The story below is interesting and gives some good tips to immigrants. However it ignores the fact that many immigrants have low incomes and cannot save. Some barely make ends meet. In addition, many continue to send money to relatives abroad rather than establishing good savings in Canada.
I believe that financial education on basic free market economics in Canada should be mandatory before an immigrant should be allowed to migrate. Immigrants should not expect the government to assist them if they get into financial difficulty, and need to understand that they must live within their means, avoid unnecessary debt and try to save for the future. For those who only have marginal incomes, that may be difficult, but it is absolutely necessary as we live in uncertain times. Of course, if we retool the immigration system to concentrate on employable people rather than family class and refugees with no income, the qeustion becomes much different.
6 personal finance tips for new Canadians - Business - CBC News
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