may be a useful reference to help guide you through various stages of your borrowing journey.

1. Pre-arrival Financial Planning

Getting prepared in advance:

Before arriving here, it may be a good idea to begin to prepare financially. You may wish to research aspects of life in Canada, such as what the cost of living may be in your chosen Canadian province/territory and city. You may also begin to consider the pros and cons of renting vs. buying a home and what may be the best decision for you.^[1]

One step you might want to take is opening a bank account with a Canadian financial institution. Some banks, , offer newcomers the convenience of opening an account before they even arrive in Canada. This proactive measure may help smooth your transition, allowing you to manage your finances early.

2. Financial Education

Educate yourself on personal lending options^[2]

Upon arrival and during your first year in Canada, you may wish to learn as much as you can about the borrowing options available to you through Canadian financial institutions outside of a credit card. As you settle in, you may need access to other types of credit depending on your needs.

Loans and lines of credit offer flexible solutions for various financial needs you may have after arrival. Whether you may wish to cover unexpected expenses or have funds at hand to make significant purchases (like furniture or a car), may provide the necessary funds when you need them.

3. Building Financial Stability and Investing in the Future

After a few years in Canada, you may find yourself in a more stable financial position, potentially ready to invest in your future. During this growth stage, various borrowing options may support your ambitions and help you manage unexpected financial needs. Here are some products and strategies that you may want to be aware of:

• Ongoing Access to Funds^[3]

A car accident, emergency, or, for example, a home appliance breakdown: these things may happen. Having funds available for unexpected expenses like these might be a good idea. TD offers that may help you manage these contingencies effectively.

• Finance Your Education

Continuous learning may give you an advantage in today’s ever-evolving job market. If you are looking to further your education, a student line of credit might provide you with the necessary funds. TD offers a , allowing you to invest in your education and future career prospects.

• Retirement Planning

Planning for retirement is a long-term financial goal that might require additional funds. TD offers solutions that might help you , allowing you to invest in your future.

If you have accumulated high-interest debts, consolidating them into a single loan with a lower interest rate can help save money and help pay off the debt sooner. TD is here to assist you in at a lower interest rate.

4. Considerations to Make Before Borrowing Money^[4]

Before borrowing, it may be a good idea to evaluate your financial situation and plan a path forward. Here are two initial steps you might wish to take:

1. Review Your Budget

Before borrowing, carefully review your budget. Consider your income, expenses, and any existing debt to ensure you can manage the repayment.

2. Differentiate Good Debt vs. Bad Debt

Understanding the difference between good debt (borrowing to build credit or investing in your future) and bad debt (borrowing more than what you can manage financially) may help you make informed borrowing decisions.^[5]

Understanding debt and borrowing options in Canada may be an excellent place to start your financial journey. With the right financial advisor to guide you, the various lending products available may become much clearer and simpler to understand - and you may feel better able to move ahead with greater confidence.

From pre-arrival preparations to long-term financial planning, there may be several borrowing options to consider in Canada. By educating yourself about these solutions and seeking advice from financial specialists you might make more informed decisions, so that your Canadian borrowing journey may lead you to future financial security and well-being.

Why Choose TD?

150 years helping Canadians:

TD has a proud history of delivering financial solutions to Canadians for more than 150 years. TD also brings a century of experience helping newcomers navigate the unique challenges of the Canadian banking system.

With over a thousand branches, a reputation for excellence in financial services, and the ability to also serve you in more than 80 different languages, TD has become one of the largest and most trusted banks in Canada, now serving 16 million Canadians.

TD offers online support and resources of interest to newcomers on topics such as banking basics, moving to Canada, credit score essentials, and more. TD is open longer hours for your convenience and has thousands of ATMs across Canada to help you take care of your everyday banking needs quickly and easily.

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Book an appointment to talk with a TD Personal Banking Associate about the TD New to Canada Banking Package. You can right away, or visit the to learn more.

Legal Disclaimer:

Information provided by TD Bank Group and other sources in this article is believed to be accurate and reliable when placed on this site, but we cannot guarantee it is accurate or complete or current at all times. The information in this article is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice, and should not be relied upon in that regard. This information is not to be construed as a solicitation to buy. Products and services of the TD Bank Group are only offered in jurisdictions where they may be lawfully offered for sale. All products and services are subject to the terms of the applicable agreement. The information in this article is subject to change without notice.

^® The TD logo and other trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

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