April 18, 2024

Financial Assistance for Immigrants in Canada

Financial assistance for immigrants in Canada is a form of monetary help that an organization, or government offer to the newcomers (immigrants) in Canada. Financial assistance can be in the form of guarantees, loans, cost-sharing arrangements, subsidies, or welfare payments, etc. 

This financial assistance given to immigrants in Canada has made it easier for them to acquire their basic needs and settle down with ease, even though they’re new to the country. Usually, Immigrants find it difficult to settle and fend for themselves when they newly arrive in a foreign country. Well, this is because everything is new to them and different so they don’t know their way around and how to get their demands.

Most times, one of the common problems they experience is the language barrier. Although, Canada is an English-speaking country some immigrants with a low level of education hailing from countries in which English is not their general language, find it difficult to communicate their needs without the assistance of anybody.

After observing the problems that immigrants face, social workers, the Government of Canada, and NGOs have provided a means of financial support and orientation to help Canadian immigrants adjust to their newly found life. And make things easier for them. Currently, no matter the level of education, employment status or language, etc, new immigrants in Canada will still be able to survive with the knowledge and contact of financial assistance for immigration in Canada

Why is Financial Assistance Important for Immigrants 

Immigrants lack broad financial access when they’re new to Canada. Many immigrants rely heavily on the alternative financial service sector to assist with their financial needs. Most of all, immigrants with low levels of education, low income, and language barrier are drawn away from banks and instead look for alternatives financial services/assistance 

  • Immigrants need access to both informal and formal financial sectors such as banking, insurance, and other institutions. By using this institution, immigrants will be able to improve their capacity either as entrepreneurs or workers and save for important things.
  • To help immigrants settle down and create a better life for themselves and their children 
  • Immigrants must know that they have financing options and services that will help them to survive and even improve the economy.
  • Immigrants with no family or relatives in Canada need shelter when they arrive.
  • Some immigrants with low education or skill are usually employed in low wage jobs that is not enough to cover their cost of living in Canada. So, they have a great need for financial assistance.

Problems Immigrants Face in Canada 

  • Most newcomers in Canada are highly educated and skilled yet it takes them a long time to achieve employment or income levels compare to Canadian born individuals
  • Language barrier and Discrimination: many newcomers/immigrants experience a language barrier and discrimination when searching for employment or financial services 
  • Difficult access to banks cash credit because their credit history isn’t recognized in Canada
  • Immigrants are prone to financial misinformation that can increase the risk of crime/fraud/abuse for immigrants 

Financial Assistance for Immigrants in Canada 

1. Loans: immigration, refugees, and citizenship Canada 

They provide loans opportunity to immigrants to help with the cost of coming to Canada. This loan includes immigrants’ transportation, travel documents. Thereafter, immigrants are expected to start repaying their loan each month after 12months of residence in Canada.

2. The Financial Consumer Agency of Canada 

The financial consumer agency of Canada has developed an online tool for immigrants to Canada. These tools are budget calculators, credit card selectors, and calculators that will help immigrants in their financial life.

3. The Canadian Foundation for Economic Education 

The Canadian Foundation for economic education has provided the CFEE Day Planner for immigrants to Canada. The free planner gives information on key financial topics and the banking system. Also, links to resources like debt management, mortgage, and investment.

4. The Calgary immigrants women’s association (CIWA)

The Calgary Immigrants women’s association produced by financial literacy for immigrants women provides information, support, and workshops for immigrant women. CIWA supports immigrant and refugee women, girls and their families. 

5. Prosper Canada 

Prosper Canada designed a money management tool for newcomers. The tools help immigrants access their knowledge of money management in Canada. Also, helps workers provide relevant information on their specific needs and priorities.

6. Ottawa Community Loan Fund

Ottawa Community Loan fund’s newcomer financial tool kit. It was designed to help services providers offer information on key financial topics to newcomers in Canada and give out loans.

7. Resettlement assistance program (RAP) 

The resettlement assistance program commonly called RAP, gives refugees/immigrants, immediate supports, essential support to their most basic needs. Includes; temporary housing, public transportation, healthcare, etc.

View: Resettlement assistance program

8. Canada for me 

Canada for me is a newcomer support program that provides fully comprehensive support for newcomers including pre-landing services, post-landing services, insurance services, lines of credits, etc.

9. Settlement Agencies 

Settlement agencies provide services to refugees and other newcomers to help them adjust to their new life. In Canada. Their services include job-related services and more.

Conclusion

Moving to a new country like Canada can give rise to many opportunities, but similarly, the immigrants are faced with many challenges. That’s why the Government of Canada supports many organizations across the country to provide settlement services to newcomers in Canada. So, if you’re new to Canada or you’re planning on moving to Canada you can contact some of these organizations that provide financial assistance for immigrants in Canada.

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